‘My adviser has gone dark.’ My account has $500K in it, and I can’t get a hold of my adviser right now. What’s my move?

Question: My business has a SIMPLE IRA (Savings Incentive Match Plan for Employees) for employees who want to participate after one year. Our problem is that the adviser we had has gone dark, and we haven’t been able to connect with him for over a year. The company also has two advisers, but they offices are not local. I prefer to deal in person. Would I be better off looking at a financial center at a bank or a brokerage house? The account is approximately $500K. I want a fiduciary. What are my options? (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Answer: First, congratulations on offering your employees a retirement account option and for knowing the value of a fiduciary. (A fiduciary is someone who manages money on behalf of someone else and has a legal obligation to act in their clients’ best interest). 

The second thing to note is that getting ghosted by an adviser is not acceptable. Connect with another adviser at the existing firm to get him or her to explain what has happened and see what sort of solution they’re able to offer. Even though they’re not local, it may still be helpful for you to have an understanding of the situation. 

Have an issue with your financial adviser or want a new one? Email your question or issue to [email protected].

Even if the other adviser has an explanation, this still sounds like bad management at that firm, and you may be better off elsewhere. Let the adviser you speak to know you’re ready to leave when you find a new adviser you connect with. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Most advisers should be equipped to manage a SIMPLE plan, but there are certain advisers who may specialize in small business retirement plans and matching contributions. This could be a good option for you.

Pros say you may want to think about a registered investment adviser (RIA) firm; RIAs have a fiduciary duty to act in your best interest. Independent RIA firms are typically affiliated with custodians — which maintain the clients’ assets and holdings — that offer SIMPLE IRAs, meaning they’re able to offer that service through their affiliation. 

“They come in all shapes and sizes and many good ones can be found through NAPFA. No matter where you go, the question you should ask is, ‘How do you get paid: Do you accept commissions or revenue sharing?’ This should all be recorded or in writing,” says says certified financial planner Mark Struthers at Sona Wealth Advisors.

While the institution of your choosing will manage the funds, employees will have the option to transfer their SIMPLE IRA monies from one SIMPLE IRA to another, and they can choose to be invested in stocks, mutual funds or other investments. What’s more, SIMPLE IRA accounts are vested or owned by the employee and can be withdrawn at any time — though you should consider early withdrawal penalties.

Regardless of what option you choose, there are a few ways to find a qualified adviser. “Ask people you know who have similar needs whether they have any recommendations. You’ll want to double check with whomever you choose and make sure that they are a fiduciary, who is required to act in your best interests,” says Andy Rosen, investing spokesperson at NerdWallet. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

“I’d recommend conducting a search by geography and specialty through either the CFP Board’s LetsMakeAPlan.org website or the similar website from the National Association of Personal Financial Advisors (NAPFA),” says certified financial planner Eric Henderson at East Horizon Investments. Fee-only planners, most often considered fiduciary, are flat-fee, hourly, subscription, retainer and a percent of assets under management (AUM). “None are perfect, they all have their pros and cons,” says Struthers. 

Here are 15 questions to ask any adviser you might want to hire. Beyond that, you’ll want to make sure you can easily connect with your adviser and that you feel comfortable talking to them about sensitive money topics. “You should also make sure you understand their fees and feel confident you’re paying a fair price for what you’re getting,” says Rosen. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Have an issue with your financial adviser or want a new one? Email your question or issue to [email protected].