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Changing financial advisors isn’t just about numbers—it’s personal. Clients often feel conflicted about leaving their previous advisor, even when they know it’s the right decision.
They may feel awkward, guilty, or even nervous about having “the talk.”
Your role as their new advisor isn’t just to manage their investments—it’s to guide them through this transition with clarity and confidence. A smooth transition reassures them that they’ve made a great choice, strengthens trust, and sets the tone for a successful long-term relationship.
A great way to ease their concerns is by using reassuring language, like:
“Transitions like this are common, and my goal is to make it as simple as possible for you. We’ll take it one step at a time so that, before long, you’ll feel completely at ease with this change.”
Do Not Criticize Their Former Advisor!
Resist any urge to point out mistakes or missed opportunities in their previous financial strategy. Clients don’t want to feel like they made a mistake working with their old advisor. They want to feel like they’re making a great decision moving forward.
Instead of criticizing past work, focus on enhancing what they already have. Even if you spot major gaps, reframe the conversation:
- What NOT to say: “Wow, I can’t believe your last advisor put you in this!”
- A better approach: “Your previous advisor helped lay the foundation. Now let’s build on that and optimize it for your current and future goals.”
By maintaining professionalism and avoiding negativity, you build trust and reinforce the fact that you’re the right person to guide them forward.
Giving Clients Control Over the Process
One of the biggest fears clients have when switching advisors is feeling like they’re being “sold” or pressured. That’s why it’s essential to give them options and make sure they feel in control.
For example, rather than saying:
- “We need to move everything over immediately.”
Try this instead:
- “We can transition some of your accounts now and revisit the rest when you’re ready. Let’s walk through your options so you can make the best choice for your situation.”
This subtle shift in approach makes a big difference. When clients feel ownership over the process, they’ll feel more confident in their decision to work with you.
Don’t Look to Grab ALL the Assets Right Away
I know that many advisors only want to work with clients who will transfer all their assets to them. For some new clients, this may be too big of an ask – especially if they’re coming off a less-than-perfect advisory relationship.
See if you can capture 65 to 85 percent and then earn the right to the rest.
Here’s why this works:
- Clients don’t feel pressured to make an all-or-nothing decision.
- They get a chance to experience working with you before fully committing.
- In most cases, once they see the value you bring, they’ll move the rest over naturally.
This strategy removes friction from the transition and creates a comfortable path for them to consolidate their assets under your management over time.
Final Thoughts: Start Strong, Build Trust, and Lead with Confidence
Helping a client move from their previous advisor is more than just a paperwork process; it’s about guiding them through an emotional and financial shift with care.
By keeping the process respectful, addressing their concerns, and giving them options, you’re not just onboarding a new client—you’re strengthening trust, laying the groundwork for a long-term relationship, and reinforcing your reputation as a top-tier advisor.
A smooth, professional transition sets the stage for deeper engagement, loyalty, and lots and lots of referrals.
Related: Are Your Financial Planning Fees Holding You Back? A New Approach for Advisors