Changing adviser is usually straightforward: choose a new adviser first, check any exit or transfer costs with your current firm, then let the new adviser handle the transfer of your pensions and investments. You rarely need to sell up or move banks, and you are never locked in, but check for exit penalties before you move.
The short answer
- Changing adviser is straightforward and you are never locked in, do it in the right order.
- Appoint your new adviser first, so your money is never left without oversight.
- Check exit and transfer costs with both firms in writing before you commit.
People often assume that leaving an adviser is difficult, awkward or expensive, and so they stay put with a firm that no longer serves them well. In reality, changing adviser is usually a smooth, well-trodden process, and you are never locked in. You do not need permission to leave, you rarely need to sell your investments, and the new adviser generally does most of the work. This is general information, not personal advice.
The key is to do it in the right order: line up your new adviser first, understand any costs of leaving, and only then set the transfer in motion, so your money is never left unmanaged in between. Our guide to switching financial advisers covers the mechanics in full.
How to switch, step by step
- 1
Choose your new adviser first
Find and appoint a replacement before you give notice to your current firm, so there is no gap in oversight of your money. Check them on the FCA Register and confirm fees in writing.
- 2
Check for exit and transfer costs
Ask your existing firm about any exit fees, and both firms about platform transfer charges. Older plans occasionally carry penalties, so get the figures before deciding.
- 3
Confirm what transfers “in specie”
Ask the new adviser which holdings can move as they are, without being sold. This keeps you invested and avoids a possible capital gains tax bill.
- 4
Let the new adviser run the transfer
Sign their authority forms and they will coordinate the move with your providers. Most transfers complete in a few weeks; complex pensions can take longer.
- 5
Notify your old firm and stop the fee
Once the transfer is under way, formally end the relationship so the old ongoing charge stops. Keep copies of your final statements.
The single most important point is the ordering: appoint the new firm before you dismiss the old one. That way your pensions and investments are always under someone’s eye, and the handover is seamless. A good incoming adviser will manage the paperwork and chase the providers on your behalf, so the burden on you is light.
What it might cost, and what it saves
Possible costs of switching adviser, and how to handle them
| Potential cost | When it applies | How to manage it |
|---|---|---|
| Exit / transfer fee | Some older plans or platforms | Ask in writing before you commit; weigh against future savings. |
| Platform charge difference | If the new platform costs more or less | Compare all-in charges: it may be cheaper, not dearer. |
| Cost of selling a fund | If a holding cannot move in specie | Ask which funds transfer cleanly; sell only where unavoidable. |
| Time out of the market | Only if holdings must be sold and rebought | In-specie transfer avoids this entirely. |
Set any one-off cost against the ongoing prize. If your current firm is expensive, unresponsive or simply not delivering, a modest transfer fee can pay for itself quickly through lower charges or better advice. Our answer on whether a financial adviser is worth it is a useful lens for judging whether the move stacks up, and the figures in how much pension advice costs help you compare the two firms fairly.
In-specie transfers keep you invested
Wherever possible, ask for an “in specie” transfer: your holdings move to the new arrangement as they are, without being sold. This keeps you in the market throughout, avoids a potential capital gains tax charge on selling, and removes the risk of missing a rally while your money sits in cash. It is the smoothest way to move, and a good adviser will default to it.
When switching is the right call
You do not need a dramatic reason to move, persistent poor service is enough. Common triggers include an adviser who has become hard to reach, fees that no longer match the value delivered, a firm that has been acquired and changed character, or the simple realisation that your needs have outgrown the relationship. If any of these sound familiar, it is entirely reasonable to look elsewhere; loyalty to a firm that has stopped earning it costs you real money over time.
Before you move, though, it is worth a candid conversation with your existing adviser. Sometimes a frank discussion about fees or service resolves the problem without the upheaval of a transfer, and a good firm will want to keep you. But if the answers are vague or defensive, or if trust has genuinely gone, that reluctance is itself a reason to leave. Reviewing the relationship periodically, rather than drifting on autopilot, is simply good financial housekeeping, much like the questions covered in what to ask a financial adviser.
When you are ready to move, the free Vetted Wealth service matches you with an independently vetted, FCA-regulated financial adviser, including local hubs across Devon and Cornwall, so your next firm is already checked for competence and integrity before you meet. Changing adviser is your right, and done in the right order it is refreshingly painless. Investments can fall as well as rise; this is information, not personal advice.
In summary
- Changing adviser is straightforward and you are never locked in, do it in the right order.
- Appoint your new adviser first, so your money is never left without oversight.
- Check exit and transfer costs with both firms in writing before you commit.
- Ask for an “in specie” transfer so holdings move without being sold, keeping you invested and avoiding CGT.
- Weigh any one-off cost against the ongoing saving from better, cheaper advice.
- A frank talk with your current firm may help, but poor service is reason enough to move. This is information, not personal advice.
Sources and further reading
- Check the Financial Services Register Financial Conduct Authority
- Choosing a financial adviser MoneyHelper
- Financial Ombudsman Service FOS
Read the full guide
For the complete picture, see our in-depth guide: How to Switch Financial Advisers.
Speak to a vetted financial advisers specialist
This is free information, not personal advice. When you’re ready, we’ll match you with an independently vetted, FCA-regulated specialist, free, and with no obligation.
