Financial Insights

Five reasons to change your Wealth Manager

30th Mar 2023

5 minute read

Paul Dredge

Paul Dredge

Client services director

Compare Wealth Managers


In this day and age, no one should have to settle for a service that they’re not entirely happy with.


There might come a time when you’re no longer happy with your current wealth manager. We explain some of the red flags to look out for, and what to do when it’s time for a fresh start.

A survey published by an up-and-coming wealth management firm created some waves when it was published recently. It claimed that up to a third of wealth manager clients in the UK were thinking about switching to a different wealth management provider. A lot of wealth managers thought that number was too high – but we disagree. In fact, we think the number of people thinking about switching should be a lot higher.

That’s not to say that we think there’s anything wrong with the vast majority of wealth management companies operating in the UK. But we live in a time when it’s easier than ever to change your current account, your electricity provider or your car insurance. There’s nothing wrong with wealth management companies knowing that their clients can vote with their feet if choose to.

There are lots of perfectly good reasons why someone might be considering thinking about changing their wealth manager, and wondering whether there might be a better fit with someone else. In this day and age, no one should have to settle for a service that they’re not entirely happy with – especially when it comes to something so important as taking care of your financial future.

So, because we’re in the business of pairing clients with wealth managers that we believe make an ideal partnership, we thought we’d highlight the reasons that might prompt you to make your mind up and get us searching for your new wealth manager.

Reason one: you feel the relationship just isn’t working out

It’s a sad truth that relationships do change over time, and you may find that the service or the rapport that you had once established with your wealth manager just isn’t there anymore. Perhaps staff that you used to talk to regularly no longer work there, or maybe they haven’t kept up with the latest digital services. It could be that their customer services or administration isn’t up to scratch or they don’t make it easy to track your investments online. If you find yourself regularly itching to make a complaint, or even thinking about writing a negative review online, perhaps it’s time to call it a day and move on.

Whatever the reason, there’s no need to stay in a relationship with your wealth manager that doesn’t meet your needs or leaves you feeling undervalued. We can help you to find a wealth manager who is more in line with your individual needs, as well as being capable of providing you with a level of service that you feel is right for you.

Reason two: you’re disappointed with the performance of your investments

This is naturally one of the big red flags when it comes to thinking about switching to a different wealth manager, and it does separate the good wealth managers from the not-so-good.

A good wealth manager will communicate regularly with you when things are going well and should be even more responsive during volatile times. Not-so-good wealth managers? They tend to go quiet when you want to be hearing as much as possible from them.

However, it’s not always wise to consider switching wealth managers if you’re just chasing the promise of higher returns elsewhere. That rarely turns out well. Plus transferring your assets to another wealth manager after a period of poor performance and market volatility could mean ‘crystalising’ your losses and leaving your portfolio worse off than if you stayed put.

The acid test is the communication they send to you. Do they clearly show how your investments are performing? Do you understand the benchmarks they use to compare the performance of your portfolio? Does the level of risk taken within the portfolio match the risk level you discussed at the outset? Do they speak to you in clear, easy-to-understand language, or do they just throw a barrage of jargon at you?

If you’re worried about how your investments are faring, it’s important that you feel comfortable talking to your wealth manager about your concerns, and that you get answers that leave you feeling reassured and enlightened. If you’re not getting that from your wealth manager, you owe it to yourself to look elsewhere.

Reason three: You think you’re overpaying for the service

People often complain about the cost of the services they pay for, and wealth management costs are no exception. It’s important to know how the fees you pay compare against other wealth managers – to make sure they are competitive. But it’s also worth remembering that you’re expecting a relationship that goes beyond money-changing hands.

The question you should be asking yourself is this: is my wealth manager giving me value for money? If you’re not sure, or the answer is a firm ‘no’, then it’s a good time to start shopping around for a wealth manager that can meet your expectations.

Reason four: you’re about to have a major lifestyle change

Another important reason to consider changing your wealth manager could be that you’re about to have a significant change in your life and you need specialist wealth management advice.

You might be about to go through a divorce, for example, be planning to start or sell a business, or you could be thinking about buying a property and need specialist tax advice. Several reasons could make you reconsider and look for a wealth manager with the resources and specialist knowledge to help you.

Reason five: it’s time to freshen things up

Sometimes it just makes sense to try something new. There’s nothing to stop you from moving to a new wealth manager who might be able to offer you a fresh perspective on your finances and suggest some innovative ways to help you plan for the future. If you feel like your wealth manager has run out of ideas, then you might be better off explaining your financial goals to a wealth manager who is ready and willing to listen and act on your behalf.

Don’t put off the inevitable

We launched Compare Wealth Managers because we believe everyone deserves access to be best available wealth manager services. We have been building relationships across the world of wealth management for more than two decades, which means we understand the services they provide and also how they look after their clients. At a time when more people are looking to switch their wealth manager, we’re glad to be able to help.

If you’re ready to see what else is available for you, why not answer a few questions and get the ball rolling?


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