Ending an advice mandate might stop an ongoing fee while the investment itself remains untouched. Exiting the product is a different action with different consequences.
That distinction is worth making before anything is signed, because the second one can involve contractual restrictions, tax, lost guarantees, market exposure or claim protection. Ask for each consequence separately.
Whichever you are ending, it should not erase your understanding of what happened. You should retain the records needed to explain ownership, value, advice, fees, tax and any ongoing obligations.
So before moving, obtain current statements, advice records, policy schedules, cost disclosures, beneficiary confirmations and a dated exit or transfer quotation. Confirm who will handle unfinished administration and when access to portals or records changes.
Try this now
Create an exit checklist with records received, fees ending, products remaining, instructions pending and new responsible contact. Keep copies outside the departing firm’s system.
Ask your advisor
- Which relationship am I ending: advice, administration, product or all three?
- What costs, tax or rights are affected?
- How will my records be transferred or made available?
An informed exit is not necessarily a cost-free exit. Verify product and legal consequences before giving irreversible instructions.
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