Did your adviser fail the test?
In a recent column, I presented the Globe and Mail Adviser Evaluation Worksheet. It's an interactive spreadsheet that guides you through a multi-step analysis of whether you're getting solid advice. If your adviser passed, that's great. What a comfort. If not, let's get to work on fixing things.
A first step is to decide whether you want to salvage the relationship. It may not be possible. The very fact that you feel ignored suggests your adviser doesn't value you. Also, some advisers just don't understand what service means. I heard from a reader recently who complained to an adviser about a lack of service and, in response, received reams of end-of-year market analysis by e-mail. If you want more than cursory contacts like this, be specific about your needs and ask your adviser bluntly whether he or she can deliver. If not, agree to part ways. There's no shame in it.
If you dislike your adviser but don't want the hassle of changing firms, you can contact the branch manager at your advisory office to ask for a referral to a different person. I can count on one hand the number of times readers have told me over the years that a branch manager helped them with anything, but give that a try.
Finally, there's the option of finding a new adviser. It's a lot of trouble, but the potential rewards make it worthwhile. Don't think just in terms of better investing results. The real benefit is having a financial plan designed that you can rely on to achieve your financial goals, even through rotten years like 2015. Ask friends, relatives and contacts for referrals, and check out advisers with offices near your home or work. Try the bank, too. Interview each adviser to assess their compatibility with you and your partner, if applicable. A veteran of the advisory biz gave me some great ideas on how to conduct an adviser search and I shared them in this column from last year. Above all, stress that you're looking for advice that goes beyond managing a portfolio of investments.
Your new adviser will handle all the paperwork for moving your account over. There will almost certainly be a fee to pull your account from your old firm - ask your new firm to cover it.