{"id":592282,"date":"2026-04-08T00:04:26","date_gmt":"2026-04-08T00:04:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/592282\/"},"modified":"2026-04-08T00:04:26","modified_gmt":"2026-04-08T00:04:26","slug":"how-to-know-when-to-change-financial-advisors","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/592282\/","title":{"rendered":"How to know when to change financial advisors"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Referrals from friends and family can lead you to a new potential advisor, but due diligence still matters.GETTY IMAGES<\/p>\n

Early in his career, Rob T\u00e9trault, senior investment and portfolio manager at Tetrault Wealth Advisory Group in Winnipeg, met with a business owner preparing to sell his company.<\/p>\n

The entrepreneur was working with a branch-level advisor at his bank and he was not getting the comprehensive advice needed for a smooth sale. <\/p>\n

Proactive estate guidance, relevant investment strategies and tax planning were nowhere to be found. <\/p>\n

\u201cI mean, that guy had hundreds and hundreds of clients. He didn\u2019t have time to talk to anyone and was stretched too thin,\u201d Mr. T\u00e9trault says of the advisor. <\/p>\n

While Mr. T\u00e9trault makes it clear that bank advisors play an important role for people who are just starting out, as finances grow more complex, it\u2019s easy for investors to outgrow their money managers. <\/p>\n

After conducting a pre-sale review of the business, Mr. T\u00e9trault identified planning strategies that would reduce the owner\u2019s tax bill by roughly $1-million. The client left his previous advisor and signed on. <\/p>\n

It turns out many Canadians are open to doing the same. According to EY survey data<\/a>, 45 per cent said they expected to add, move or switch providers within three years. Lower fees were cited as a major reason for transferring assets, but they are not the only factor.<\/p>\n

Irene Vassalo, a certified financial planner and principal at Vassalo & Associates Private Wealth Management in Kitchener, Ont., has been working with clients for 30 years. She says one of the most common reasons people contact her is a need for stability, something that can be difficult to find at the branch level of a bank or credit union.<\/p>\n

\u201cIt\u2019s that revolving door,\u201d she says. \u201cThey are constantly having to retell their story. As soon as they build a relationship with somebody, that person leaves or moves on.\u201d<\/p>\n

Even if your advisor stays put, you may outgrow their investing approach. Perhaps they can\u2019t give access to alternative investments. Or maybe it\u2019s hard to get a straight answer on fees, or you suspect a conflict of interest when they push unsuitable financial products. <\/p>\n

In other cases, they\u2019ve messed up a registered retirement savings plan withdrawal (again), or you feel ignored. Sometimes the problem is as simple as a personality mismatch. <\/p>\n

Jodi Wright, senior director and head of RBC Financial Planning, says all these situations may signal that the advisor relationship has run its course. \u201cIf you ever find yourself avoiding your financial advisors\u2019 calls or not looking forward to meetings with them, those are usually signs something\u2019s off in the relationship.\u201d <\/p>\n

Here\u2019s what you need to know about switching advisors and finding the one that\u2019s right for you. <\/p>\n

Easier than you think<\/p>\n

Moving money to a new advisor is often simpler than many people expect. In most cases, there are no longer proprietary restrictions or transfer fees, Mr. T\u00e9trault says.<\/p>\n

\u201cThose are largely completely gone from our industry now. Thank god those are gone,\u201d he says. \u201cClients don\u2019t have to worry about paying these penalties or fees any more. Ninety-nine per cent of the time it\u2019s not a thing.\u201d<\/p>\n

New technologies have made the process even smoother. Digital signatures through platforms such as DocuSign allow investors to authorize transfers quickly, without meeting in person or the hassle of scanning. <\/p>\n

Find someone else first<\/p>\n

Referrals from friends and family can lead you to a new potential advisor, but due diligence still matters. At the very least, Google the advisor and check regulatory websites to ensure there\u2019s no history of questionable behaviour or disciplinary issues. <\/p>\n

Then go to your first meeting prepared with questions. How often will they contact you? What expertise do they bring? Do they have experience working with advanced tax strategies, business succession planning, trust structures or anything else relevant to you? Be clear about what you expect and discuss fees openly.<\/p>\n

Once you\u2019re ready to move forward, gather and provide all your account statements, financial documents and tax records. You\u2019re done. Your new advisor typically handles the actual transfer process. <\/p>\n

Inform or not?<\/p>\n

That\u2019s right. They take care of it. Once you have your new agreement with your new advisor, you\u2019re not required to inform the old one and have that uncomfortable conversation. They\u2019ll eventually learn of the change when the transfer paperwork arrives.<\/p>\n

If you\u2019re leaving on good terms, however, a short e-mail or phone call would be a courteous gesture. \u201cIt depends on the relationship. If someone were to leave me, I\u2019d appreciate a heads-up versus being blindsided with a transfer-out request,\u201d Ms. Vassalo says. \u201cBut if there\u2019s no relationship, there is no obligation.\u201d<\/p>\n

No guilt either<\/p>\n

If you\u2019ve had a long relationship with your wealth manager, you may feel some remorse about leaving. But if the fit is no longer there, making a clean, courteous break is what\u2019s best for your financial future. <\/p>\n

After all, you\u2019re probably not the first client who has ever moved on.<\/p>\n

\u201cIf you\u2019re unhappy, or not getting the service or return you expect, look elsewhere,\u201d Mr. T\u00e9trault says. \u201cThere are a lot of really good, competent advisors out there. Transfers happen all the time, so there\u2019s no need to fear it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Referrals from friends and family can lead you to a new potential advisor,…\n","protected":false},"author":2,"featured_media":592283,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[5416,64,63,99,186,21363,266522,184,185],"class_list":{"0":"post-592282","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-adveditorial","9":"tag-au","10":"tag-australia","11":"tag-business","12":"tag-finance","13":"tag-noastack","14":"tag-ordid3929245387te","15":"tag-personal-finance","16":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/592282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=592282"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/592282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/592283"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=592282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=592282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=592282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}