Changing Financial Advisor


J

Jonathan

I have a quick question about changing financial advisors.

Basically I have felt pretty let down by my last financial advisor, so
last week we agreed to terminate our advisor/client relationship. In
the letter I wrote to him I asked him to contact my policy providers
and let them know that he was no longer representing me.

He write back to me stating that this was all okay, but that he could
not just be taken off their records. He implied that I would have to
get another financial advisor to take his place.

Is this correct? Surley if I contact the policy providers I can ask
for him to be taken off my records (as long as it is agreed by both
parties) they would do so?

The way I feel, I don't wish to have another fiancial advisor because
in my experience they only work in their own interests and not of
their clients.
 
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R

Ronald Raygun

Jonathan said:
I have a quick question about changing financial advisors.

Basically I have felt pretty let down by my last financial advisor, so
last week we agreed to terminate our advisor/client relationship. In
the letter I wrote to him I asked him to contact my policy providers
and let them know that he was no longer representing me.
Isn't there the little matter of his continuing to collect commission
on the products he has sold you in the past?
 
M

Matti Lamprhey

Ronald Raygun said:
Isn't there the little matter of his continuing to collect commission
on the products he has sold you in the past?
But AIUI if he changed to a different FA, the new one would pick up
future commissions on past business on the basis that the future
commissions cover the provision of future advice. If J doesn't want
future advice, he should be able to cut off the previous advisor.

Matti
 
J

Jonathan

Isn't there the little matter of his continuing to collect commission
on the products he has sold you in the past?
FAs have no "right" to receive this on going commission. If you
decide to not have them as your FA, surely then they forgo any right
to it, don't they?

My understanding of this on going commission is that it should be
there for pay the FA for any on going advise they offer. If the FA is
any good you should have annual reviews with them to ensure that the
suite of products that you have is still the best for you.

However I think a lot of FAs don't do this and just take the ongoing
commission with out ever reviewing their clients' needs.
 
R

Ronald Raygun

Jonathan said:
My understanding of this on going commission is that it should be
there for pay the FA for any on going advise they offer. If the FA is
any good you should have annual reviews with them to ensure that the
suite of products that you have is still the best for you.
Dont make me laugh. "Reviews" are just hard-sell opportunities.
They should pay for them, not be paid for them.
 
J

john boyle

Ronald said:
Dont make me laugh. "Reviews" are just hard-sell opportunities.
They should pay for them, not be paid for them.

Hold Hard! This sounds like you've only ever dealt with the Pru or
Allied Dunbar!
 
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J

Jonathan

john boyle said:
Hold Hard! This sounds like you've only ever dealt with the Pru or
Allied Dunbar!
I wish it were that clear cut. Every FA I have encountered worked for
one person and one person only - themselves!
 

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