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How simple would be to change my financial adviser?

04 August 2022

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Question by Brian

I have a SIPP, set up just a couple of years ago. I am dissatisfied with my financial advisers. One cock-up after the other. But how simple is it to change? They don't think I should since I would have start up and review costs.


Answered by Jamie Flook

Hi Brian

I'm sorry to hear you're dissatisfied and thinking about changing adviser.
The relationship with an adviser should be built on trust and competence and unfortunately it doesn't sound like that's there.

It should be straightforward to engage with a new adviser and disengage with your current advisers, if that's what you ultimately want to do.

Just be aware that some advisers have operate 'exit charges' on their advice or products, however the vast majority don't. If they are 'independent', they certainly shouldn't do so.

In terms of charges by a new adviser; financial advice businesses do things their own way, so you would benefit from speaking to a couple to understand how they do things, and once they better understand your situation they can give you a good idea of what fees you would face initially and ongoing by moving.

I'm afraid there is no definitive answer I can give you about the fees you'd pay by moving as they can vary.

I hope this helps and if you want to have a chat about your situation further, I'd be happy to help.

With best wishes

Jamie

Answered by

Jamie Flook

Financial Planner

I am a financial planner at Magenta Financial Planning and you can usually find me dividing my time between my home in a village called Claverham, just outside of Bristol, and Bridgend, where the Magenta office is based.