The smart way to switch financial advisor

If you are an investor, you may want to switch your financial advisor. This could be due to any number of reasons; for example, you may have noticed that your portfolio is not performing as well as it should or there has been a communication breakdown. If this applies to you, it could be time to part company with your financial advisor.

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There is a smart way to switch financial advisor. First, you need to check with your current financial advisor to find out how they like to handle transfers; for example, there may be issues with timing if you are switching midway through the year. An independent financial advisor Wroughton may also charge annual fees that will be pro-rated if you leave before the year-end. Follow our top tips to make sure your transition is as smooth as possible.

Look at your current financial advisor contract

When you first start to work with an independent financial advisor Wroughton you would have signed a contract. There will be a termination clause in this contract on how to end the investor-advisor relationship.

In many cases, all you will have to do is sign a letter and send it to your advisor for the contract to be terminated. There may be a termination fee involved, so make sure you read through all the details before you switch. A professional independent financial advisor Wroughton should make the switch as easy as possible.

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Collect all your records

Your financial advisor is obliged by law to hand over all your records for your investments to your new advisor. You should also ask for a copy of these transactions before you leave your financial advisor for good.

Get your new financial advisor involved

If you have already found a new financial advisor, you can get them to handle the transfer for you. They will put in the requests for the funds and investments to be transferred over to them. This will be handled electronically and safely, so it is a much more reliable way of switching financial advisor.

Before you call it quits with your current financial advisor, ensure you are fully aware of what the consequences of the termination will be; for example, you don’t want to be left stuck with hefty fees for terminating a contract early.

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