If you’re no longer happy with your existing wealth manager, there’s never been a better time to consider moving your investments. You might have put off doing so because you’re worried it will be a long and onerous task, or you may have felt tied in to your current firm by high exit fees – however with the right support it can often be a straightforward process.

Why might you want to change to a new wealth manager?

Two of the most common reasons among investors currently are:

  1. You’re no longer getting the same attention that you used to from your investment manager.

The wealth management industry is going through a period of mass consolidation: many wealth managers are merging or acquiring other companies, and you might feel that this is distracting your current wealth manager away from where their focus should really be: on you and your wealth.

  1. You’ve felt tied in to a wealth manager by their high exit fees.

Some wealth managers have charged their clients very high ‘early exit fees’ of up to 6% of the value of their portfolio to leave in the first year, meaning that many people have felt unable to move their portfolio to a new provider, even if they are unhappy with the service or performance. The good news is that following the implementation of a higher standard of care towards customers under Consumer Duty regulations, some firms have now said that they plan to remove their early withdrawal charges.

Why should I move my investments to JM Finn?

  • Our clients are more willing to recommend us than our peers: our ‘Net Promoter Score’ (NPS) measures our clients’ willingness to recommend us: at 71 our NPS score is far higher than the industry average of 49. We also top the industry scores for the quality of our client communication.
  • We consistently win industry awards: Year after year we attract awards such as Best Discretionary Wealth Management Firm 2023 at the City of London Wealth Management Awards. You can see the full list of awards for our firm and our individual Investment Managers here.
  • We’re stable: The history of our firm dates back 75 years. Unlike many other companies in the industry, we’re focusing not on acquisitions and mergers, but simply providing the best possible service to our clients.
  • We’re transparent: We don’t charge exit fees, and will always provide full, upfront information about our fees at the first meeting with you. We also limit the use of unnecessary jargon wherever possible.
  • We build a bespoke portfolio, tailored to you: We don’t use off the peg buy and sell lists, so your investment portfolio will be created by your Investment Manager with assets handpicked for you and your individual needs.
  • We’re the highest rated wealth management firm in the Good Money Guide: don’t just take our word for it: The Good Money Guide says we “offer a high-quality, personalised investment management service that aims to meet the individual demands of today’s private and professional investors.”

How can I move my investment portfolio to a new provider?

There are several ways to move investments. One option is to sell them and buy new assets – this could be more suitable if your needs, circumstances, risk appetite or investment goals have changed substantially since your existing portfolio was set up, however you must consider any potential tax liabilities before doing so.

The second route is to retain the assets and move them over to the new wealth manager without selling them – this is known as transferring investments ‘in-specie.’ This can be done by giving an instruction to the new manager and they will contact the incumbent manager to request the transfer of the portfolio holdings. This can avoid any potential capital gains tax liabilities, however, you should ensure the new manager can take possession of all the underlying stocks and / or funds and discuss any potential necessary action.

Next steps: planning your move

Even if you are still currently subject to high exit fees, it is never too early to start thinking about your next move. Our experienced investment team can discuss your situation and help you to decide if switching your investment portfolio could be the right option for you now or in the future, and how best to go about it.

If you would like to find out more about moving your investments to JM Finn, you can speak to us on 020 7600 1660, or fill in the enquiry form here for us to contact you.

**Client communications and referral ratings (NPS) are taken from an independent survey of 1,653 discretionary clients of JM Finn conducted in 2021 by Aon Client Insight.

The value of investments and the income from them can go down as past performance is not a reliable guide to future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.


Bespoke Discretionary Portfolio Management

Discretionary Portfolio Management

Understanding Finance

Helping clients understand what we do is key to building relationships. To explain some of the industry jargon that creeps into our world, we’ve pulled together a section of our site to help.

Related articles