Luckily, this is NOT a question being asked about me (ha!) I pride myself on being responsive and never putting clients in this position. But it’s a good question in the event you or someone you know are not Windermere clients 😉

This is a question I received today from a potential financial planning client (referred by a family member). Sadly, this is a story I hear far too often. Investors often work with representatives from large investment firms that sell products (in this case, the individual had three annuity contracts with an insurance company). Many times, the initial representative that sells the product/makes the investment recommendations is someone they like and trust (or they wouldn’t have made the transaction in the first place). However, if/when that person moves on from the firm, the account gets reassigned without their approval to another rep within the large business. And that rep/advisor may or may not be someone the individual wants to work with (or vice versa). This can result in a mismatch of expectations, a loss of trust, an unproductive relationship, and/or no contact whatsoever.

In this instance, despite repeated efforts to get a meeting with his new advisor, there has been no response. As a result, the individual doesn’t know his current balances or what his best options are given current market dynamics and his retirement picture. He was rightfully concerned and very confused.

The reminder I gave him – and would give anyone else in this situation – is that even if you have an advisor/rep attached to your account, it always remains YOUR money and YOUR ultimate responsibility. You are in control and have full access to any and all information you wish to receive.

If an advisor on your account won’t help you, you have to help yourself and go right to the custodian (the firm that has possession of your assets). This individual was able to share with me the name of the issuing insurance company which I used to quickly locate a 1-800 number online that he could call. Using contract numbers from prior statements, they will be able to track down his current statements and valuations. And if he chooses, they will also be able to remove the unhelpful and unresponsive advisor from his accounts. It’s your money – you can grant advisor authority and you can take it away!

Once you have sightline to your money, you need to then “do the work” – either on your own, with a trusted family member (if they have the expertise), or a new advisor you can really trust (getting referrals from trusted friends or other professionals in your life is a great place to start). The work needed to be done will vary but is likely to include doing research on what you own, how it’s performed relative to other investment options, what your cash flow needs are, and what your resulting return objectives are. Knowing all of these facts will then allow you to make future allocation and investing decisions that help you meet your longer-term goals with confidence.

Deciding to work with an investment advisor – regardless of whether they are selling a product (like this annuity salesman) or selling advice (which Windermere does exclusively) – is a major decision. You need to have the utmost faith and confidence in the relationship and know that you are being heard and cared for. If you do not feel this is true, it’s up to you to take action. You – and your emotional and financial well-being – deserve a financial advisory relationship that works for you!