Switching Financial Advisors
You're paying for advice and mostly getting a portfolio review. Whether you've already decided to make a change or you're just tired of wondering, this covers both halves — what a better arrangement actually looks like, and what it takes to get there.
What's usually missing
There's rarely a single moment. It's usually an accumulation.
You get performance, not planning. Once a year you see a few pie charts and a benchmark comparison. Nobody has asked what you're planning to spend, when you're claiming Social Security, or what happens to the plan if one of you dies first.
Your questions get answered, but not really. You ask about Roth conversions and hear that it's something to look at. You ask what you're paying and get a percentage rather than a number. Nothing is wrong, exactly. It's just never specific.
Nobody's talking to your CPA. Your advisor manages the portfolio, your accountant files the return, and neither one has ever picked up the phone. The tax planning that lives between them isn't happening.
You've gotten more complicated and the service hasn't. Retirement moved from theoretical to five years out. There's a pension decision, an inheritance, a second home, a kid who needs help. You're getting the same service you got when you had a 401(k) and a question about index funds.
You're not sure what you're paying for anymore. This is the one people say last and mean most.
None of these are scandals. Nobody stole from you. That's part of what makes this hard to act on — there's no clean moment that justifies a decision, so it keeps not getting made.
What it looks like when it's working
You ask what you can spend, and you get a number. Not a range, not "you're in good shape." An actual figure, with the reasoning behind it and the tradeoffs spelled out. It's the question everyone has and almost nobody gets answered.
The tax strategy actually happens. We prepare and file your return in-house. The person modeling your Roth conversion is the person filing the return that reflects it. Nothing falls into the gap between your advisor and your accountant, because there isn't one.
You hear from us before you have to ask. A tax law changes, the market has a rough quarter, your daughter asks about a down payment — you shouldn't be the one initiating that conversation. Most of what makes a plan work is somebody noticing things on your behalf.
It's the same person every time. David Fortosis, CFP® is who you meet, who builds the plan, and who picks up the phone in four years when something changes. No rotating associates, no getting handed to the service team once the paperwork is signed.
We'd rather meet in person. We're in Naperville and work with people across the western suburbs — Wheaton, Glen Ellyn, Geneva, St. Charles. Most meetings happen at our office. Video works when it needs to, but if you're nearby we'd rather sit down together.
One fee, and you'll know what it is. We charge 1% of the assets we manage, and that single number covers retirement planning, investment management, and strategic tax planning — where we handle the prep and filing too.
Start with a second opinion. It's free.
You don't have to decide anything yet.
If you're working with an advisor and want an outside read on whether your plan holds up, we'll do that at no cost — a genuine look at your portfolio, your fees, and the tax picture, with a straight answer at the end.
Sometimes that answer is that you're in decent shape and should stay put. We've told people that. It costs us nothing to be honest and it's the only version of this that's worth offering.
Book a free second opinionThe awkward part is smaller than you think
The most common reason people stay put has nothing to do with money. Your advisor is a decent person. He might be a friend of your brother-in-law. He came to the house once. Firing him feels like something you'd have to work up to.
So here's the part almost nobody knows: you don't have to have that conversation at all.
Account transfers are initiated by the receiving firm, not by you. Your new advisor submits the request, your old firm gets a notification, and the transfer happens. You are never required to call anyone, explain yourself, or sit through a retention pitch.
Some people want to make the call anyway, and that's fine — a lot of these relationships go back years and ending it cleanly matters. But it's a choice, not a step.
If you do get a call, expect a counteroffer. Often it's a fee reduction. Worth noticing that the fee could have been lower this whole time.
What actually happens
Step one — talk to somebody first. Before anything moves, get a read on whether the change is worth making. Sometimes it isn't. That's what a second opinion is for, and it's the last point where backing out costs you nothing.
Step two — open the new accounts. Registrations have to match: your IRA transfers to an IRA, your joint account to a joint account. This is paperwork, mostly electronic, usually a day.
Step three — the transfer request goes in. Most transfers run through ACATS, the automated system brokerages use to move accounts between firms. Your new advisor submits it. Your old firm has a limited window to validate and release.
Step four — the positions move. Most transfers are in kind, which means your holdings move as they are rather than being sold and repurchased. Your Apple shares stay Apple shares. Nothing is sold, so nothing is taxed.
Start to finish, a straightforward transfer usually takes a week or two. Your investments stay invested the entire time.
That's the normal case, and for a portfolio of ordinary stocks, ETFs, and mainstream mutual funds, it really is that boring.
Where to be careful
Most of a switch is uneventful. Assets transfer in kind, nothing gets sold, nothing gets taxed. Two things are worth looking at before you start.
Proprietary funds
Occasionally a firm has put you in its own branded mutual funds, and those can't transfer to an outside custodian — they have to be sold first. Inside an IRA that's a non-event. In a taxable account it's worth some thought, and the work is figuring out the most tax-efficient way to unwind the position, which sometimes means spreading it across more than one tax year rather than doing it all at once.
It's worth identifying early. It's rarely a reason not to move.
Annuities
Simpler than most people expect. The annuity doesn't have to go anywhere — we change the broker of record on your existing contract. No surrender charge, no tax, no 1035 exchange, no decision to make. The contract stays exactly as it is, and we become the ones answering questions about it and handling any changes going forward.
If you've been carrying an annuity you don't fully understand, that's usually the first thing we'd sit down and walk through.
Common questions
Will I be out of the market during the transfer?
Generally no. Positions that transfer in kind stay invested the whole time. Anything that has to be liquidated first — proprietary funds, mostly — is out of the market briefly while the transfer completes.
How long does it take?
Usually a week or two for a standard transfer. Accounts holding unusual assets, annuities, or anything requiring paperwork from a third party can run longer.
Do I have to tell my current advisor?
No. Your new advisor initiates the transfer and the old firm is notified through the system. Many people call anyway. That's a personal decision, not a requirement.
Will switching cost me taxes?
Usually not. Assets transfer in kind — your holdings move as they are, nothing is sold, nothing is taxed. The main exception is a proprietary fund that can't transfer to an outside custodian, which has to be sold first. Inside an IRA that doesn't matter. In a taxable account it's worth planning around.
What if I have an annuity?
It doesn't have to move. We change the broker of record on your existing contract — no surrender charge, no tax, no 1035 exchange. Everything about the annuity stays the same except who's answering your questions about it.
What if I decide to stay where I am?
Then you've got a free outside read on your plan and a clearer sense of what you're paying for. That's a fine outcome.
How do I know it's time to fire my financial advisor?
There's usually no single incident — most people leave over an accumulation of small things rather than one bad event. If you're getting performance reporting instead of planning, if nobody's coordinating with your CPA, or if you've gotten more complicated and the service hasn't kept up, those are the common ones. Being unsure is normal, and it's most of why people stay longer than they meant to.