Moving? How to Decide Whether or Not to Switch Financial Planning Firms

Relocating to a new state, whether for career advancement or personal reasons, involves many important tasks. Changing your driver’s license, registering a new address, and even finding a new dentist is all part of the moving process. But if you currently have a financial advisor who helps you manage your investments and retirement planning, should you consider switching financial planning firms after you move? This begs another important question: Will it benefit you more to have a local financial planning firm or does distance really matter?

The answer lies in the type of financial firm you’re working with now and the services you require. To help you get started, here’s a quick breakdown of what you should consider before deciding whether or not to switch financial planning firms:

Communication: In a recent blog post, we discussed the types of qualities to look for when searching for an independent financial advisor. One important trait for an advisor was to share your communication expectations. For example, if you prefer to meet with an advisor in person on a regular basis, having one in another state isn’t the best option. However, if you’re someone who likes receiving quarterly reports online and doesn’t mind chatting with your advisor via email or Skype, then having an advisor outside your state shouldn’t complicate matters. And depending on the quality of the firm, you should still get the same attention and communication you deserve, regardless of your geographic location.

Services: The type of financial services you need will also play a role in your decision. Let’s say you use an advisor to help plan you make important financial decisions that impact your spending habits and overall financial planning strategy. You may find it necessary to be in close contact with your advisor and have access to their office directly, should a situation arise that requires immediate action. On the other hand, let’s say you hired an advisor to help you plan for retirement and manage your long-term investment portfolio. You may not see the need to meet with your advisor in person that often.

Trust: One of the most important qualities to look for in a financial advisor is trust. After all, you’re entrusting this individual to help you invest and make the right decisions for a safe and secure retirement. It’s essential that your advisor knows you, understand your financial goals, and will work with you to find the best solution. If you feel confident about your financial planning advisor’s capabilities and are comfortable continuing to work with them, despite the distance, then you should stay with the same firm. In contrast, if you haven’t felt this level of trust and confidence in your advisor, maybe it’s time to make the switch and find another firm.

The right answer lies with you, the client. And thanks to advancements in technology, there’s really no reason to switch financial planning firms if your advisor portrays the right communication skills, services, and trust to suit your goals. If you’re looking for a financial planning firm near you, contact Focus Financial today! Our team of independent financial advisors will understand your specific situation and provide individualized support and guidance to help you achieve your financial goals. Browse our website to learn more about our services for individuals and families.

Skip to content