It’s one of the more disorientating moments in a long-term financial relationship: the adviser you’ve trusted for years, who knew your circumstances, your goals, maybe even your family – retires, and you’re handed over to someone new.
Sometimes that handover works well. Sometimes, it doesn’t. The new adviser inherits a file, not a relationship. They might be perfectly competent, but competence isn’t really what you were getting from the original relationship – it was trust, built up over time, and a sense that someone genuinely understood your situation.
If you’ve found yourself feeling like a stranger in a relationship that used to feel personal, you’re not imagining it, and you’re not obliged to stay. A few things worth knowing:
You are free to move your investments. There’s sometimes a misplaced sense of loyalty or inertia that keeps people with a firm purely because they’ve always been there. Your investments are yours, and moving adviser is generally a straightforward process that the new firm will manage on your behalf.
A good adviser should re-earn your trust, not assume it. When you meet a prospective new adviser, notice whether they’re asking about your goals and circumstances from scratch, or simply working from the previous adviser’s notes. The former is a much better sign.
Check whether your portfolio still fits you. A change of adviser is a natural moment to ask: is this still the right strategy for me, given where I am in life now versus when it was first set up?
Service standards matter as much as investment performance. How quickly does the new adviser respond to questions? Do they proactively get in touch for reviews, or do you have to chase? These details tell you a lot about how the relationship will feel day to day.
If your adviser has recently retired and their replacement isn’t quite landing for you, it’s a reasonable, common thing to want a second conversation elsewhere. We’re always happy to have an informal chat – no pressure, no obligation.
Capital is at risk. The value of investments can fall as well as rise, and past performance is not a guide to future performance.
