Getting a wealth manager which will really work for you

People can be hesitant to change their wealth manager, despite many being dissatisfied with their investment returns, the service standards they receive or the layers of charges they pay – and very possibly all three. Yet the process of changing provider can be far quicker and easier than these reluctant stayers fear. Read our guide to finally getting a wealth manager which will really work for you.

Recent months have been an incredibly busy time for our wealth manager matching service, driven in large part by an ongoing overcharging scandal at one of the UK’s largest providers. Finding that your wealth manager is at the centre of a media storm is no doubt an unpleasant place to be, but it is a situation that can be readily solved, and we would argue that many such clients end up looking back very favourably on whatever it is that finally made the scales fall from their eyes.

Over our 12 years there has never been any shortage of clients who have been underwhelmed for a long period, but have allowed their relationship with their wealth manager to limp along before finally being pushed to make a much-needed move

Over our 12 years there has never been any shortage of clients who have been underwhelmed for a long period, but have allowed their relationship with their wealth manager to limp along before finally being pushed to make a much-needed move. For some, there has been a change of adviser which has made them question the overall relationship and service standards; for others, long periods of lacklustre performance or a gradual creeping up of costs just simply become too much to put up with. Why then do they stay so long, when it is clear that you can easily get far better performance without taking on additional investment risk?

As with most blockers to a better life, the barrier is typically some combination of fears – fears of hassle, a long, drawn-out process, costly exit charges or simply just the anticipated awkwardness of it all. Yet once the process of changing wealth manager is complete, most of our users report that in reality there was nothing for them to worry about at all. In fact, invariably their only regret is that they hadn’t made the change sooner.

Don’t let unfounded fears hold you back from getting a wealth manager which will really work for you. Here we show how making a change quickly could look, and dispel lingering myths which might be holding you back.

Steps to finding a better wealth manager, fast, free and hassle-free

1. Filter the market to get to a shortlist of your best-matched firms

The UK wealth management market is highly diverse, featuring firms of all different sizes and service styles. But while choice is undoubtedly a good thing, it can make it very difficult to get to even a long list of suitable providers without many hours (if not days) of research.

By completing our short questionnaire our algorithmic matching system is able to filter a panel of leading wealth managers based on your asset level, financial objectives, location and service preferences to form a shortlist of no more than three highly suitable firms. Our expert team can also bring their years of experience to bear to fine tune your matches further.

By completing our
our algorithmic matching system is able to filter a panel of leading wealth managers based on your asset level, financial objectives, location and service preferences to form a shortlist of no more than three highly suitable firms

2. ‘Beauty parade’ potential matches how and when you choose

Your shortlisted providers will then contact you to discuss your needs, allowing you to compare and contrast them side by side in the manner of your choice. Some of our users like to meet all three of their matched firms and their potential advisers in person one after the other; others prefer to dive deep into their figures and meet quickly over Zoom.
The choice is yours as to how you compare performance, costs and ‘feel’ to find the right fit.

3. Open an account with your chosen new provider and authorise transfers

Your choice made, opening an account with your new provider will get the ball rolling on your move. Once you have signed letter(s) of authorisation for the transfer of your accounts and assets, your new provider will take care of the formalities of confirming your move. Unless you wish to, you needn’t say much in the way of a farewell to your old wealth manager at all.

4. Your new provider oversees the transfer process and completes onboarding

4. Your new provider oversees the transfer process and completes onboarding
With the appropriate permissions in place, your new wealth manager can arrange for the transfer of all your investments and history without bothering you much further. They can also liaise with your former bank to arrange the movement of regular payments, both in and out, which is often a big concern. The transfer of your assets may take a little while and there will be mandatory onboarding checks such as for ‘Know Your Client’ rules, but the hassle will be minimal – particularly now that processes are digitised.

for ‘Know Your Client’ rules, but the hassle will be minimal – particularly now that processes are digitised

5. You start to reap the rewards of a better wealth management provider

Many people start to feel very much better about things almost immediately, either because they notice a very much more attentive service or because they know that lower fees and/or better performance will be making their money work harder right away. The rewards accumulate powerfully when you move to an improved wealth manager, however, so that more peace of mind and better outcomes build over the years.

We offer a holistic service and following up with users we have matched to wealth managers is one of the most rewarding parts of our job. We love hearing about the improved service people are enjoying and how much stronger their returns are once performance improves and costs have been trimmed. It is frustrating – for both them and us – when the costs of years of poor provision are counted, however. There is little point in regret, but our users always rue the fact that they needn’t have put up with a dissatisfactory relationship and poor returns at all. As we explain here, there is little to fear and potentially a lot to gain by seeking a better wealth manager. You should at least explore what else is out there by taking our no-obligation questionnaire.

Don’t let these fears hold you back

1. Changing wealth manager need not be costly

Charging leavers punitive exit charges is rare (and outrageous!); any reputable provider will only apply reasonable administrative costs for moving accounts and these should be easily outweighed by the better performance and lower charges which brought you to engage a new wealth manager.

2. There won’t be endless paperwork if you leave

Your new provider is highly motivated to complete your onboarding and all leading firms have maximised digitisation to making the process of account opening and transfers seamless and rapid. Much of the work can be completed with automated documented scanning and system interfaces too.

Your new provider is highly motivated to complete your onboarding and all leading firms have maximised digitisation to making the process of account opening and transfers seamless and rapid

3. The move won’t take forever

Paper and post were the cause of much of the delays in the past. Depending on what is held in your investment portfolio, most wealth manager moves can be completed in just three to six weeks today. Direct equities and bonds can be transferred in a matter of days, and funds in a couple of weeks.

4. Your old provider shouldn’t stand in your way

No respectable wealth manager will be obstructive when a client wishes to leave for pastures new. They may be sad to see you leave, but they should have a transfer process in place which is simple, transparent and timely.

5. Leaving will be not be embarrassing

Client movement is actually very common and happens for a variety of reasons which mean no hard feelings on either side; in fact, some of our users come to us because their current provider can no longer service them. Your outgoing provider should be happy to work with your new one to ensure an efficient transition and will likely limit communications to a ‘Sorry to see you go’. Do not fear any awkward exchanges.

Client movement is actually very common and happens for a variety of reasons which mean no hard feelings on either side; in fact, some of our users come to us because their current provider can no longer service
them

Get the wealth management service you deserve

Don’t allow inertia or unfounded fears to put you off making a move to a wealth manager better suited to your needs. We have matched thousands of people just like you to leading firms over the years, and invariably they only wish they had made a change far sooner.

Whether you are sure you need a new wealth manager right away, or are just starting to have niggling doubts, through us you have a fast, free, no-obligation way check the competitiveness of your existing provider, and to connect with competitors which could offer a compelling alternative.

Simply complete our matching questionnaire to get started, or get in touch to discuss your needs with our experienced team.

Important information

The investment strategy and financial planning explanations of this piece are for informational purposes only, may represent only one view, and are not intended in any way as financial or investment advice. Any comment on specific securities should not be interpreted as investment research or advice, solicitation or recommendations to buy or sell a particular security.

We always advise consultation with a professional before making any investment and financial planning decisions.

Always remember that investing involves risk and the value of investments may fall as well as rise. Past performance should not be seen as a guarantee of future returns.