When it is my recommendation to someone that they should replace an advisor with someone else (accountant, banker, lawyer, financial planner, broker, realtor, etc.), their first reaction is always, “But they are so nice and I’ve been with them for so long!”
I reply, “Every salesperson is charming and every professional is friendly. You are the CEO of your ‘family business’ and when they have continually proven that they are inappropriate for your circumstances then it is time to replace them. You are basically paying them a fortune for their friendship while they’ve driven your finances into a ditch.”
The easy test for your advisors is: are they experts for what you are doing today and what you are going to be doing in the foreseeable future? If they are not then it is time to search for a better and more appropriate replacement. Do not allow your advisors to become financial anchors dragging down your time, income, and net worth while increasing your risks. Periodically review all of your advisors and what they are doing for you to make sure they are an asset and not a liability to your financial success.