Personal Finance
3 Signs Investors With $1M+ May Want to Switch Financial Advisors
Is your financial advisor working in your best interest?
When you’ve accumulated $1 million or more in investable assets, the margin for error may narrow—and the cost of misalignment with your financial advisor may grow exponentially.
If you're questioning whether your current advisor has the sophistication, objectivity, and foresight to safeguard your wealth, you're asking the right question.
SmartAsset’s latest proprietary model reveals that working with a financial advisor could potentially add from 36% to 212% more dollar value to investors’ portfolios over a lifetime, depending on multiple unique, individual factors.¹ So choosing an advisor that aligns with your financial goals can be crucial.
So choosing an advisor that aligns with your financial goals can be crucial.
SmartAsset’s no-cost tool connects you with vetted, fiduciary wealth advisors who may specialize in guiding affluent investors through complex financial landscapes.
Here’s how it works:
- Short questionnaire takes just a few minutes
- Match with vetted fiduciary wealth advisors
- Compare your matches and choose the one you feel is best for you
The fiduciary financial advisors you match with serve your area and are legally bound to work in your best interest. You may even be able to instantly connect with an advisor for a free introductory call. Advisors are vetted through our proprietary due diligence process.
We created our tool to help investors potentially avoid mistakes when searching for a financial advisor.
Here's what to know – and look into – when choosing your financial advisor.
1. They Aren’t a Fiduciary—And It Shows
Wealth may invite complexity—and conflict.
If your advisor isn’t a fiduciary, they may be incentivized to recommend products that serve their firm, not your financial goals.
For investors with seven-figure portfolios, those decisions could potentially translate into six-figure opportunity costs over time.
A fiduciary advisor is legally bound to put your interests first. All of the advisors on SmartAsset’s matching platforms are fiduciaries. You can get matched with a fiduciary by clicking here.
2. You’re Getting Generic Advice—Not a Bespoke Strategy
A $1M+ portfolio may deserve a strategy that addresses taxes, estate considerations, legacy planning, and risk-mitigation across economic cycles.
If your advisor’s guidance feels off-the-shelf—or hasn’t evolved with your life stage—it may be a sign they lack the depth or specialization to serve you effectively.
3. Communication Feels Infrequent, Reactive, or Superficial
At this level of wealth, proactive communication should probably be non-negotiable.
If you're initiating most check-ins, or find your advisor vague when markets get rocky or tax policy shifts, it may reflect a lack of strategic stewardship.
High-performing advisors anticipate—not just react—to the questions affluent investors may be asking.
Why It Matters Now
Affluent investors who work with fiduciary advisors may potentially experience better outcomes—both in absolute returns and downside protection.
SmartAsset's proprietary model reveals that clients working with a fiduciary financial advisor can see an estimated 36% to 212% more dollar value to investors' portfolios over a lifetime.¹
Next Step: Upgrade Your Advisory Relationship
Your financial situation has outgrown a one-size-fits-all approach.
If you're ready for a wealth manager who’s equipped to handle the nuances of your portfolio, take our short matching quiz. In under five minutes, we’ll match you with vetted fiduciary wealth advisors who specialize in high-net-worth planning.
This is a hypothetical example and is not representative of any specific security. Actual results when working with a financial advisor will vary.
This scenario is for illustrative purposes only and does not represent an actual client. Results may vary.
This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Past performance is not a guarantee of future results. There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.
SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user’s account by an Adviser or provide advice regarding specific investments.
We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.
Sources:
1. “The Value of a Financial Advisor: What’s It Really Worth?” SmartAsset (Nov. 2024)
