MML #039: Is Your Financial Advisor Really Adding Value?

As you get closer to retirement, your financial advisor should become more valuable to you, not less. It’s taken years to accumulate wealth. You've put in the long hours, managed the stress, built your practice or climbed the partnership ladder. 

Now you need more than someone who just picks your investments. 

You need a real plan that covers taxes, income strategy, what you'll leave behind, and how it all affects your family.

But what if your advisor isn't delivering that kind of help?

In today’s newsletter, I outline five signs you might need to find someone new:

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1. They only focus on your portfolio

If all they do is manage your investments, you're missing critical pieces. Tax planning matters, especially when you're dealing with retirement account withdrawals, Social Security timing, and potential Roth conversions. 

Estate planning matters because you've worked too hard to let poor planning erode what you pass on. 

Making sure your income lasts through retirement really matters, because running out of money isn't an option.

Portfolio performance is just one part of the puzzle. You need an advisor who sees the whole picture and knows how all these pieces fit together. If your meetings focus solely on market performance and fund selection, you're not getting comprehensive advice. You're getting portfolio management dressed up as financial planning.

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2. You rarely hear from them

Your life changes constantly in the years before retirement. New tax laws get passed. Your practice shifts. Maybe you're thinking about scaling back or selling. Your health changes. What you want your retirement to look like evolves. If your advisor isn't reaching out to review and update your plan, you're making major decisions without current guidance.

I'm not talking about quarterly performance reports that show up in your inbox. I mean real conversations about your life and how your financial strategy needs to adapt. 

Proactive advisors don't wait for you to call with questions. They anticipate changes and reach out before small issues become big problems.

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3. Meetings leave you more confused than confident

Yes, retirement planning gets complicated. Tax code provisions, required minimum distributions, Medicare surcharges, estate tax exemptions.. it's a lot. But your advisor's entire job is to make it clear for you. You should walk out of meetings understanding what's happening and why. If you leave feeling overwhelmed or uncertain, something's wrong.

A good advisor translates complexity into clarity, not the other way around. They should be able to explain sophisticated strategies in plain language. 

They should check in to make sure you're following along. 

And they should welcome your questions, no matter how basic they seem. You're not supposed to be the financial expert. That's what you're paying them for.

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4. Your spouse gets left out

Retirement planning affects both of you. If your spouse feels ignored during meetings or doesn't understand the strategy, your advisor is only doing half the job. I've seen this happen too many times. One partner (often the lawyer) dominates the conversation while the other sits quietly, lost or disengaged.

Both partners need to feel heard, informed, and confident about the plan. When one person is sidelined, important concerns get missed. Different perspectives on risk, spending, legacy goals—all of that matters. Your advisor should actively engage both of you and make sure you're both comfortable with the direction you're heading.

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5. You wouldn't hire them if you were starting over

This one's simple but powerful. Imagine you're looking for an advisor today, starting from scratch. Would you choose the person you currently work with? Sometimes we stay with advisors out of loyalty or habit, even when they stopped being the right fit years ago.

Maybe they were great when you were younger and just needed basic investment management. But your needs have changed. If your honest answer is no, you probably already know what you need to do.

Look, changing advisors feels uncomfortable. You've likely worked with this person for years. There's history there. But retirement is too important to settle for advice that doesn't serve you anymore.

You need someone who understands the specific challenges lawyers face—because they are specific:

The retirement plan structures

The buy-sell agreements

The timing of partnership distributions

The transition planning

You need proactive communication that keeps you informed and prepared. You need clear explanations that respect your intelligence without drowning you in jargon. And you need a comprehensive approach that goes beyond just investment returns.

Your retirement should be one of the best chapters of your life. Make sure you have an advisor who's actually helping you write it.