What to do first
Change advisers without losing control of assets, records, tax information, account access or unfinished financial tasks.
Inventory what must move
List accounts, registrations, holdings, cost basis, beneficiaries, automatic distributions, standing instructions and planning records. Identify assets that cannot transfer in kind or have surrender, redemption or tax consequences. Ask the receiving custodian to review compatibility before authorizing sales. Next step: Follow the termination workflow.
Protect the record now
- Inventory every account and instruction
- Check asset transfer compatibility
- Estimate exit and tax costs
- Assign each transition task
- Revoke former access
- Reconcile final and opening statements
Assign transition responsibility
Write who opens accounts, initiates transfers, monitors rejections, preserves cost basis, changes distributions and communicates with the former firm. Set a date for each task. Use verified custodian channels and never send account passwords to either adviser. Next step: Reconcile custodian records.
Close and reconcile
Follow termination notice requirements, remove former authority where appropriate and request final records and fees. Compare old and new statements for every asset and cash amount. Confirm beneficiaries, recurring instructions, tax documents and any pending trade or claim. Next step: Select the receiving adviser.
Primary sources
How the response comes together
A receiving adviser finds that one fund is proprietary to the old platform. Instead of liquidating the entire portfolio, the client transfers compatible holdings in kind and separately evaluates the restricted fund's taxes and costs.
Questions about next steps
Should I tell the old adviser first?
Plan the destination and review contract requirements first. The appropriate notice timing depends on operational, safety and relationship facts.
Can my investments move without being sold?
Many can transfer in kind, but proprietary, fractional or restricted assets may not. Confirm each holding with the receiving custodian.
Keep the case clear
- Inventory every account and instruction
- Check asset transfer compatibility
- Estimate exit and tax costs
- Assign each transition task
This page is general education, not individual financial, investment, insurance, mortgage, legal or tax advice.