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changing advisor, how do you?

Discussion in 'General Investing Discussion' started by irishnolan, 17th Jun, 2009.

  1. irishnolan

    irishnolan rod

    Joined:
    5th Aug, 2008
    Posts:
    1
    Location:
    brisbane
    Hi,I am new to this so bear with me .Recently I was advised that my advisor had changed his Licence holder and the format of his company the reasons ,were A,the Licence holder was becoming too controlling.B,The new format in his company was to allow his wife and d,in law to provide the necessary services whilst he consulted on my portfolio.

    What steps can I take to appoint a new advisor and what costs would be involved.

    My portfolio consists of ten stocks,purchased with cash and a $80.000.00 margin loan. cheers Rod
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Rod,

    Is this in a platform/wrap or through a broker?

    Cheers,

    Dan
     
  3. FinSpec

    FinSpec Member

    Joined:
    15th Jun, 2009
    Posts:
    16
    Location:
    Sydney
    There are a few steps you can take, and it all comes down to how things were set up in the first place.

    1. you can contact your investment managers and margin lenders and inform them that you no longer want to be associated with that adviser any more. Most will take them off - however in typical fashion, they may keep the trail payments for themselves.
    2. you can find another adviser and transfer your service rights to them - there is not usually any cost here at all.
    3. you can look at changing providers such as your margin loan to one that does not pay trail to advisers, so that way you cut out your old adviser and get a discount on the loan as well.
    These may not be your only options, but its a good start for you.

    Best of luck, and post back if you have any problems!