Best Practices When Switching Financial Advisors

In a video, Matt Blocki of EWA advises on smoothly transitioning financial advisors to their firm. He recommends using an email template to inform your previous advisor, emphasizing EWA’s ability to streamline financial decisions and reduce meetings, often the main reason for switching. Decision fatigue and EWA’s commitment to knowledge and support are also highlighted. The transition process involves sending the email, giving the green light, and completing the transfer within 7-14 business days. EWA looks forward to working with you and addressing any questions.

Video Transcript

Matt Blocki with EWA. If you’re watching this video, we’ve just had a tough conversation about potentially switching financial advisors to our firm. Wanted to provide some best practices for you to make this a very smooth transition.

So first of all, we understand, you know, breaking up is never easy to do. I think there’s a song actually written on the topic, but we have an email template that will give the reasons and give the advisor heads up.

We recommend given the personal level of involvement you have with your previous advisor over the years. It’s up to you whether a phone call or the email will be sufficient, but usually giving the heads up is much better than them getting notification of a transfer occurring, which will take place when you give us the official go ahead.

So first is the email. And some of the main reasons are obviously for saving your time being our firm was set up to quarterback as many financial decisions as possible. So education, retirement planning, tax planning, distribution planning.

So that’s usually the main reason is sometimes people have a tax person, insurance person, investment advisor, someone they go to for financial advice. So taking these, you know, what could be 10 meetings a year and turning into one meeting a year and having a team that you can work with to really outsource everything as your CFO, you’re ultimately the CEO that we’ll continue to report to.

This alone is typically the main reason that we switch firms. And then secondly is just the decision fatigue and our willingness to commit to gaining the knowledge to answer any questions that you have and make sure that we’re always making sure that your money is supporting your life by design.

So please let us know if you have any questions. The next steps will be after we send this email to you to send your advisor, you giving us the official green light, then we’ll submit the transfer forms and the process should be complete within seven to 14 business days.

We look forward to working with you and let us know if you have any questions.

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