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I Asked Investors to Share the Frustrations They Have With Financial Professionals, and These Are Their Top 10
If hidden costs, conflicts of interest and advice that's not personalized leave you dissatisfied with your service, here's how to ask better questions and find a financial professional you truly trust.
As I've been interviewing individual investors for my newest book — and listening carefully to their real-world experiences — clear patterns have emerged. The frustrations aren't random. They're systemic.
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Here are the top 10 frustrations investors have with financial advisors, ranked by frequency and impact — and what you can do about them.
Fees are often buried in account statements, fund expenses and product structures. Many investors can't calculate their total cost in dollars — even after years with the same advisor.
What to do. Ask your financial advisor to provide a total annual dollar amount — not percentages, not estimates. If your advisor can't provide a clear amount, that's your first red flag.
The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.
Many advisors are compensated through commissions, revenue sharing or incentives tied to specific products.
What to do. Understand exactly how your financial advisor gets paid — and by whom.
3. 'What am I actually getting for the fee?'
Paying 1% of assets under management may sound reasonable — until you realize your portfolio looks a lot like a low-cost index fund, and you're not getting comprehensive financial planning advice.
What to do. Ask your advisor to clearly define the specific services and outcomes you're receiving.
If every advisor says the same thing, how do you choose?
Too many investors discover that "financial planning" is just a pathway to selling investment or insurance products.
What to do. Be cautious of "free plans." In many cases, you're the product.
Dense reports, industry jargon and unclear explanations leave investors feeling confused instead of confident.
What to do. Expect simplicity. A great advisor should be able to explain your financial plan in plain English.
Many advisors rely on model portfolios and standardized plans that don't reflect your unique situation.
What to do. Ask how your financial plan is specifically tailored to your goals, taxes and circumstances.
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Too often, communication only happens during annual reviews — or when markets are volatile.
What to do. Set clear expectations for frequency and type of communication.
9. It's hard to know if you're doing well
Performance reports are often disconnected from your real-life goals such as retirement readiness or financial independence.
What to do. Shift the conversation from performance to progress toward your goals.
10. Switching advisors feels risky and complicated
Even investors dissatisfied with their financial advisor tend to stay put. Why? Fear, inertia and uncertainty.
What to do. Recognize that switching financial advisors is a process — not a leap of faith.
These frustrations aren't the result of a few bad advisors — they reflect deeper structural issues in how financial advice is delivered and priced.
The good news? You don't have to accept the status quo.
Better financial advice is available — more transparent, more objective and often at a lower cost. But finding it requires asking better questions, understanding how the industry works and taking an active role in selecting your financial advisor.
Because in the end, the most important decision isn't what you invest in. It's who you trust to advise you.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
David Bromelkamp is an investor advocate and the founder of AdvisorSmart®, established in 2018 to provide investors with the education they need to access better financial advice. Sometimes referred to as the "Jerry Maguire of Financial Advice," he is passionate about objective financial advice and is leading the charge to educate investors about the best approach to finding objective, fee-only fiduciary financial advisors. His first book, AdvisorSmart for the Individual Investor: Your Guide to Selecting a Financial Advisor to Get Better Financial Advice (2025), arms consumers with the knowledge they need to succeed. He is also the author of the Mister Fiduciary blog, which explores what it means for advisors to deliver great financial advice by upholding the highest fiduciary standards.
