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Changing Financial Advisor

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.

Reply to
Jonathan
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Isn't there the little matter of his continuing to collect commission on the products he has sold you in the past?

Reply to
Ronald Raygun

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

Reply to
Matti Lamprhey

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.

Reply to
Jonathan

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

Reply to
Ronald Raygun

In message , Ronald Raygun writes

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

Reply to
john boyle

I wish it were that clear cut. Every FA I have encountered worked for one person and one person only - themselves!

Reply to
Jonathan

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