Jacqueline Bos | Financial Advisor - B&C Financial Advisors (2024)

FAQs

Jacqueline Bos | Financial Advisor - B&C Financial Advisors? ›

If your financial advisor is not meeting your expectations, it might be time for a new one. Breaking up can be hard to do. That's particularly true for your financial advisor. After all, they know not only everything about your finances but also your dreams and goals.

If your financial advisor is not meeting your expectations, it might be time for a new one. Breaking up can be hard to do. That's particularly true for your financial advisor. After all, they know not only everything about your finances but also your dreams and goals.

A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.

Most financial advisors charge based on how much money they manage for you. That fee can range from 0.25% to 1% per year. Some financial advisors charge a flat hourly or annual fee instead.

They're Pushing Annuities or Variable Insurance Products. Pushing you towards any financial product or investment right off the bat is a red flag, and annuities are often an early sign of this. Often, advisors will try to show value early on in the conversation.

Most of my research has shown people saying about 1% is normal. Answer: From a regulatory perspective, it's usually prohibited to ever charge more than 2%, so it's common to see fees range from as low as 0.25% all the way up to 2%, says certified financial planner Taylor Jessee at Impact Financial.

Advisors that charge a percentage usually want to work with clients with a minimum portfolio of about $100,000. This makes it worth their time and will allow them to make about $1,000 to $2,000 a year.

Potential negatives of working with a Financial Advisor include costs/fees, quality, and potential abandonment. This can easily be a positive as much as it can be a negative. The key is to make sure you get what your pay for. The saying, “price is an issue in the absence of value” is accurate.

When should you leave a financial advisor? ›

Poor performance, high fees, strained communication and stagnant advice are among the reasons to look for a new advisor. Kevin Voigt is a freelance writer covering personal loans and investing topics for NerdWallet.

Here are some red flags that it's time to move on: Bad advice leads to poor performance: One of the most glaring signs that it's time to let go of your financial advisor is poor performance in managing your investments. If you find your portfolio consistently underperforms compared to the market, it's a red flag.

You can either call or email your advisor - but letting them know you're leaving and why is a nice thing to do. Your new advisor will actually do all the work of transitioning the accounts for you. A simple email like this would work great...

In most cases, you simply have to send a signed letter to your advisor to terminate the contract. In some instances, you may have to pay a termination fee.