Q. For two years, I used a financial advisor from a large company who did not answer me when I asked a question. We also do an annual review. Months ago I asked him a two part question about wanting to start a Roth IRA for my 10 year old nephew and also my own Roth. Should I complain to the head office and ask for a new advisor? I think I signed a four or five year contract with them when I signed up.
– I am still working
A. Sorry to hear about your experience with your advisor.
Lack of communication is one of the most common reasons clients switch financial advisers.
If you are not happy with this you might want to discuss it with him and if you are not happy with his response you might want to consider switching advisers, said Deva Panambur, a paid planner. with Sarsi, LLC in West New York and Assistant Professor of Personal Finance at Montclair State University.
“The response time of financial advisers varies depending on several factors, including the time of year or events that occur in the financial markets,” said Panambur. “Either way, taking several months to get back to you seems extreme.”
He called your multi-year contract surprising.
“Some advisers charge a termination fee to end a relationship, however, this is a violation of the advisor’s fiduciary duty to impose restrictions or charge a fee that makes the client reluctant to end. to the relationship, ”he said. “It could also violate industry regulations.”
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