Switching financial advisers can be a daunting task, but it’s essential to ensure that you’re receiving the best possible service and advice for your financial needs.
In this article, we’ll discuss the reasons why you might want to switch financial advisers, how to switch, and signs that it’s time to make the change.
Learn more: what is a financial adviser and what do they do?
Can I switch financial adviser?
Yes, you can switch financial advisers at any time. You have the right to change if you’re not satisfied with the service you’re receiving.
However, it's important to check your contract with your existing adviser as there may be termination fees you'll need to pay.
Reasons for switching financial advisers
There are several reasons why you might want to switch financial advisers.
Some of the most common reasons include:
1. Poor service
If you’re not receiving the level of service that you expect from your financial adviser, it might be time to switch.
Poor service can include a lack of communication, not returning your calls or emails, or not providing regular updates or reviews.
If you’re paying too much for the service that you’re receiving, it might be time to switch.
Look for a financial adviser who offers transparent fees and value for money.
3. Not happy with the advice
If your financial adviser isn’t listening to you or providing advice that doesn’t align with your goals, it might be time to switch.
You should feel comfortable discussing your finances with your adviser and confident that they have your best interests at heart.
Signs that it might be time to change financial adviser
Here are some signs that it might be time to switch financial advisers:
1. Lack of communication
If your adviser is difficult to get hold of or doesn’t return your calls or emails promptly, it might be time to switch.
2. Lack of transparency
If your adviser isn’t transparent about their fees or how they’re compensated, it might be time to switch.
3. Lack of expertise
If your adviser doesn’t have expertise in the areas that are important to you, it might be time to switch.
4. Lack of trust
If you don’t trust your adviser or feel uncomfortable discussing your finances with them, it might be time to switch.
How to switch financial advisers
Switching financial advisers is easier than you might think.
Here are the steps you should follow:
Start by researching potential new advisers.
Ask friends and family for recommendations, check out online reviews, and look for advisers who specialise in your specific needs.
2. Meet with potential advisers
Once you’ve identified potential new advisers, schedule a first meeting with them to discuss your needs and goals.
This will give you an opportunity to get a sense of their approach and whether they’re a good fit for you.
3. Notify your current adviser
Once you’ve decided to switch, notify your current adviser in writing.
Your letter should include the date on which you want the transfer to take place and any other relevant details.
4. Complete paperwork
Your new adviser will provide you with paperwork that needs to be completed before the transfer can take place.
This will typically include a letter of authorisation and transfer forms.
5. Follow up
Follow up with both your old and new advisers to ensure that the transfer has taken place as expected.
Switching financial advisers can seem like a daunting task, but it’s essential if you’re not receiving the level of service or advice that you need.
By following these steps and being aware of the signs that it’s time to switch, you can find a financial adviser who is right for you.
Unbiased can connect you to a new adviser today.