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Why Changing Financial Adviser Is Easier Than You Think

Posted by Robert Schwarz, Financial Planner

When it comes to your finances, “switching” is often associated with hassle and stress. Whether it’s your bank account, your home insurance, or your energy supplier, changing provider can often seem like more trouble than it’s worth. 

The same may be true of your financial adviser. Even if you’re dissatisfied with the service you’re receiving, you might be putting off switching simply because you think it’s too much hassle. 

The truth it that it’s easy to switch to a financial planner who is right for you. Read on to find out how but, firstly, let’s look at some common reasons why you might be thinking of switching financial adviser. 

3 reasons it might be time to change financial adviser 

  1. Poor service 

If you’re paying a financial adviser, you can expect a certain level of service. So, if you can never get hold of your adviser, they don’t return your calls, or you’re not getting regular updates or reviews, it’s time to think about a change. 

  1. Cost 

Do you know how much your financial adviser charges? If you’re not sure, or you do know and you think you’re paying too much for the service you’re receiving, look for a planner who offers transparent fees and value for money. 

  1. You’re not happy with the advice 

If your financial adviser isn’t listening to you, or it feels as if they simply want you to buy financial products, it’s time to switch. 

If the advice has never changed, even though your circumstances have, you may not be getting the right support. 

And, if your adviser is only interested in your money and not in you, your life, and your goals, they aren’t giving you the personal, bespoke advice you need. 

How to find a new financial adviser 

So, you’ve decided to switch financial adviser. But how do you find the right planner for you? 

  • Ask colleagues, friends or family for recommendations. A personal referral can be priceless 
  • Head online and use a service such as VouchedFor, which provides reviews of financial planners 
  • Check out the firms Google Reviews, what are their existing clients saying about them?  
  • Search for a planner who deals with clients in your specific situation. Make sure to read client stories and watch client videos. 

Once you’ve found a planner you like, get in touch and arrange a meeting to find out if they are the right fit for you. For example, every initial meeting we have is at our expense, so it doesn’t cost you anything to establish if we’re the right financial planner for you. 

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Switching financial adviser is easy – here’s how to do it
 

One of the core “treating customers fairly” requirements of the Financial Conduct Authority is that clients “should not face unreasonable post-sale barriers imposed by firms to [switch provider”. In other words, it should be straightforward to switch financial adviser. 

If you’ve decided to change financial adviser, your first step is to check your contract or letter of engagement, which you would have signed when you appointed your adviser. 

This agreement will outline whether you have to give any notice of your intention to switch, and how any such instruction should be given. For example, you may have to send a formal letter informing the adviser of your decision to switch. 

Parting on good terms can help to make future communication less awkward. So, try and be positive in any correspondence, and providing feedback on your decision to switch may also be helpful. 

You should also ask your adviser to turn off any adviser charging on investments they manage for you. If you pay any sort of recurring or direct fees to your existing planner, you should ask them to cease these and let you know if there is any outstanding amount to pay. 

Once you have given the requisite notice and disengaged with your existing adviser, you can then begin to work with your new planner. 

Get in touch 

If your thinking about changing financial planner, and you want to find out how we can help you to achieve your life goals, please get in touch. Email hello@firstwealth.co.uk or call 020 7467 2700. 

This document is Marketing Material for a retail audience and does not constitute advice or recommendations. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested

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