When you trust someone with your money, you expect them to be there when you need them. But what happens if your financial advisor stops returning your calls? It’s a situation that can leave you feeling ignored, frustrated, and even worried about your investments. You might wonder if something is wrong with your portfolio or if your advisor is hiding something. This isn’t just an inconvenience—it can have real consequences for your financial future. If you’re facing this problem, you’re not alone. Many people have dealt with unresponsive advisors, and there are clear steps you can take to protect yourself and your money.
1. Stay Calm and Assess the Situation
It’s easy to panic when your financial advisor goes silent. But before you jump to conclusions, take a step back. Ask yourself if this is the first time your advisor has been slow to respond or if it’s a pattern. Sometimes, advisors get busy or are out of the office for a few days. Check your recent communication. Did you leave a voicemail or send an email? Did you give them enough time to reply? A good rule is to wait at least two business days before getting concerned. If you’ve already done this and still haven’t heard back, it’s time to move to the next step.
2. Try Multiple Ways to Reach Out
If your calls aren’t being returned, try other ways to get in touch. Send an email, use the company’s online portal, or even send a letter. Some advisors may respond faster to written messages. If your advisor works for a larger firm, call the main office and ask to speak with someone else. Sometimes, assistants or other staff can help you get a message through. Make sure to keep a record of every attempt you make. Write down dates, times, and the method you used. This documentation can be important if you need to escalate the issue later.
3. Review Your Account Statements
While you’re waiting for a response, check your account statements and recent transactions. Look for anything unusual, like unexpected withdrawals or changes in your investments. If you see something that doesn’t make sense, make a note of it. You can also log in to your account online, if possible, to see the most up-to-date information. If you notice any red flags, you may need to act quickly to protect your assets.
4. Contact the Advisor’s Supervisor or Firm
If you still haven’t heard back after several attempts, reach out to your advisor’s supervisor or the firm’s compliance department. Explain the situation clearly and provide your documentation. Ask if there’s a reason for the lack of communication. Sometimes, advisors leave a firm or go on extended leave without telling clients. The firm should be able to tell you what’s going on and help you get the support you need. If your advisor has left, ask to be assigned to someone new right away.
5. File a Formal Complaint
If you’re not getting answers from the firm, it may be time to file a formal complaint. Most firms have a process for handling client complaints. You can also file a complaint with regulatory bodies like FINRA. These organizations take client concerns seriously and can investigate if necessary. Filing a complaint creates a record of your issue and may prompt the firm to take your concerns more seriously.
6. Consider Moving Your Accounts
If your advisor remains unresponsive and the firm isn’t helping, think about moving your accounts. You have the right to transfer your investments to another advisor or firm at any time. Research other advisors in your area and look for someone with good reviews and a solid reputation. Ask friends or family for recommendations. When you find a new advisor, they can help you with the transfer process. Make sure to review any fees or penalties before making a move.
7. Protect Yourself from Future Issues
Once you’ve resolved the immediate problem, take steps to avoid it happening again. Set clear expectations with your new advisor about how often you want to communicate and how quickly you expect responses. Ask for direct contact information and find out who to reach if your advisor is unavailable. Review your accounts regularly and stay involved in your financial planning. The more engaged you are, the less likely you are to be caught off guard by communication problems.
8. Know Your Rights as a Client
You have rights as a client, and your advisor has a duty to act in your best interest. If you feel ignored or mistreated, you don’t have to accept it. Advisors are required to provide clear communication and keep you informed about your investments. If they fail to do so, you can take action. Knowing your rights can help you feel more confident and in control.
Take Charge of Your Financial Relationship
If your financial advisor stops returning your calls, it’s a sign that something isn’t right. You deserve clear, timely communication about your money. Don’t wait and hope things will get better. Take action, protect your assets, and find an advisor who values your trust. Your financial future is too important to leave in the hands of someone who won’t answer your calls.
Have you ever had trouble reaching your financial advisor? How did you handle it? Share your story in the comments.
Read More
10 Financial Advisor Promises That Have Left Clients With No Safety Net
10 Questions Bad Financial Advisors Are Afraid You May Ask Them
The post What Should You Do If Your Financial Advisor Stops Returning Your Calls? appeared first on The Free Financial Advisor.
