What to Do When Your Financial Advisor Moves

Oct 29, 2019 1 min read

It happened. You just heard that your financial advisor has left their current company. Now what? If you don’t get a personal call from your advisor, don’t be too surprised. Financial advisors are often limited in the communication they can have with old clients. No matter how you find out, the news may come as a surprise and a disappointment. So, what does that mean for you and the financial strategy you created together? The good news is you have options. Read on for our tips if your financial advisor moves firms.

Stay With Your Current Firm

After the news of your financial advisor moving firms settles in, you’ll need to decide if you want to stay or leave too. But just because your advisor moves companies doesn’t mean you have to follow suit. If you’re happy with your current firm, you can likely be reassigned to another advisor at the firm.  

Move With Your Advisor

If you’ve built a strong relationship with your advisor, your best option may be to move firms with him or her. But before you make the move, you’ll want to do your homework about the new firm to be sure it will be a good fit. Have a candid conversation with your advisor and ask what the real benefits are of moving your account and if there are any drawbacks. Be sure to ask if there will be any fee changes by moving to the new firm and what the transition process involves.

Look for a New Advisor/Firm

Perhaps, your financial advisor moving firms is the perfect opportunity to find a new advisor. When looking for a new advisor, take a little time to interview and meet advisors. Discuss your goals with them and let them know what you are looking for in an advisor-client relationship. Be sure to ask about the fee structure, how much time your advisor will have to manage your account, what types of products are offered, etc. It may seem daunting to research and interview new advisors, but finding a good fit has a lot to do with your personal goals and needs so you want to be sure you both will be on the same page.

Change isn’t easy, especially when it comes to switching financial advisors or firms. Before making any changes, it’s important to know your options and take a close look at your goals and needs. Keep in mind you have options. Connect with a Farm Bureau advisor to learn more about financial planning and the investment options we offer to help you prepare for your financial future.

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