What should I do when my financial adviser retires?

Should I be worried if my financial adviser retires?

Financial advisers are our guiding force as we work toward our goals.

It’s easy to build a personal connection with an adviser as the years pass, which also makes it difficult when the time comes for them to retire. 

Although your adviser's retirement marks a significant change, it doesn't have to cause major concern.

A trusted financial adviser will inform you of their intention to retire well in advance, giving you ample time to prepare your finances accordingly.

With careful planning and the right steps, you can easily ensure a smooth transition and continued progress towards your financial goals, allowing for peace of mind and greater clarity.

This article will guide you through the crucial considerations and key steps when your financial adviser retires.

From understanding your options to finding a new financial adviser who's the right fit, we'll help you navigate this important transition confidently.

What do I need to do when my financial adviser retires?

There are many factors to keep in mind once you’ve learnt your financial adviser has decided to retire.

Review your financial plan

Gather all your important financial documents, including investment statements, pension documents, tax records, and any correspondence with your retiring adviser.

Review your existing financial strategy, including your goals, risk tolerance, and asset allocation. This is an excellent opportunity to reassess and make adjustments as needed.

Talk to your adviser about their retirement plans

Have an open conversation with your adviser about their retirement plans.

Will they be staying on in a limited capacity? Are they passing clients on to a successor in the firm? If so, find out about their successor's qualifications, experience, and approach to financial advice. 

Do they have an investment philosophy similar to your retiring adviser's?

If your retired financial adviser recommends a new adviser outside their firm, ask why they chose this person and how the transition will be managed. 

It’s important to know as many details as possible before entrusting your finances to a new adviser, which can be much easier with the help of your previous financial adviser.

Choose a new financial adviser

If you're not staying with your adviser’s current firm, you'll need to find the right financial adviser that suits your needs. 

Reach out to friends, family, or colleagues who have personal financial advisers they trust. 

Online resources like Unbiased can assist you in finding advisers in your area and highlighting their qualifications. When searching online, use specific terms like 'financial adviser UK' or 'independent financial adviser near me' to help narrow your options.

Think about what's important to you with an adviser.

Do you prefer someone with a specific area of expertise? Do you value a particular communication style? Research their fees and how they charge for their services to ensure you find the right financial adviser.

Ensure a smooth transition

Once you've chosen a new financial adviser, you must ensure a smooth transition of your accounts and information.

The following can help the process move along efficiently for both you and your new adviser:

• Document transfers: Your new personal financial adviser can help facilitate the transfer of your investment and pension documents from your retiring adviser. This will likely involve completing transfer forms and providing your adviser with the authorisation to access your accounts.

• Get to know your new adviser: Schedule an initial meeting to discuss your financial goals, risk tolerance, and investment preferences, which is the chance to establish a strong working relationship and ensure you're comfortable with their approach.

• Monitor the transition: During the transition period, monitor your accounts closely to ensure everything is transferred correctly and your investments are managed according to your plan. Don’t hesitate to contact your new financial adviser about any queries or concerns.

Get expert financial advice

When your financial adviser retires, it becomes an important time to review your financial plan, reassess your goals, and consider how you want to proceed with your financial advice.

When you know what you want and what your needs are, you can find a new adviser who can step into the shoes of your retired financial adviser and keep you on track. 

If you’re looking for the right financial adviser, Unbiased can match you with a financial expert who will work with you to achieve your short-term and long-term goals.