What to Do When Your Financial Advisor Moves

You’ve just heard that your financial advisor has left their current company. Now what? 

If you didn’t get a personal call from your advisor about their move, don’t be too surprised. Financial advisors are often limited in the communication they can have with former clients. But it’s still true that you might feel surprised and disappointed, no matter how you found out. You’ve spent years forging a working relationship with your financial advisor, giving them access to many personal details of your life. Now it’s time to find a new advisor — and that can feel like starting from scratch. 

But changing financial advisors doesn’t have to be a hassle. When your advisor moves, how can you find someone new to create and maintain your financial strategy? Here is the good news: you have options. Here’s our advice if your financial advisor moves, and how you can make the most of the situation. 

Option 1: Stay With Your Current Firm

After the news of your financial advisor moving firms settles in, you’ll have to decide if you want to stay with this firm or also leave.

But remember: 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. That will likely make for a smooth transition since all of your personal and financial information is already with the company and you understand how they do business. If that’s your priority, consider staying. 

Option 2: Move With Your Advisor

If you’ve built a strong relationship with your advisor, your best option may be to move firms, too. But don’t just jump ship without considering the facts. 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. Ask about the real benefits of moving your account and consider whether 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. This is a great option if you’re committed to your current advisor, but make sure you’re armed with knowledge about what to expect.

Option 3: Look for a New Advisor and Firm

This could be a golden opportunity for you if you’d been thinking about changing financial advisors. Perhaps this is the moment to find a new advisor.

But don’t just choose any 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 and so on. 

It’s true that this process may seem daunting, especially since it requires researching and interviewing 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 will start out on the same page. 

Make an Informed Decision

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.