Switching financial advisers: what do you need to consider? (2024)

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.

Summary

• You have the right to change financial adviser if you’re not satisfied with the service you’re receiving.

• There are several reasons why you might want to switch financial advisers.

• Switching financial advisers isa straightforward process.

• Unbiased can help connect you to a new adviser perfect for your needs.

Learn more: What is a financial adviser, and what do they do?

Can I switch financial advisers?

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.

2. Cost

If you’re paying too much for the service that you’re receiving, it might be time to switch.

You can 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 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 reach 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's worth considering looking elsewhere.

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's worth considering looking elsewhere.

How to switch financial advisers

Switching financial advisers is easier than you might think.

Here are the steps you should follow:

1. Research

You can start by researching potential new advisers.

Ask friends and family for recommendations, check out online reviews, and look for advisers who specialise in your needs.

2. Meet with potential advisers

Once you’ve identified potential new advisers, schedule a free initial meetingto discuss your needs and goals.

This will allow you to understand 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 you want the transfer to occur 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.

Learn more:can I have more than one financial adviser?

Final thoughts

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.