‘I am getting very frustrated’: My mother’s adviser has not returned my calls. He manages $1 million. Is this normal?

I called yesterday first thing in the morning and left a message with his assistant as he was “on the other line.” No callback yesterday, nothing today and after office hours on the East Coast.   My own adviser gets back to me within 24 hours, so I am not used to this way of doing business and, quite honestly, I am getting very frustrated.   

What do you feel is a reasonable time frame for a callback from a financial adviser?

Fed Up

Related: I begged my adviser to sell amid the market turmoil. He dragged his feet and I lost $20,000. Do I have any recourse?

Dear Fed Up,

If he’s too busy to get back to you, he’s too busy to manage your mother’s money.

For an account this large — or any size, for that matter — you should expect a callback within one business day. Ideally, a few hours. Yes, it’s always good to give people grace. He could be in a long meeting, dealing with a family matter or putting out a fire at work. You are entrusting him with your mother’s money and, if he does not take the client-adviser relationship seriously enough to get back to you within one or two — certainly less than six days — I would seriously question his judgement and ability to manage your mother’s money. It’s a sign that he either doesn’t care enough and/or is unable to stay on top of his duties. Either way, it’s not your problem anymore. Move your mother’s account to another adviser or, if necessary, another bank.

Poor communication is one of many reasons to fire (or consider firing) your financial adviser. In fact, 12.1% of people said they left their adviser for failure to communicate, per this survey by Financial Advisor Magazine. Other reasons included cost (16.3%), the adviser’s retirement (13.5%), failure to listen (10%), disappointing performance (10%), different values (6%), ineffective advice (5.7%) and bad rapport (2.8%). Nearly a quarter of those polled gave other reasons, which just goes to show: your relationship with your adviser can be as fraught and complicated as every other relationship in your life. “People have diverse needs, and many things drive their behavior,” the magazine said.

Hiring a new adviser may not be as straightforward as you might think, and if others out there do not feel like they can trust their adviser to act in their best interest and/or manage their money, you have the power to change your representation. If you decide to keep this adviser and he gets back to you on the seventh day, you need to make your needs clear — call him regularly so he can explain exactly what is happening to your mother’s money — and put your requests in writing and be firm about what you want. Tell him: “Get back to me before EOD or I move our money.” It’s not a debate. You have control over your own decisions.

There are all types of people who call themselves financial advisers: They may invest your money in ETFs and/or mutual funds, actively manage your finances and/or give you overall advice and not even touch your money. Even a disreputable used-car salesperson would get back to you faster than this guy. Some money managers are fiduciaries — professionals who have to act in their clients’ best interest under the Investment Advisers Act of 1940 — but not all of them. Your current and/or future adviser should be a member of the Financial Industry Regulatory Authority (Finra). Certified financial planners have similar codes of ethics. 

The National Association of Personal Finance Advisors could be helpful. Empower yourself by asking questions. Deal with a broker who works on commission or even a fee-based financial adviser. Review your mother’s retirement plan (and your own, for that matter). Don’t get caught in the weeds of other people’s lack of professionalism: keep your eye on your goals and the bigger picture. AARP’s retirement calculator allows you to include many lifestyle factors and is based on three questions: “Am I saving enough? When can I afford to stop working? How long will my money last?”

When a new chapter begins, Merrill Lynch has five questions you should ask your financial adviser: “1. What’s the outlook for inflation and interest rates in 2025 — are there any moves I should consider now? 2. Have there been any rule changes that could help me save more for retirement in 2025? 3. What about my portfolio — does my current allocation to equities make sense in today’s markets? 4. I’ve heard that big changes could be coming for gift and estate tax rules. What can I do to prepare? 5. Are there other tax changes coming that I should plan for now?” This is an ongoing conversation about all factors impacting your investment goals.

A week is a long time in politics. It’s an eternity for a $1 million investment account.

Related: ‘I have an out-of-state adviser in a Republican state’: How can I tell if his political views influence his investment advice?

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on X, the platform formerly known as Twitter.

The Moneyist regrets he cannot reply to questions individually.

Previous columns by Quentin Fottrell:

My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who’s right?

‘I’m at a loss’: My boyfriend of nearly 10 years is naming his elderly parents as beneficiaries and giving them power of attorney. Am I right to be upset?

‘We have no prenuptial agreement’: Will my wife be able to take my money if I transfer it to my retirement account?

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