If breaking up is hard to do with a romantic partner, it can be even trickier when you need to call it quits with your financial advisor. At least with a love interest, you don’t necessarily risk losing money. But it could cost you if you’ve got all of your investments in the hands of someone you want to part ways with.
“Depending on the nature of the investments there may be some fee implications with changes between advisors,” explains certified financial planner Peter Andreana, a partner at Continuum II Inc. in Burlington, Ontario. “There might also be a fee from the relinquishing institution to simply close the accounts."
To avoid ending up in situation where you need to find a new advisor, you need to know exactly what you’re getting into.
Anyone making an investment should ask her advisor in advance if there are fees to open the account, make the investment (also known as a front-end load), withdraw the investment (also known as a deferred sales charge or DSC, backend load, or lowRead More »from The six questions to ask your financial advisor