In his 2005 letter to Berkshire Hathaway’s shareholders, Warren Buffett tells a story about a fictional family named the “Gotrocks.” Each time the Gotrocks hired more and more financial helpers, the family’s net investment profits decreased. How can you avoid becoming like the Gotrocks?

Hiring an investment advisor or financial advisor may be one of the most crucial financial decisions you ever make. And firing a deadbeat advisor is no less important.

Here are four reasons to fire a financial advisor:

1. Your advisor has broken the law. Beware of financial advisors who have broken the law, have a history of legal problems or skirted the law, or if they have multiple unhappy clients. If they have faced lawsuits from dissatisfied clients or paid fines for securities violations without admitting or denying wrongdoing, it could be time to say goodbye.

Do you really want to entrust your financial future with such questionable characters? You should periodically check your advisor’s Form ADV, filed with the U.S. Securities and Exchange Commission, or their Form U-5 to make sure they’re still clean. Likewise, check these same forms if you’re at the point of choosing a new advisor.

You can use the SEC’s website by going to their AdvisorInfo portal and typing in their last name. You can also go to the Financial Regulatory Authority’s website, where another online database allows you to search for information on your advisor’s disciplinary history.

2. Your advisor has failed to execute your investment plan. One simple way to know if the investments recommended by your financial advisor are making progress is to compare their performance to major stock and bond indexes or benchmarks. This is one of the yardsticks I use for my portfolio report card grading system. Remember: Without a point of reference, you’ll never know if your financial advisor is successfully executing your investment plan or not.

The vast majority of investors, even those with financial advisors, consistently underperform key barometers like the total U.S. stock market, the total U.S. bond market and international stocks. If your investment portfolio can’t consistently match the performance of major benchmarks, consider finding a new advisor.

3. Your advisor has questionable experience and credentials. The bankruptcy and jailing of ex-baseball star, Lenny Dykstra, is a textbook example of what can happen when you entrust your money to the wrong people. Despite promoting himself as a successful entrepreneur, Dykstra’s self-proclaimed stock picking “prowess” never matched up with his resume. According to ESPN.com, Dykstra claimed to have a net worth of $60 million but in his Chapter 11 bankruptcy filing he listed just $50,000 in assets with $31 million in liabilities.

What’s the lesson? It’s a good idea to work with a financial advisor who has the required licenses to practice, adequate experience and other credentials that qualify them to render investment advice. Also, professional designations like certified financial planner, chartered financial analyst or certified public accountant, etc. are a good sign, but just one factor among many for determining whether your advisor is a suitable fit for you.

4. Your advisor’s approach isn’t compatible with your best interests. Are you and your advisor on the same page? Your financial advisor may have an investment strategy that gives little consideration to low investment costs, tax-efficiency and pure market exposure. Each of these attributes are cornerstones to successful investing.

Likewise, if your advisor has recommended an investment strategy you don’t understand or one you can’t explain to others, watch out.

In each of these cases, there’s a very good chance your investment philosophies don’t harmonize with each other. Remember: A house that’s divided falls and working with an incompatible financial advisor is asking for trouble.

Other warning signs. There are many other reasons to consider firing a financial advisor. For example, a violation of your trust, a lack of transparency and career instability are other factors to think about.

A violation of your trust is a serious issue. What if your financial advisor buys investments in your portfolio you never authorized or previously discussed? What if your advisor is investing according to methods that contradict what you’ve agreed upon? What if you’re being charged fees or commissions you never signed off on? It’s probably time to show them the door.

What if your financial advisor is changing custodians or broker and dealers every couple of years? Watch out! It could be a sign of career instability. Do you really want to have an unstable job-hopper managing your financial future? If they can’t properly manage themselves, how can they manage you? You don’t want your advisor’s constant career moves to create instability for you. Do you really need another account transfer?

Finally, if your financial advisor is not forthright about their compensation and the exact cost of their advice, I suggest you start looking for a new advisor. Do you really want to deal with financial professionals who like operating in the shadows?

Ron DeLegge is the Founder and Chief Portfolio Strategist at ETFguide. He’s inventor of the Portfolio Report Card which helps people to identify the strengths and weaknesses of their investment account, IRA, and 401(k) plan.

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4 Reasons to Fire Your Financial Advisor originally appeared on usnews.com