Ask an Adviser - My Adviser Collects Hundreds In Monthly Fees, Should He Contact Me More Often? (2)

Top answer provided by:

Christine Lusher

View

Hi Ruth,

You should have an ongoing service or annual advice agreement in place between yourself and the financial planner. If you do not have a copy of this document, a good place to start would be to ask the financial planner for one.

This agreement will set out what services the financial planner has agreed to provide you with, the frequency and the advisor’s fees. The fees need to be disclosed to you once each year in a fee disclosure statement and you need to sign an Opt-In agreement every second year to continue with the advice program. 

Pretty much all agreements will specify a review at least once per year.

A review does not have to be face-to-face but can take place over the phone, video call (Zoom etc) or email. With COVID restrictions many advisors are conducting reviews via alternative methods where they normally would happen in person.

Be upfront with your existing advisor and ask where things are at; when your review is happening and what services you should expect from him.

It sounds like you many need some financial advice considering you have just stopped working. If you feel that you are not getting the services you need, seek advice elsewhere.

I wish you well with your retirement.

While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.

Article by:

Christine Lusher

Was this helpful content?Let others know - share and vote-up