Changing Financial Advisors for High Net Worth Wealth Individuals

Are you sure that your existing financial plan is aligned with your growing wealth and long-term objectives? As your finances become more complex over time, so do your expectations of your financial adviser. You may find yourself questioning whether you still have the adviser you need.

That’s why it’s worth considering why individuals in your situation tend to switch advisors—and what you need to seek in a replacement. Here at Heritage Capital, we recognize the particular challenges of holding substantial assets and the need to have someone who considers all the important factors.

Recognizing The Need to Change

Understanding when to consider other options begins with identifying some of the typical indications that your existing advisor may no longer be best suited to you.

Increasing Financial Sophistication

The greater your assets, the more complicated managing them becomes. Tax issues are more intricate, estate planning requires more anticipatory thinking, and investments may include business interests, alternative assets, and concentrated stock holdings. If your financial advisor lacks experience managing these, your plan could come up short.

Discontent with Existing Service

You may feel neglected or underserved. Perhaps calls aren’t returned in a timely manner. Or you may have outgrown your old firm. If communication breaks down or your counselor doesn’t understand your objectives, it is only natural to look elsewhere.

Shifting Financial Objectives

Your life has altered—and so has your financial plan. You may have sold a business, inherited a significant sum of money, or begun to consider philanthropy in earnest, and those events necessitate counsel that’s not only reactive but also proactive and seasoned.

Fiduciary Duty and Transparency Concerns

Not every advisor is a fiduciary. It is a warning sign if you don’t know whether your advisor is required by law to act in your best interests, or if fee arrangements aren’t expressly stated. As a fiduciary advisor in Woodbridge, we value openness and trust above everything else.

How to Find a Good New Financial Advisor

When you do need to make a change, it’s good to know what distinguishes a highly qualified financial advisor from others.

Specialization in High-Net-Worth Financial Planning

You need someone who has experience in financial planning for HNW individuals. Managing substantial wealth requires balancing risk, opportunity, and complexity carefully. Find an advisor who has dealt with clients at your level and can provide guidance in protecting and building wealth.

Comprehensive Retirement Planning Strategies

As you approach retirement or contemplate your long-term future, your financial plans need to evolve. Retirement planning for HNWs needs to incorporate legacy planning, philanthropic purpose, tax reduction, and intelligent withdrawal. You want to retain as much wealth as possible and make it last.

The Fee-Only Model Is Essential

Selecting a fee-only financial adviser in Connecticut means selecting guidance driven by your objectives—not concealed commissions. Fee-only arrangements cut out product bias and promote long-term collaboration. 

The Benefits of the AIF® Designation

The Accredited Investment Fiduciary (AIF®) indicates fiduciary commitment to excellence. Our founder, Paul Schatz, is an AIF®—a prestigious certification that confirms rigorous training and savvy understanding of fiduciary guidelines. It’s an emblem of professionalism and accountability you can rely on.

Why Choose Heritage Capital

We have organized our firm around qualities and services of top importance to successful individuals and families such as yours. From financial planning for high-net-worth individuals to retirement planning specific to Connecticut family households, we do everything with one focus in mind: to provide you with advice that is proactive, personalized, and in your best interest.

As a fiduciary financial advisor located in Woodbridge, we’re dedicated to offering clear, fee-only service free of hidden agendas. Our commitment to professional integrity is reflected in Paul’s AIF® designation, and our many years of experience provide us with an understanding of how to manage money through every phase of your life.

Making the Transition: A Smooth Process

Shifting advisors can seem overwhelming, but with firm guidance and support, it can be remarkably straightforward.

We start with a consultation, followed by an extensive information process in which we go through your existing holdings, plans, and goals. After that, we create a customized financial plan, and when you’re ready, we arrange to have your accounts transferred to facilitate a smoother transition.

Selecting your financial advisor is among the most critical decisions you will ever have to make when it comes to preserving and increasing your wealth. As your needs change, so should your advisory relationship. We would like to invite you to visit our Insights page or to connect with us to begin discussing your future. We stand ready to provide you with the kind of well-informed guidance you deserve.

At Heritage Capital, we provide more than experience—we provide partnership. We offer fiduciary commitment, individualized planning, and the AIF® standard to every client relationship. Let’s discuss what you require now and what lies ahead.