Should we dump our financial planner?

Let's face it, most of a planner's job is to Communicate (emphasis). At your next meeting, bring up the lack of response you seem to be getting. Clarify your expectations and make sure the planner is up to the challenge. If not, it's better to know sooner than later and as we all experience from time to time, sometimes people just don't mesh well together. Much of "financial planning" has nothing to do with finances; rather good, stimulating conversation and brainstorming about future goals, ideas and visions. Find someone who is capable, but make sure it's someone you genuinely enjoy working with.

Hi CAPSFAN
I agree with Jason's response, and wanted to explore the communications a little further. There are good planners that will work with you so that you will know the investment strategy, and where your money is invested. The planner should reach out to you, and also be available when you have questions. In our practice, we ask clients if they prefer email, mail, phone calls, or in-person meetings. In good markets or bad, planners need to communicate, and collaborate, with clients. If you have requested more communications and not received service, then it is probably time to move on, for that reason alone. Your new planner will help you answer your second question about the investments you have made.

I would first recommend separating the performance issues from the business/service issues. There are too many good planners out there to deal with one that doesn't provide great service and dodges your questions. Of course you need to balance your expectations for service with what is realistic.

Regarding your investments, you should ask to compare your investments and your total portfolio's performance relative to the appropriate benchmarks. Just because your account is up or down doesn't necessarily mean your planner is or isn't terrific. For example, it is easy for planners to look good when the markets are going up. However few planners get any credit or apreciation when their clients are down 20% relative to the markets being down 50%.

If you do decide to walk it depends. Maybe you can just fire your planner, keep your current investments and stay at the current custodian. For example, a lot of financial planners use an independent custodian such as Charles Schwab for their clients' accounts. In this case, all you need to do is contact the custodian and terminate the Limited Power of Attorney that the planner has on your account. Things become more complicated if you are working with an employee of the custodian. In this case, you might need to transfer your assets to a different firm. Before you do, be sure to get all of your cost basis and understand if your securities can transfer-in-kind, otherwise you will need to sell them and transfer cash which might not be the best thing for you do.