8 Key Signs You Should Switch Financial Advisors in Current Economic Landscape
Written by
Jordan Rosenfeld
Edited by
Cory Dudak
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The economy that you’re earning and investing in can change radically from decade to decade, and even year to year. So, you want to be sure your financial advisor is keeping up with the times. Of course, if their advice never changes, their suggestions are sketchy or something’s missing from the relationship, it’s in your best financial interest to change.
Here are eight key signs to consider switching financial advisors in this current economic landscape, which is shaped by market volatility, persistent inflation and increased concerns about the viability of Social Security.
Poor Communication
A critical red flag indicating it may be time to switch financial advisors is poor communication, according to Richard McWhorter, Managing Partner and Private Wealth Advisor from SRM Private Wealth.
“Trying to track down the person who is managing your financial portfolio should not be a game of cat and mouse,” he said.
Make sure you find an advisor that you can communicate with regularly, especially at the beginning of the relationship. McWhorter recommended vetting between three and four advisors before settling on one.
Swings Too Big
Whether working with a new advisor or one you’ve been acquainted with for a while, be cautious, listen, and do your own research, McWhorter advised. Don’t go into the relationship trusting everything that is said. Be discerning.
“Do not hire an advisor that is always swinging for the fences or tells you about how they are consistently outpacing the markets,” he said. “These types of advisors […] strike out many more times than they get a home run, in my experience.”
Not Evolving With the Times
When it comes to your financial future, especially in today’s volatile market, you need an advisor who evolves with the times. “If they don’t, it may be a red flag,” according to Melissa Murphy Pavone, a CFP and owner of Mindful Financial Partners.
Be concerned if an advisor is ignoring recent legislation and policy changes. “From the One Big Beautiful Bill Act (OBBBA) to the impact of tariffs, your advisor should be proactively adjusting your plan, not waiting for you to ask,” she said.
No Stress Testing
Another worrisome sign is if your advisor is not stress-testing your retirement plan, Murphy Pavone said. “With persistent inflation and Social Security uncertainty, your advisor should run multiple scenarios so you know your plan is built to last.”
Ignoring Tax Strategy
Any advisor who is not thoughtfully crafting a tax-advantaged strategy for you is not doing you any favors, Murphy Pavone said. “In this environment, tax-efficient planning is essential. If they’re not helping you maximize after-tax returns or plan for upcoming tax law changes, you’re missing opportunities.”
Not Tailoring Guidance
Additionally, financial advice is not one-size-fits-all. If they fail to offer tailored guidance, it’s a problem. “Your advisor should understand your personal goals, risk tolerance and life stage — not just manage a portfolio,” Murphy Pavone said.
Additionally, a good financial advisor should be doing more than focusing only on your investments, Murphy Pavone said. She urged “holistic guidance from a certified financial professional,” which means your financial advisor should be trained to integrate investments, tax strategy, retirement planning and even healthcare costs. “Because health is wealth, and your financial plan should reflect that.”
If your advisor is still giving you the same advice they gave your dad 20 years ago, it’s time for an upgrade, she said.
Claim To Be Market Gurus
Be especially wary of advisors who position themselves as market “gurus” or claim to know what’s coming next, suggested Sean Babin, a CFA, founder and CEO at Babin Wealth Management.
“No one can predict the future, and basing your financial plan on guesswork isn’t planning — it’s gambling,” he explained. “Constantly adjusting your investments based on someone’s crystal ball can also do more harm than good.”
Don’t Understand Your Goals
Lastly, a good advisor should not give you generic advice, but should understand your goals and make an effort to communicate with you. “If your current advisor has gone silent or made you feel like just another number, it may be time to move on,” Babin cautioned.
At his company, Babin said they often hear from new clients that they hadn’t heard from their previous advisor in months or even years. “That’s not a relationship; that’s a red flag,” he said.
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