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Our experts are here to answer all your wealth management questions

I’ve haven’t been happy with my current wealth manager for a while. How do I go about leaving and is it as difficult as I expect?

Answered by Lee Goggin

We often encounter dissatisfied clients who have been staying put just because they think changing will be difficult, expensive or embarrassing – but it actually doesn’t have to be any of those things. Clients change wealth manager all the time and the process is likely to be far easier, quicker and stress-free than you might fear.

The trigger points for change vary from person to person, but generally boil down to questions of value, performance or service. If returns don’t stack up against the fees you are paying, or if you don’t feel you are getting the individual attention you deserve, then a change is in order.

The process of changing wealth manager is in fact pretty straightforward once you have decided where you wish to move to (you may have a firm idea, but we would always advise comparing providers through our smart online tool to make sure of your choice).

Once you have opened an account with your chosen new wealth manager, you will sign a letter of authorisation for the transfer of accounts and assets. Then, once the account closure is confirmed, the new provider liaises with the old one to start the transfer process, which is usually complete with 3-6 weeks, depending on the types of assets you hold.

It really is that simple, and you don’t even have to have any final good-byes with your old firm if you choose not to. They will certainly not be obstructive in any way. Financial situations, people and firms themselves change over time – this is just business and there won’t be any hard feelings.

If you feel that you could be getting a better deal or are stuck in a lacklustre management relationship, don’t let inertia hold you back from doing the best thing for you and your wealth. If you still have concerns, our myth-busting Guide to changing wealth manager will give you all the reassurance you need. A better deal and a more fulfilling relationship await!

Anonymous, 50, Manager | Asked on Aug, 5

Contact Lee to discuss more?

Lee Goggin

Lee Goggin

Co-founder & UK Head

Phone
+44 (0) 207 193 5691

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