Financial advisor has retired due ill health, agreed new firm is unaware of us what to do?

Mike_59_England

Hi, for many years my wife and I have had an excellent local advisor, sadly he has now retired and came around to see us and explain the reasons. He had decided to transfer his clients to a new firm that is not local. We signed some paperwork and it was all supposed to happen. Trust the man 100%.

We eventually got one letter from the new firm saying they would be in touch and someone would introduce themselves. Heard nothing for some months more. Sent an email that was never answered. Phoned up to be told they could find no trace of us on their systems.
Lots of sweet talk from one of their reps and a promise to get back to us that will expire tomorrow.

So I'm worried.

My wife has a small pension that was arranged with Royal London and we have a joint investment with the Pru for a large amount that we take a small income from and continues to grow. (Retirement safety net)

I appear to be able to do most things with this via a web site portal.

So, do we actually need an advisor now everything is set up?
Are we bound to the new firm when I feel they have broken the contract by not knowing about us?

What on earth is to be done?

Thanks

Brie

Find another firm and ask for your business to be transferred.  Check whatever it is that you signed to see what the T&Cs say, on both sides.  If necessary log an official complaint. 

Mike_59_England

Brie said:

Find another firm and ask for your business to be transferred.  Check whatever it is that you signed to see what the T&Cs say, on both sides.  If necessary log an official complaint. 

Thanks, so we do need another firm then? I'll dig out the paper work, thanks

Brie

No you don't necessarily need another firm but the threat of transferring elsewhere might motivate them a bit.  

dunstonh

Are we bound to the new firm when I feel they have broken the contract by not knowing about us?

No. Both the pru and RL accept transactional clients.    So, both can turn off that adviser firm.

Mike_59_England

Thanks, very interesting indeed. So just need to see if there are any exit charges and given they don't even know us there should not be

jaypers

I think it’s been answered but you don’t need the permission of a ‘current advisor’ to change to a new one. Pension companies will act on your authority to switch across as part of the process. Old advisor doesn’t need to be involved. 

jimjames

Mike_59_England said:

Brie said:

Find another firm and ask for your business to be transferred.  Check whatever it is that you signed to see what the T&Cs say, on both sides.  If necessary log an official complaint. 

Thanks, so we do need another firm then? I'll dig out the paper work, thanks

You don't and you'll save a bit (lot) of money if you no longer require them