How to Replace Advisors

Replacing advisors is expensive and time consuming:

• The lower performance that was produced by the advisor you fired.
• The time you lost experiencing lower results.
• The costs associated with changing advisors.
• The risk that the new advisor won't be any better than the advisor you fired.
• The taxes you may have paid to change advisors.
• The time it took you to make the change.

Changing advisors may cost you a lot, but it doesn't impact the advisor the way you may think it does. That's because it's relatively easy for the advisor to replace you as a client.

In the scheme of things only you lose when you change advisors. Think of it this way. You and George are both investors. You fire Advisor A and hire Advisor B. George fires Advisor B and hires Advisor A. Who lost in this example? Both advisors ended up with the same number of clients. Only you and George lost the time and money associated with changing advisors

We call this the replacement game. It's based on the reality that you have one advisor, but advisors have hundreds of clients. You can't win this game changing advisors. You need a new game that puts you in control. There is only one game that works for you - you have to hire the right advisor for the right reasons.