Question: “My wife and I are both retired in Wisconsin and we’re both collecting Social Security. I have two pensions and an annual income of $75,000+. Earlier this year, we lost $45,000 from our retirement funds. We currently have two financial advisers but we’re not happy with the results. Should we start from scratch with a new adviser?”

“I wouldn’t be happy at all with my adviser if they had sold part of my portfolio during the market downturn that occurred, particularly in April of this year,” says certified financial planner Alonso Rodriguez Segarra at Advise Financial. “I would be even more upset with them after seeing the spectacular growth the stock market experienced in the following months, surpassing all-time highs on multiple occasions.”

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That said, before you ditch you adviser, a chat may be in order. “Before making a change that could be attributable to a temporary, broad-market decline, have a discussion with your adviser,” says chartered financial analyst and certified public accountant Thomas J. Brock at Annuity.org. “Revisit your long-term strategic asset allocation and your access to near-term liquidity and give the adviser an opportunity to explain the near-term performance of your portfolio and highlight the asset positions that are specifically designed to provide liquidity and resiliency during turbulent times.”

You should also learn why your portfolio was down $45,000. “Was this a temporary dip or was this a realized loss? Perhaps this was intentionally done to offset other gains? Furthermore, is the $45,000 loss a small or large percentage loss when compared to the rest of the portfolio?” says Ryan A. Hughes, founder and portfolio manager at Bull Oak.

Without more specifics, it’s hard to assume how you ended up in this position. “This has been a pretty good year to date for financial markets, so it seems unlikely you’d have a loss, but that depends on what your strategy was,” says certified financial planner Joe Favorito at Landmark Wealth Management.

That said, earlier this year, markets declined significantly during tariff discussions. “Some volatility would be expected depending on how you’re invested. If you haven’t heard from your adviser or received proactive guidance, that’s probably part of the problem and it’s worth getting another opinion,” says Ryan Haiss, certified financial planner at Flynn Zito Capital Management.

What to look for in a new financial adviser

If the conversation with your adviser doesn’t give you confidence or properly explain the loss, Brock recommends finding a reputable fiduciary financial adviser to get a complimentary second opinion. “Share your general financial information and portfolio performance with them and see whether there are cracks in the foundation,” says Brock.

Furthermore, “always remember the golden rules: look for a fee-only adviser to avoid conflicts of interest and to prevent them from trying to sell you high commission financial or insurance products. Ensure they’re a CFP so they meet fiduciary standards and have the necessary training and make sure you feel comfortable with them and trust them. Always ask in writing about their commissions and how they generate their income,” says Segarra.

When looking for a new adviser, Haiss says, “I recommend working with a CFP who specializes in retirement planning and asset allocation.” The reason it’s worth looking into a CFP is because they must complete rigorous education requirements, pass exams, perform thousands of hours of work-related experience and adhere to a fiduciary duty in order to earn their designation. You can use this free tool from our partner SmartAsset to match you to financial advisers, as well as sites like CFP Board and NAPFA.

That said, if you’re only looking for someone to manage your portfolio and not necessarily financial planning help, Hughes says you might want to look for an investment adviser instead. “While each firm may use different titles for roles, I get the impression that you’re looking solely for someone to help manage your portfolio. Finding someone who specializes in this might be the right move,” says Hughes.

Additionally, Favorito says he’s not an advocate of having more than one adviser unless they are speaking and working in concert, which is rare. “With more than one, they could be doing things independently that are counterproductive when compared to what the other adviser is doing. Sometimes you get two half loaves of bread that don’t equal one whole loaf,” says Favorito.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to picks@marketwatch.com.

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