How to Fire Your Financial Advisor in 4 Simple Steps

With the economic upheaval rocking the world right now, not many people can afford to lose a few hundred or a few thousand dollars – especially when you've trusted your reserves and retirement to a professional.

Has your financial advisor lost you money? Maybe it's time to lose your financial advisor. Breakups are never easy, and firing your financial advisor is no exception.

But if you follow the right steps, the process can be relatively painless.

If you need help finding the contract, ask your advisor or their administrative assistant for a copy of your contract. There are two particularly important sections of that contract.

Step 1: Review Your Contract

First, find the section with instructions on how to terminate the relationship. Often you are required to provide the advisor with a signed letter formally terminating the relationship.

Second, check to see if a termination fee is involved upon severing your relationship with the advisor and transferring your savings and investments elsewhere. These fees may be charged by the advisor themselves, the investment funds they chose for you, or both.

First, if you are comfortable managing your own money, you could transfer investments to an online broker and handle things yourself.

Step 2: Decide What You're Going To Do Next

Second, you can find a new financial advisor. If you want someone to guide you through the process, you'll want to hire a new financial advisor you can trust. Consider hiring a fiduciary “fee-only” financial advisor.

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