When your financial adviser sells their business, it can feel unsettling. You’ve built a relationship and trusted them over many years and now you’re faced with a substantial change.
If your adviser has recently sold their business, here are some key steps to ensure your financial security and how our team at Howard Wright Financial Planning can offer you an independent review to navigate this transition with confidence.
1. Stay calm and gather Information
The sale of a financial adviser’s business does not automatically put your investments at risk.
- Take the time to gather information on the sale, Is it a merger or an acquisition by a larger firm?
- Will your adviser remain involved for a transition period, or are they stepping away completely?
- Are there any changes to the fees or services?
It’s important to know that your financial plan should not be impacted immediately by the change, so take the time to assess the situation before making any big decisions.
2. Know Your Rights and Protections in the UK
In the UK, financial advisers are regulated by the Financial Conduct Authority (FCA). This means they are bound to high standards when managing your finances. Even if your adviser has sold their business, your investments are protected under UK law. The acquiring firm must continue to follow FCA regulations, and in case of any failure, you may be covered by the Financial Services Compensation Scheme (FSCS).
3. Meet the New Adviser or Firm
You should arrange a meeting with the new adviser or team that will be managing your portfolio. During this meeting, ask them:
- How their investment strategy aligns with your current plan.
- What changes (if any) are planned for your portfolio, how the fee structure will be impacted.
- What is the structure like of the new firm, are they built for the future, have they invested in their team and infrastructure.
- Read their Google & Trust Pilot Reviews and Client Stories page if they have any.
Getting these answers will help you decide if you’re comfortable working with the new firm, or if it’s time to explore other options.
4. Review Your Financial Plan
This change is a perfect opportunity to review your financial plan. Speak with the new adviser about your investments, pensions, and long-term goals.
At Howard Wright Financial Planning, we offer independent reviews that can provide an objective view of your current financial situation.
Our team can assess:
- Whether your investment strategy is still suitable for your risk tolerance and goals.
- Whether your tax planning is as efficient as It can be.
- If your pension and retirement goals are on track to achieve your objectives and working as hard as it could be.
With decades of experience helping clients across the UK, we specialise in creating bespoke financial plans that evolve as your needs change.
5. Check for Changes in Fees and Service Levels
New ownership may lead to changes in how services are delivered or charged. UK advisers can charge fees in various ways, such as:
- A percentage of assets under management (AUM).
- Fixed fees.
- Hourly rates.
At Howard Wright Financial Planning we provide a transparent fee structures so you can be confident in the value of the service you receive.
We focus on offering tailored advice, ensuring that your financial plan is aligned with your best interests not just the adviser’s bottom line.
6. Consider Seeking an Independent Review
If you’re unsure whether to stay with the new firm or find a new adviser, now is the perfect time to seek an independent review. At Howard Wright Financial Planning, we have been providing financial advice to our clients across the UK for decades with roots going back to the 1930s.
Our rich history means we understand how to guide our clients through times of change with clarity and confidence.
Our team of Chartered Financial Advisers (The Gold Standard of our Industry) Are here to help you.
As part of your independent review, we will review the following areas for you.
- Assess your current financial situation.
- Review any changes made by the new adviser.
- Provide expert guidance on pensions, ISAs, tax planning, and estate planning.
- Create a financial plan that’s tailored to your goals, no matter how complex.
Get in Touch with Our Team Today
The sale of your adviser’s business is a significant event, but it doesn’t have to disrupt your financial plans. At Howard Wright Financial Planning, we help clients all over the UK manage and grow their wealth. Our team has the expertise to offer an independent review of your finances, helping you navigate this transition with confidence.
Whether you’re concerned about changes in your investment strategy, fees, or service levels, we can provide impartial advice and ensure your financial future is secure.
With our transparent approach, Chartered Advisers and decades of experience, we can help you take control of your financial future during this uncertain time.
Contact our team today for an independent review of your finances and let us help you make the right decisions for your future. Call us on 0345 688 4939 or email us at [email protected] or complete our 10 second enquiry form here.
We look forward to hearing from you and seeing how our Chartered Advisers can help.
Disclaimer: This article contains information from sources believed to be reliable but no guarantee, warranty, or representation, express or implied, is given as to its accuracy or completeness. Howard Wright Ltd does not undertake any obligation to update or revise any future statements. Past performance is not a reliable indicator of future results. Investments can go down as well as up and actual results could differ materially from those anticipated. This article is for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any person as such, the information contained in this article is not intended to constitute, and should not be construed as, investment or financial advice. Appropriate personalised advice should be taken before entering into any transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. Howard Wright Ltd is Authorised and regulated by the Financial Conduct Authority.