McIlroy recently signed a deal with Nike, believed to be worth in the region of £125m, which will see him stop using the clubs that have helped him record two Major victories.
When asked whether the decision could be seen as a risk, Faldo told Sky Sports News: "I believe it is. We get a split second with the ball on the club and you get used to how a golf ball feels and sounds.
"When you change [clubs], the weight can be different, the woods could be different.
"It's a massive contract and it can be very tempting but you have to be careful when you go and make changes."
McIlroy was recently forced to defend his choice to skip last week's HSBC Champions event.