Thinking About Switching Financial Advisors? Here’s What To Know

Changing financial advisors can feel like a major decision, especially when you’re nearing retirement or managing significant assets. Ending one advisory relationship to start another may seem overwhelming. 

However, if your needs have evolved or you’re not receiving the guidance and services you expect, it’s probably time to consider a new path.

At Heritage Capital, we understand how personal this decision is—and how important it is to get it right. Our team has decades of experience in Connecticut financial planning, and we operate as an independent, fee-only firm with no commissions or sales pressure.

This article covers the most common reasons people switch financial advisors, what to consider before making a change, and why many high-net-worth individuals choose to work with a fiduciary-focused team.

What Are Common Reasons for Considering a New Financial Advisor?

There are various reasons why people decide to change advisors, but here are some of the most common ones.

Evolving financial goals – As you get closer to retirement, your needs shift. You may require more specialized advice around income strategies, tax efficiency, estate planning, or investment management. If your advisor isn’t addressing these areas, they may not be equipped for the next phase of your journey.

Dissatisfaction with service – If you’re not getting timely updates or thoughtful responses when markets move or life changes, that can be frustrating. Many seek a more proactive, engaged relationship, not just annual check-ins or templated reports.

Generic advice or outsourced management – Some advisors use cookie-cutter portfolios or outsource investment management entirely. If your strategy feels disconnected from your actual goals, it may be time for a change.

Unclear or commission-based fees – If you’re not confident in how your advisor gets paid—or if you suspect product recommendations are influenced by commissions—that can erode trust.

Desire to work with a fiduciary – A fiduciary is a financial professional who is legally and ethically required to put your interests first, avoiding conflicts of interest. More investors are seeking this standard to gain greater trust and transparency in the advice they receive.

Key Considerations When Changing Financial Advisors

Once you’ve identified your reasons for leaving, the next step is to take a look at what comes next. A smooth transition begins with clarity, both about where you are now and what you want moving forward.

Review Your Current Strategy

Start by evaluating how well your advisor’s approach supports your current goals. Consider questions like:

• Is your portfolio actively managed or on autopilot?
• Does your advisor add value during turbulent market environments?
• Are your risk tolerance and retirement timeline clearly factored into your strategy?
• Are tax planning, estate considerations, and income needs being addressed?
• Do you understand how your advisor is compensated, and is that structure working in your favor?

If you’re unsure about any of these or your plan hasn’t kept pace with your goals, consider exploring other options. Heritage’s team of fiduciary advisors in Woodbridge is here to assess your current situation and provide practical, tailored advice.

Clarify What You’re Looking For

Think about what you want in your next advisory relationship. For high-net-worth individuals, that often means:

• A deeper level of service across retirement, investment, and tax planning
• Direct access to the person managing your portfolio—not an outsourced third-party
• A fiduciary standard backed by experience and credentials like the AIF® designation

Meeting potential advisors can give you a better sense of compatibility, communication style, and whether their investment philosophy fits your needs. Heritage Capital specializes in financial planning for high-net-worth individuals, and our retirement planning Woodbridge team offers personalized strategies to support your goals.

Understand the Transition Process

Switching doesn’t have to be complicated. An experienced advisory firm will guide you through the steps to move assets efficiently. Working with your new team to establish a communication rhythm right away can make the shift feel seamless.

The Importance of a Fiduciary and Fee-Only Approach

When selecting a financial advisor, understanding how they’re compensated and what standards they follow can guide a more informed decision.

Unlike advisors who follow a suitability standard, a fiduciary is required to act in your best interest at all times. This can offer greater confidence that recommendations are based on your specific goals, not outside incentives.

Fee-only advisors are paid solely by their clients, which promotes transparency and removes the conflicts that may come with commissions or product sales. For those focused on clarity and objectivity, this structure is a key advantage.

Heritage Capital is a fee-only financial advisor Connecticut firm—we do not earn commissions, and we don’t sell financial products. Instead, our focus is squarely on delivering advice that fits our clients’ needs.

Our Chief Investment Officer, Paul Schatz, holds the Accredited Investment Fiduciary (AIF®) designation. This credential represents advanced knowledge of fiduciary responsibility and how to apply that standard in practice.

Paul personally oversees investment strategy and brings decades of experience working directly with high-net-worth individuals. His commitment to a fiduciary-first approach sets the tone for how we operate as a firm.

How Heritage Capital Supports High-Net-Worth Individuals in Transition

We understand that switching advisors can be both emotional and practical. Our process is designed to simplify that transition while delivering the elevated level of service high-net-worth individuals expect.

A Planning-First Approach

We don’t begin with products—we begin with you. Every new relationship starts with a deep understanding of your goals, concerns, and financial structure. From there, we create a comprehensive financial plan that serves as the foundation for every recommendation.

Specialized Expertise

Our team has spent over 30 years on specialtiesities like retirement planning for high-net-worth individuals. We understand the tax complexities, investment opportunities, and estate considerations that come with greater wealth. Whether you’re nearing retirement or dealing with a significant life change, we’re here to support your entire financial journey.

Seamless Transition Process

We strive to make transitions smooth and straightforward. Our team handles the details from paperwork to asset transfers while keeping you informed at every step.

If you’re working with another advisor, we can help evaluate your current portfolio and identify gaps or opportunities without disrupting your existing strategy.

Contact us today to schedule a free conversation with no strings attached.