More investors switch financial advisers in down markets than up markets. How do you feel about your financial adviser these days? If your adviser is in the doghouse, he or she has plenty of good company: A new survey of millionaires conducted by the Spectrum Group found that just 36% of respondents are pleased with the performance of their financial adviser.
It’s no wonder so many people are questioning the value of financial advice, thanks to the recent market meltdown as well as the Bernard Madoff scandal. We’d like to hear what you think. We are asking readers to share their experiences and collaborate with us on a story about financial advisers. Your ideas, tips, and comments will influence upcoming BusinessWeek coverage.
To get the ball rolling, here are some things to think about: Did your adviser do a good job of preserving your wealth in 2008? Or, did your financial confidante perform so dismally that you are thinking about breaking it off and finding a new money maven—or, perhaps even managing your money yourself?
Keep in mind that there are some 650,000 people out there who call themselves an adviser and they come bearing many different labels: financial advisers, financial consultants, financial planners, and registered representatives. How did you find your adviser? Did you hire your adviser on the recommendation of a family member or through the financial planning service offered by your employer? Did you do any sleuthing before you forked over your money? If so, how did you size up an adviser’s education, experience, and credentials? Finally, if you’ve switched advisers, let us know why, and how you managed the divorce.
We look forward to hearing from you. If you need some good advice on managing your current financial partnership, check out Finding Somebody to Trust.