When To Dump Your Financial Coach - URBANETTE: Lifestyle Magazine & Blog


When To Dump Your Financial Coach

4 signs you may need to move on, and tips to remedy the situation.


For a lot of individuals, managing their assets by themselves can be a very difficult and oftentimes confounding matter. This is why many businesswomen and executives of large conglomerates often hire the assistance of a financial planner to take the load off.

When To Dump Your Financial CoachWhile may be beneficial for some individuals, a financial planner is not a flawless person, nor can they be utterly reliable. While they may serve their purposes for some time, eventually one will have to make do without their assistance especially when things begin to go awry. Here are some tell-tale signs that a financial planner has to go, before you lose the shirt off your back:

1. A Shift in the Status Quo

A financial manager may be responsible for literally managing their client’s assets as well as materializing the client’s financial goals – but they are not the client, and their word is not law. Once they begin to ignore the client’s demands, regardless of its overall benefit to the company, they have to go. While a financial planner may have his say on things, he’s just that – an adviser. In the end, all goals and decisions are decided upon by the client that the adviser is working for.

Our tip: Don’t micro-manage your financial planner. Remember: You’re not the expert – your planner is. You hired them to do a job, so let them do it. Most people see an increase in return over time when they hand over control to their financial planners.

When To Dump Your Financial Coach

Is your financial planner unreliable?

2. Unreliability

A financial planner should always be there when needed. In the precarious financial world, one needs a sounding board – and a person with opinions on the pros and cons of investing. If your financial planner isn’t accessible for many days at a time, and this becomes a habit, the best choice would be to oust them. Consistent unavailability or ‘playing hard to get’ is a sign of laziness on the part of the advisor, and such behaviour must never be tolerated unless one is after financial suicide.

Our tip: Be realistic. You don’t expect your accountant to be accessible after business hours or on a moment’s notice, so don’t expect that your financial planner will be there after business hours either.

3. Narrow-minded scope When To Dump Your Financial Coach

In the world of sales and profiteering, one is given a coterie of choices which can increase your account’s bottom line. Good financial planners never fail to take everything into account. This involves a thorough research of all investment types, the economy and even world politics. If a financial adviser keeps pushing one product or investment, they are not really giving the job their best. Kicking them out before they lead you to bad investments is the best choice.

Our tip: Use two financial planners – one for stocks and one for bonds. Even better, find two that work together yet still specialize.

4. Future-centric

Some financial planners are akin to the ‘wise’ vizier of children’s stories who constantly promise wealth and great repute to a young king without the back-up to support the claims. If such an adviser is in one’s midst, throwing him into the dungeon cell or firing him outright should be done as soon as possible to remain safe from foolish advice. No financial planner, no matter how intelligent, can predict the future perfectly. If his ideas are all based on lucrative returns instead of steady and realistic growth, it’s time to find a better one, and feed the former to the lions.

Our tip: Have realistic expectations and don’t freak out of your net worth dips here and there. Expecting a constant upswing is just not realistic. Stocks go up and down. The goal should be to get a nice return over the long haul.

Finding a good financial planner can be difficult, but finding a loyal and reliable one is even harder. Keeping one’s eyes peeled for any mischief will ensure that one’s assets are not compromised by the folly of pretentiously knowledgeable fools.

On the other hand, putting your money under the advisement of a competent financial planner may just be the best thing you could do for your financial future and – dare we say it – your retirement.

Reader Discussion: 1 Comments

  1. Klarissa Ahedrera

    And what if my financial coach is my boyfriend? LOL

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