The Top 5 Reasons Clients Fire a Financial Advisor ❌

What We're Showing

This graphic shows the top reasons clients fire an advisor, based on data from Morningstar.

Results were from a survey of 184 respondents who had terminated services with their advisor.

Key Takeaways

• While firing an advisor is rare, many of the primary drivers behind firing decisions are emotionally driven.
• Advisors were often fired because they failed to invest enough time in understanding their clients' personal financial goals, affecting the quality of the relationship.
• Wealthier, and more financially literate clients are more likely to fire their advisors—highlighting the importance of understanding the client.