When markets fall and account values shrink, the easiest target is often the financial adviser. It can feel like hard-earned savings are evaporating while the person hired to protect them repeats the same calm instructions to “stay the course.”

Before deciding the relationship is broken, it is worth digging into what an adviser is actually responsible for.

Market Fear

Many investors feel they “saw it coming” before a rough year in the market. Maybe headlines looked ominous, valuations looked high, or friends were warning about a correction. When an adviser resists shifting everything into conservative investments, it can feel dismissive or even careless.

Yet hesitation to overhaul a portfolio is not automatically a sign of incompetence. In many cases, it is a sign the adviser is trying to shield the client from impulsive, emotionally driven changes that often backfire. A portfolio built for long-term goals is not meant to be rebuilt every time volatility appears.

What Advice Is

An investment professional is not a fortune teller. The job is to construct a sensible strategy based on time horizon, risk tolerance, goals, and available resources, then help the client stick to that plan through both calm and turbulent markets.

Dilip Soman, a behavioral scientist, said that adding a brief pause before acting can help people think through decisions instead of reacting on impulse.

Yes, market conditions matter. But constantly jumping in and out of investments based on short-term forecasts usually harms long-term results. A good adviser knows that missing just a handful of the market’s best days can permanently dent returns, and frequent trading adds costs and taxes.

Illusion Of Foresight

Hindsight creates the illusion that major downturns were obvious. After every crash, countless people claim they saw the signs: tech bubbles, real estate booms, speculative frenzies. What tends to be forgotten are all the dire predictions that did not come true.

If an adviser had shifted everything into conservative holdings and markets had surged instead, frustration would likely run just as high—only for opposite reasons. Expecting precise market timing from any professional sets an impossible standard and practically guarantees disappointment.

Check 1: Goals

The first test of any advisory relationship is whether there has been a serious conversation about goals. Not a quick “growth or income?” checkbox, but a detailed discussion: when retirement is expected, what lifestyle is desired, what other big expenses are on the horizon, and how much risk feels tolerable.

Without that context, investment recommendations are just guesses. Someone retiring in twenty years needs a different mix of assets than someone stopping work in three. If the adviser never revisited these questions as life evolved, that is a legitimate concern. A plan built for yesterday’s circumstances may not fit today’s reality.

Check 2: Strategy

Once goals and risk tolerance are clear, the adviser should have explained the strategy in plain language. That usually starts with asset allocation: how much sits in stocks, bonds, and cash-like holdings, and why that mix was chosen. Diversification across company size, style, and geography should also be part of the picture.

Clients deserve to know what kind of ups and downs that portfolio might experience. Not precise numbers, but ranges: how it might behave in a strong market, in a modest decline, or in a deep downturn. An adviser should also help ensure enough is being saved and that tax-advantaged options, such as retirement and long-term savings accounts available where you live, are being used efficiently.

If none of this was ever laid out, or if the explanation still feels like a mystery, that reflects a communication gap at best and a planning gap at worst.

Check 3: Communication

Even the best strategy will not produce a straight upward line. That is why ongoing communication is part of an adviser’s core responsibility. Regular reviews—often annually or quarterly—should show performance versus appropriate benchmarks, explain why results differ, and determine whether any adjustments make sense.

During periods of sharp market swings, proactive check-ins become especially important. A brief note saying “stay calm” is not enough. A thoughtful adviser revisits the plan, checks whether the client’s tolerance for risk still matches the portfolio, and clarifies why the long-term approach remains valid even when recent returns are negative.

If life circumstances change—job loss, early retirement, major health issues, or windfalls—the adviser should help rework the plan rather than simply let the old allocation ride. Silence in those moments is a serious warning sign.

Recognizing Warning Signs

Sticking with a sensible long-term allocation during a downturn is not, by itself, a reason to fire an adviser. However, some patterns do justify looking elsewhere. Examples include:

- Advisory recommendations that clearly ignore stated risk tolerance and time horizon.

- A portfolio concentrated in a handful of trendy investments instead of a diversified mix.

- High, opaque fees that are not clearly explained or justified by the services provided.

- Minimal contact, especially during stressful markets, and vague answers when pressed for details.

If these issues are present, it may be wise to interview other professionals and compare approaches. The goal is to find someone who combines sound strategy, transparent pricing, and clear communication.

Realistic Expectations

Even an excellent adviser cannot erase negative years or guarantee smooth returns. Markets occasionally deliver long stretches of discomfort, and any portfolio exposed to growth assets will suffer at times. The value of advice often lies in helping clients avoid catastrophic errors: selling everything at the bottom, chasing speculative fads, or taking far more risk than needed.

Evaluating an adviser based solely on short-term performance can encourage exactly the kind of behavior that harms long-term wealth. A better yardstick is whether the plan still makes sense, is being followed consistently, and is regularly reviewed as life changes.

Conclusion

Being upset when account balances fall is completely natural, and questioning an adviser’s role is healthy. The key is separating frustration with market losses from genuine problems in planning, strategy, or communication. After reflecting on your goals, your portfolio design, and the clarity of the guidance you receive, does the relationship truly fall short—or is it time to adjust expectations about what even the best adviser can realistically deliver?