We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Cancelling contract with financial advisor

CaptainSkeptical
Posts: 17 Forumite

Hi. I've a contract with a financial advisor who I have used for the last 10 or so years and now come to the conclusion that it's pretty expensive for the low level of service I get. I've read up on quite a few sites such as here and Monevator etc and feel I can now take charge of my own limited investments, which are several workplace defined contribution pensions gathered through the years and a couple of small stocks and shares ISAs and general investment accounts.
I've checked the contract from the financial advisor and it appears there's no tie in periods nor fees associated with cancelling.
I've searched on line and although there's a few articles about how to change your financial advisor, I couldn't find much about what to do to cancel a contract with an advisor and take charge of your own affairs.
Other than sending the financial advisor a letter / email telling them I'm cancelling my contract with them, and also cancelling the existing letters of authority with my pension companies etc that he was my advisor / intermediary for, is there anything else I need to do ?
All information gratefully received.
I've checked the contract from the financial advisor and it appears there's no tie in periods nor fees associated with cancelling.
I've searched on line and although there's a few articles about how to change your financial advisor, I couldn't find much about what to do to cancel a contract with an advisor and take charge of your own affairs.
Other than sending the financial advisor a letter / email telling them I'm cancelling my contract with them, and also cancelling the existing letters of authority with my pension companies etc that he was my advisor / intermediary for, is there anything else I need to do ?
All information gratefully received.
0
Comments
-
As I understand it, some financial products are only made available to consumers via advisers rather than directly to DIYers, so you'd need to establish if that's the case for any of yours.0
-
eskbanker said:As I understand it, some financial products are only made available to consumers via advisers rather than directly to DIYers, so you'd need to establish if that's the case for any of yours.And so we beat on, boats against the current, borne back ceaselessly into the past.0
-
I've checked the contract from the financial advisor and it appears there's no tie in periods nor fees associated with cancelling.There isnt with any financial adviser apart from St James Place.Other than sending the financial advisor a letter / email telling them I'm cancelling my contract with them, and also cancelling the existing letters of authority with my pension companies etc that he was my advisor / intermediary for, is there anything else I need to do ?Just send an email to the adviser saying you wish to end ongoing servicing. That is all that is needed.
You dont need to the pension companies etc as the adviser will turn off remuneration and they will verify that in writing.
If you tell the providers to remove the adviser from the agency, you become an orphan client and some providers will increase your charges if you do that. Plus, sometimes people go back to their adviser when they find out DIY isn't for them. Leaving your adviser as agent turns you into a transactional client. i.e. no ongoing remuneration being paid to the adviser but access retained should you choose to use the adviser again in the future.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4 -
Thanks for the points to consider. Much appreciated.1
-
Bostonerimus1 said:eskbanker said:As I understand it, some financial products are only made available to consumers via advisers rather than directly to DIYers, so you'd need to establish if that's the case for any of yours.
Unless you're suggesting they've been turning away clients to give extra attention to the OP, which I'd find hard to believe, it's absolutely nothing whatsoever like leaving a job.4 -
That's all we did when my mum ended her relationship with her IFA.
If there are online portals make sure that you have access to them and that the advisor is removed from them.
I'd hope that happens as standard.2 -
CaptainSkeptical said:I can now take charge of my own limited investments, which are several workplace defined contribution pensions gathered through the years and a couple of small stocks and shares ISAs and general investment accounts.Remember the saying: if it looks too good to be true it almost certainly is.2
-
jimjames said:CaptainSkeptical said:I can now take charge of my own limited investments, which are several workplace defined contribution pensions gathered through the years and a couple of small stocks and shares ISAs and general investment accounts.2
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 349.6K Banking & Borrowing
- 252.5K Reduce Debt & Boost Income
- 452.9K Spending & Discounts
- 242.5K Work, Benefits & Business
- 619.2K Mortgages, Homes & Bills
- 176.3K Life & Family
- 255.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards