Stephen E. Bingham

Owner of Bingham Financial Advisory in Arlington

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Sunday, July 27, 2008; Page F04

When should I fire my financial advisor?

No one should make a practice of changing financial advisors every couple of years. Studies have found that serial changers are rewarded with very poor long-term results in achieving their investment objectives.

Bear markets alone are not a good reason to fire a financial adviser.

Any client who has a competent adviser he trusts should allow that person reasonable time, usually at least five years, to prove his value.

A financial adviser warrants firing if he or she makes unauthorized transactions, churns accounts or does anything else that is unethical or illegal.

There are other perfectly valid reasons to fire your adviser. These include:

· High-pressure sales tactics.

· Promising high performance or guaranteeing results.

· Failure to listen.

· Providing poor service.