Quick Facts
These Quick Facts are responses to questions that reflect your concerns about the quality of advisors and the companies they work for. If you don't see an answer to your question, contact us at info@paladinregistry.com. We'll respond in two working days or less.
Q: What's the best way to fire my current advisor?
This is a tough question. The issue is why you are terminating the current advisor. If it's ethics you should fire the advisor immediately and stop all activity in your accounts. If it's performance still stop activity, but make the current advisor accountable for monitoring your investments, then find a suitable replacement. Once the replacement advisor has been selected, terminate your current advisor. The new advisor can help you move your assets.
Q: What are the odds I can recover losses that were produced by my previous advisor?
You odds aren't very good. Unfortunately, advisors aren't accountable for bad advice. The agreement you signed protects them from that type of liability. All you can do is replace the advisor and hope your results are better in the future. This is why the selection process you use is so critical.
Q: Should I liquidate all of my investments when I change advisors?
That is a question for your new advisor. He or she may be recommending a complete restructuring of your portfolio which means all current investments will be sold. Your two primary concerns should be tax consequences and transaction expenses.
Q: Should I hire a replacement advisor before firing my current advisor?
When possible the answer is always yes. The replacement advisor can help you move your assets to a new custodian and your investments are always being monitored by a professional.
Q: Should I fire my current advisor in writing?
Yes, and send the written communication by certified mail and request a receipt.
Q: Should I stop transactions in my account when I terminate my advisor?
Absolutely. Unless you stop them, unethical advisors will attempt to generate last minute transactions that produce commissions. Remember, they have nothing to lose, only you do.
