Getting paperwork from 'ex' financial advisor?
Discussion
The IFA we used for many years has retired. Since then the IFA company has changed hands twice, I've recently had contact with the new advisor who I did not like.
We need to make some decisions about some family financial matters, but the current IFA company are being awkward, will not release original documents relating to a trust fund etc. Are these documents 'our property'? Should they release all relevant paperwork they have if we ask?
I get the impression they are still down as an advisor with the investment fund companies we used, can we change that status?
We need to make some decisions about some family financial matters, but the current IFA company are being awkward, will not release original documents relating to a trust fund etc. Are these documents 'our property'? Should they release all relevant paperwork they have if we ask?
I get the impression they are still down as an advisor with the investment fund companies we used, can we change that status?
Yes, it's simple. You can either approach all the investment houses individually and ask them to remove your current adviser as the 'adviser on record' or something similar. Or, you can ask so the advisory firm to do it on your behalf - especially useful if you have many providers. It may be though, that doing that does not automatically stop payments to them, especially if the contract is an old style one, whereby the payment is not dependent on provision of service. You own the data. I'm surprised that the firm is being obtuse and/or dragging its heels.
Clients and advisers can sever for any number of reasons, not all are immediately obvious or based on friction or performance. Advisers should discuss a break-up professionally and cordially, and where the client asks the firm to do it, most will execute at the earliest opportunity, usually availing themselves to the client for a limited period if required, in order to ensure a smooth transition. You can of course, elect to cancel it immediately but most firms/providers (in my experience) work to a two week timescale, or to the end of the month, in order to ensure the client isn't administratively disadvantaged by a severance.
Clients and advisers can sever for any number of reasons, not all are immediately obvious or based on friction or performance. Advisers should discuss a break-up professionally and cordially, and where the client asks the firm to do it, most will execute at the earliest opportunity, usually availing themselves to the client for a limited period if required, in order to ensure a smooth transition. You can of course, elect to cancel it immediately but most firms/providers (in my experience) work to a two week timescale, or to the end of the month, in order to ensure the client isn't administratively disadvantaged by a severance.
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