How to Change Your Investment Services if Not Satisfied With the One You Are With
If you're unhappy with your current investment service, it may be time to break up. As with any breakup, the amount of effort involved can seem intimidating. You have to break the news to your current investment service or adviser, do paperwork and figure out what to do next. The best way to change investment services is to find a new investment service or adviser and let your new adviser walk you through the process of moving your investments. Though it may be tempting to just cash out your investments and run, you may end up paying fees or taxes that you could have avoided.
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Instructions
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Get recommendations for a new investment service or financial adviser. Ask friends or family who they recommend. Your bank likely offers investment services, and your accountant may also be willing to make a recommendation.
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Research your prospective investment service or financial adviser. If it's an online service, review its website thoroughly, specifically looking for information on fees for stock trades and other services. If it's an individual adviser, make an appointment with each adviser. Ask your potential advisers about their experience, their credentials, their approach to financial planning, and how they are paid for their services.
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Choose a new investment service or adviser. Your new adviser or service should be one that you feel has your best interests in mind. You should feel comfortable asking questions. If you're using an online service, it should be one that you feel comfortable navigating and that has clear, readily available information, including educational materials about investments.
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Move your investments. If you're working with an individual adviser, meet with your adviser. Your adviser should do a thorough analysis of your investments, and then present a plan of action. If you agree to the plan, your adviser will ask you to complete a Transfer Initiation Form. If you're working with an online service, you can transfer funds online or call its customer-service number for assistance with transferring your accounts.
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Monitor your new investments. Review your statements and ask questions if there's anything that isn't clear. A good adviser or service will be able and willing to answer your questions.
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Tips & Warnings
You aren't required to let your previous adviser or investment service know that you're leaving; the adviser or service will find out when you submit your transfer paperwork. Just make certain the adviser or service isn't holding the only copies of any important documents -- previous year tax returns, for example.
Check to make certain your potential new adviser has the proper credentials. If your adviser says she's a financial planner, she should be a certified financial planner, for example. The Financial Industry Regulatory Authority offers a free service that allows you to check the professional background of advisers.
