Nearly 1,400 advisors responded to a recent survey by Financial Advisor magazine on why clients fire advisors. These are the top five reasons (with no. 1 being the most cited reason) that clients gave for firing their previous advisor.

No. 5

Making claims they can't keep: 22.6 percent

No. 4

Poor investment performance: 34.2 percent

No. 3

Failure to promptly return phone calls: 43.9 percent

No. 2

Failure to understand the client's goals and objectives: 51.1%

No. 1

Failure to communicate on a timely basis: 72 percent