I think it’s time for a change, but… I am worried it will be difficult and costly to move.
I think it’s time for a change, but… I don’t know where to start in finding a better alternative.
I think it’s time for a change, but… how do I know if my investments would perform better at a different firm?
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 you can easily get far better performance without taking on additional investment risk?
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 them make the move.
Don’t let unfounded fears keep you from getting a wealth manager who will really work for you
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 the anticipated awkwardness of it all. Yet once the process of changing wealth manager is complete, most of our users report that there was nothing for them to worry about at all. Invariably their only regret is that they hadn’t made the change sooner
Don’t let unfounded fears keep you from getting a wealth manager who will really work for you. Here, we show how making a change quickly could look and dispel lingering myths that might be holding you back.
Steps to finding a better wealth manager
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 we are 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 suitable firms. Our expert team can also bring their years of experience to bear to fine-tune your matches further.
2. Assess potential matches how and when you choose
Your shortlisted providers will then contact you to discuss your needs, allowing you to compare them side by side in the manner of your choice. Some of our users like to meet their matched firms and their potential advisers in person. Others prefer to dive deep into their figures and meet via a video call.
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 the letter(s) of authority for the transfer of your accounts and assets, your new provider will take care of the formalities 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 with your new firm having the dreaded ‘I’m leaving you conversation’.
4. Your new provider will oversee the transfer process and complete onboarding
With the appropriate permissions in place, your new wealth manager can arrange for the transfer of your investments and history without bothering you much further. They can also liaise with your former wealth manager 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.
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 make 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.
Top Tip
Lee Goggin
Co-Founder
Don’t let these fears hold you back
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.
There won’t be endless paperwork if you leave
The move won’t take forever
Your old provider shouldn’t stand in your way
Leaving will not be embarrassing
Client movement is very common and happens for a variety of reasons which means 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.
Get the wealth management service you deserve
Don’t allow procrastination or unfounded fears put you off making a move to a wealth manager better suited to your needs. We have matched thousands of people just like you with 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, we are here to provide a fast, free, no-obligation way to check the competitiveness of your existing provider and connect with other firms which could offer a compelling alternative.
Simply complete our matching questionnaire to get started or contact our experienced team to discuss your needs.
Nobody knows the wealth management industry better and our service is free and without any obligation.
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.
