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 your financier adviser simply because you think it’s too much hassle.
The truth is 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 advisers.
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.
So, you’ve decided to switch financial adviser. But how do you find the right planner for you?
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.
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 advisers.
If you’ve decided to change financial advisor, 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 advisor, you can then begin to work with your new planner.
If you’re 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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