As a high-net-worth individual—whether you’re an executive, business owner, or entrepreneur—your time is one of your most valuable assets. You’ve worked hard to build success, and as your wealth has grown, so has the complexity of your financial life.
A good financial advisor should grow with you, proactively addressing the changing dynamics of your wealth management needs. But if your current advisor is still offering the same basic financial planning services they did years ago, it may be time to consider a new financial advisor with the expertise, resources, and foresight to match your current situation.
Wondering when to change financial advisors? There isn’t a single answer for everyone, but watch for these signs you’ve outgrown the services you’re getting today and may need to upgrade:
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Your Financial Situation Has Become More Complex
Early in your wealth-building journey, a basic financial plan, simple asset allocation, and annual check-ins might have been enough. But as your portfolio grows, especially to a seven-figure level, your needs expand beyond the basics.
A high-net-worth investor may require:
- Advanced tax strategies beyond standard deductions
- Estate planning and trust structures to protect generational wealth
- Business succession planning if you own a company or insight on equity and company stock
- Deeply diversified investment strategies tailored to your risk tolerance and long-term financial goals
If your current advisor isn’t equipped to provide comprehensive advice in these areas, you risk missing opportunities—and paying for it in taxes, inefficiencies, or less than stellar returns.
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Lack of Proactive Tax Planning
For high earners, taxes can be one of the largest expenses. A good financial advisor—especially one with a fiduciary duty—should anticipate tax implications before you make big financial decisions.
Proactive tax planning might include:
- Roth IRA conversions and Mega Backdoor Roth strategies
- Charitable giving techniques, such as donor-advised funds
- Tax-loss harvesting to offset gains
- Strategic management of equity compensation
- Running regular tax projections to cultivate a multi-year tax strategy that minimizes your lifetime tax burden, not just your next return
If your current advisor is reactive instead of proactive, or avoids discussing tax strategies entirely, it’s a major red flag. Strategic tax planning should be part of your year-round wealth management, not just a conversation in April.
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Estate Planning Conversations Are Missing
Estate planning is more than just having a will, even in the era of high exemptions.
For high-net-worth individuals, it’s about ensuring assets are protected, efficiently transferred, and aligned with your family’s values.
Your financial advisor should coordinate with estate attorneys to discuss:
- Trust structures (revocable, irrevocable, charitable)
- Funding and titling of assets to avoid probate
- Annual gift tax exclusion opportunities
- Healthcare directives and power of attorney documents
If your advisor seems unsure about these topics—or worse, never even brings them up—it may be time to switch financial advisors who can help protect your financial future. We’re happy to walk you through unique trust strategies and ways to open the conversation to the rising generation so nothing is left unsaid.
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Business Succession Is Off the Radar
If you own a business, succession planning is essential for protecting both your company and your personal wealth. Rather than treating these as separate silos, a new advisor with business transition experience can help you:
- Identify key personnel and leadership gaps as well as maximize business value
- Plan for knowledge transfer and evaluate your options
- Create an exit strategy aligned with your retirement planning
- Prepare for sudden events that could disrupt operations
If your old advisor isn’t initiating these conversations, you could be leaving your business and your legacy vulnerable.
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You’re Experiencing Poor Communication or Lack of Attention
Even the most credentialed advisors can fall short if they’re not responsive. Warning signs include:
- Long response times to questions
- Rushed or infrequent meetings
- Generic investment advice with no customization
- Minimal updates on portfolio performance
As your wealth grows, you should expect more detailed and personalized attention. If you feel like just another account in their brokerage platform, it may be time to find a registered investment advisor (RIA) or Certified Financial Planner (CFP) who prioritizes your unique needs.
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You’re Concerned About Conflicts of Interest or Fees
If you’re unclear on how your advisor is compensated, you may be overpaying without realizing it. Common issues include:
- High fees that erode returns over time
- Commission-based recommendations that may not be in your best interest
- Limited investment options due to proprietary products
A fee-only fiduciary, like our team at Plancorp, is legally obligated to put your interests first—and they typically provide more transparent fee structures.
If your advisor relationship leaves you questioning their motivations, it’s time to evaluate potential advisors with clear, conflict-free compensation models.
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Your Investment Strategies Are Outdated or Underperforming
Markets evolve, and so should your investment approach. If your investment management strategy hasn’t been reviewed or adapted for years, you may be missing out on opportunities or taking on unnecessary risk.
A new advisor should:
- Align allocation with your current risk tolerance and time horizon
- Adjust strategies as life changes and market conditions shift
Underperformance alone isn’t always a reason to change advisors, but if poor returns are coupled with a lack of explanation or adaptability, it’s time to consider a change.
Making a Smooth Transition to a New Financial Advisor
Switching financial advisors doesn’t have to be disruptive. Steps for a smooth transition include:
- Identify your priorities—tax planning, estate planning, retirement planning, or business succession.
- Research potential advisors—look for fiduciary status, advanced certifications (CFP, CFA), and a track record with high-net-worth clients.
- Review fee structures—compare flat fees, AUM fees, and hourly models.
- Prepare documentation—gather account statements, estate documents, and tax returns.
- Coordinate the change—your new advisor can facilitate transfers with minimal disruption.
Remember, this isn’t personal: it’s a business decision about your financial future. Choosing the right advisor can help you make better financial decisions, protect your wealth, and achieve your long-term financial goals.
Bottom Line: If your advisor no longer meets your evolving financial needs, it’s time to explore options. The most common regret is not making the switch to get truly independent advice sooner.
A new financial advisor with the right expertise can provide advanced strategies, proactive guidance, and the confidence that your wealth is positioned for the future you envision.
Ready to see what a more strategic relationship with your advisor could look like? Explore your options on a Private Strategy Session with one of our wealth advisors. We’ll discuss your goals, review your current plan, and see if we may be a better fit to position your wealth for the future you envision.
