8 Warning Signs Your Financial Advisor Might Not Be the Right Fit

Choosing the right financial advisor is one of the most important decisions an athlete can make in the NIL era. The right advisor will help you budget, save, invest, and protect your earnings. The wrong one can cost you money, time, and trust.

So how do you know if your advisor might not be the right fit? Here are eight warning signs athletes and families should watch out for.

1. They Dodge the Fiduciary Question

If your advisor won’t clearly say they are a fiduciary 100% of the time, that’s a problem. A fiduciary is legally required to act in your best interest — not theirs. Anything less creates room for conflicts of interest.

2. They Can’t Explain Fees Clearly

If your advisor avoids talking about how they get paid, or you walk away confused about costs, that’s a red flag. You should always know if they’re charging a flat fee, a percentage of your assets, or commissions on products. Transparency is non-negotiable.

3. They Push Products Instead of a Plan

Advisors should start with your goals, not with insurance policies, annuities, or investments they want to sell. If you feel like you’re being sold something instead of guided through a strategy, step back.

4. They Don’t Understand NIL

NIL income is different from a regular paycheck. It’s irregular, it’s taxable, and it often involves compliance rules. If your advisor has no experience with athletes or clients with variable income, they may miss critical details that cost you money.

5. They Overpromise Results

Any advisor who guarantees huge investment returns with little or no risk isn’t being realistic. The best advisors are honest about risk and help you build a balanced plan for long-term growth.

6. They Avoid Questions About Their Record

Every advisor has a history. If they hesitate to let you check them on FINRA BrokerCheck or SEC IAPD, or if you find multiple complaints and they can’t explain them, that’s a serious concern.

7. They Don’t Communicate Clearly or Often

Your advisor should be easy to reach, responsive, and willing to explain things in plain language. If they take weeks to return calls, dodge emails, or use confusing jargon, they’re not setting you up for success.

8. You Just Don’t Feel Comfortable

Trust your gut. Even if an advisor looks good on paper, if something feels off, it probably is. The right advisor should make you feel confident, respected, and heard.

The Bottom Line

Your NIL earnings are too important to risk on the wrong advisor. If you see any of these warning signs, it may be time to ask more questions or consider other options.

Looking for trusted professionals? The NIL Financial Advisor Directory helps athletes and families connect with vetted advisors who understand NIL income and put clients’ interests first.