Did You Know Your Financial Adviser Can ‘Fire’ You as a Client? Here Are 6 Times When They Should

It’s a sensitive topic, but sometimes it’s necessary for a financial professional to cut ties with a client. Here are six scenarios where it may be the appropriate action for them to take.

A man and a woman cringe with disbelief.
(Image credit: Getty Images)

Firing someone is never easy. Thankfully, I’ve never had to fire a client in my career as a CFP®, but colleagues of mine and firms where I’ve worked have had to make this difficult decision.

Our goal as financial advisers usually is to build our client base, not reduce it, so letting go of clients seems counterintuitive. But there are situations where it’s the right thing to do, and sometimes it’s what is best for both the adviser and the client.

Below I address six scenarios and circumstances where I believe a financial adviser should fire a client.

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.

Rubina K. Hossain, CFP®
Financial Reviewer & Writer, Annuity.org

Rubina K. Hossain is a financial reviewer and writer for Annuity.org (opens in new tab) and a Certified Financial Planner™ professional who has attained the prestigious CFP® certification. She specializes in preparing and presenting sound holistic financial plans to ensure clients achieve their goals. She was selected to be Chair of the Council of Examinations at the CFP® Board. She also has conducted budgeting workshops for disadvantaged girls in middle school, and she works as a pro bono adviser at Savvy Ladies Helpline and Women in Distress.