How to Switch Financial Advisers in Australia

Last Updated: September 4, 2026

Changing financial advisers can feel like a significant decision, particularly when your adviser has been involved in your finances for several years. However, you are not locked into an ongoing advice relationship.

Your financial circumstances, goals and priorities can change over time. The adviser who was right for you five or ten years ago may no longer provide the level of expertise, communication or strategic guidance you need today.

Changing advisers does not have to be complicated. With the right preparation, the transition can be handled professionally while keeping your financial affairs organised and minimising unnecessary disruption.

Why Consider Changing Financial Advisers?

There are many legitimate reasons to consider a new financial adviser.

You may feel that your current advice has become too generic, communication has declined, fees no longer represent good value, or your financial circumstances have become more complex.

You may also have reached a different stage of life. For example:

Sometimes the issue isn’t that your existing adviser has done anything wrong. Your circumstances may simply have evolved.

The important question is:

Does your current adviser still provide the expertise, service and strategic advice you need for the next stage of your financial journey?

Before Changing Advisers, Understand Why You Want to Change

Before moving, take some time to identify what isn’t working.

Is it:

Being clear about the problem makes it much easier to assess whether a new adviser will actually provide a better solution.

A good financial planning relationship should start with understanding you, your circumstances and your goals, rather than simply reviewing your existing investments.

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How to Choose a New Financial Adviser

Before making the change, meet with one or more prospective advisers and ask questions about how they work.

Consider asking:

What experience do you have with people in my situation?

Experience matters. Someone approaching retirement may need very different advice from a young person beginning to build wealth.

Similarly, clients with significant superannuation, investment property, complex tax circumstances or UK pensions may require specialist expertise.

How do you charge for advice?

Ask for a clear explanation of both initial and ongoing fees.

Understand:

The cheapest adviser isn’t necessarily the best adviser. The more important question is whether the quality and value of the advice justify the cost.

Who will I actually deal with?

This can be particularly important when comparing a large financial planning organisation with a boutique practice.

Will you have a direct relationship with the adviser responsible for your strategy, or will you primarily deal with other members of a larger team?

How often will my financial plan be reviewed?

Financial planning should evolve as your circumstances change.

Ask what ongoing service you will receive and how often your strategy will be reviewed.

How do you develop a financial plan?

A good planning process should begin with your objectives, circumstances and priorities.

The strategy should come before the products.

Your superannuation, investments, insurance and other financial products should support the strategy rather than determine it.

Check the Adviser’s ASIC Registration

Before engaging a new adviser, check their credentials.

The ASIC Financial Advisers Register is a public register that allows consumers to check relevant providers, including their registration status and information about their authorisation.

You should also establish:

Don’t be afraid to ask these questions. A professional adviser should be comfortable explaining how their business operates.

How to Switch Financial Advisers: Step by Step

Once you have decided to make the change, the process is generally straightforward.

Step 1: Review Your Existing Advice Arrangement

Start by reviewing your existing documentation.

Look at your ongoing fee arrangement, Financial Services Guide and other relevant documents to understand:

You can generally end an advice relationship when you choose, but you should check the terms of your existing arrangement before doing so.

Step 2: Gather Your Financial Information

Ask your existing adviser for copies of the key documents you will need for the transition.

These may include:

Having this information available can make the transition much smoother.

Step 3: Meet Your New Adviser

Your new adviser will generally want to understand your financial history, current position and future objectives.

Importantly, they shouldn’t simply accept your existing strategy without question.

A good review should consider whether your current arrangements remain appropriate and whether there are opportunities to improve your overall financial strategy.

This may include reviewing:

Cash flow → Debt → Superannuation → Investments → Insurance → Tax → Retirement → Estate planning

The objective is to understand the whole financial picture rather than simply moving investments from one platform to another.

Step 4: Receive and Understand the New Advice

If you proceed with personal financial advice, your adviser may provide a Statement of Advice setting out the recommendations, the reasoning behind them, relevant risks, fees and other required disclosures. ASIC requires an SoA when personal financial advice is provided to retail clients, subject to the applicable regulatory requirements and exceptions.

Don’t simply sign the document because you want the change completed.

Take the time to understand:

Your adviser should be able to explain the strategy in plain English.

Step 5: Decide Which Existing Investments Should Change

Changing advisers does not necessarily mean changing all of your investments.

This is an important distinction.

Your new adviser should assess whether your existing superannuation, investments, insurance and other arrangements remain appropriate.

Sometimes the best recommendation will be to retain an existing investment or platform.

In other situations, there may be good reasons to change.

The decision should be based on the strategy, costs, tax consequences, investment options, features and your circumstances — not simply because you have changed advisers.

Step 6: Transfer or Change Your Arrangements

If changes are recommended and you agree to proceed, your new adviser will generally coordinate the required paperwork and implementation.

This may involve changing:

Before implementing changes, make sure you understand whether selling investments could create capital gains tax consequences, whether exit costs apply and whether any valuable features or benefits could be lost.

Don’t change an investment simply because you are changing advisers.

The strategy should determine the change.

What Happens to Your Existing Adviser Fees?

When you leave an adviser, make sure any ongoing advice fees are properly dealt with.

You may need to:

ASIC’s MoneySmart guidance also recommends checking your ongoing fee arrangements and stopping existing fees when ending your relationship with an adviser.

Will Changing Advisers Cost Money?

It can.

There may be costs associated with ending an existing advice arrangement, although this depends on the terms of your agreement.

There may also be costs associated with implementing new recommendations.

For example, changing investments may involve:

This is why the decision should not simply be based on finding a cheaper adviser.

The better question is:

Will the new advice provide enough additional value, expertise or service to justify the cost of changing?

Do You Need to Change Your Investments When You Change Advisers?

No.

Changing advisers and changing investments are two separate decisions.

Your new adviser should first understand your objectives and financial circumstances before recommending changes.

For example, your existing superannuation fund may still be appropriate even though you have changed advisers.

Alternatively, a review may identify that your current investment strategy, platform or superannuation structure is no longer appropriate.

The important thing is that investment decisions should follow the financial strategy — not the other way around.

What If Your Financial Situation Has Become More Complex?

One of the most common reasons people change advisers is that their financial affairs have become more complicated.

You may have started with a relatively straightforward situation and gradually accumulated:

At this point, financial advice may need to become more integrated.

Rather than looking at each financial product separately, your adviser should consider how the different parts of your financial position work together.

Changing Advisers Can Be an Opportunity to Start Again

Changing advisers isn’t simply an administrative exercise.

It can be an opportunity to step back and ask:

Are my finances actually structured around the life I want to live?

A fresh review can identify opportunities around superannuation, investments, cash flow, debt, retirement planning and wealth creation that may not have been considered for several years.

It can also provide something equally important — confidence that your financial strategy still makes sense.

At Veyron Wealth Group, we believe financial planning should begin with understanding the client rather than starting with an investment product.

Our approach is to look at the broader picture — including cash flow, debt, superannuation, investments, retirement objectives and longer-term goals — and then develop a strategy designed around those priorities.

If you are considering changing financial advisers, the first step doesn’t have to be moving your investments.

It can simply be having a conversation about whether your current financial strategy is still right for you.

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Key Takeaway

Changing financial advisers in Australia is usually a manageable process.

The most important steps are to:

  1. Understand why you want to change.
  2. Research and compare potential advisers.
  3. Check their ASIC registration and authorisations.
  4. Understand their fees and services.
  5. Review your existing advice and arrangements.
  6. Have the new adviser assess your overall strategy.
  7. Only change investments where there is a sound strategic reason.
  8. Make sure your old advice fees and authorities are properly cancelled.
  9. Understand any tax, investment or exit-cost consequences before implementing changes.

The goal isn’t simply to find a different adviser.

The goal is to find the right adviser for the next stage of your financial journey.

The information contained is general in nature and provided for information purposes only. Any references to investment returns, performance, asset classes or market conditions are not intended to constitute personal financial advice. While reasonable care has been taken in preparing this material, no liability is accepted by Veyron Wealth Group or Count, its related entities, agents or employees for any loss arising from reliance on this information. Past performance is not a reliable indicator of future performance and investment returns are not guaranteed. Clients need to assess the appropriateness of any information in light of their individual circumstances, consider the relevant Product Disclosure Statements (PDS) and other disclosure documents, and obtain personal financial advice prior to making any investment decision.

Switching financial advisers is a significant decision, but it should not be a source of stress. It involves verifying credentials, understanding your current obligations, and ensuring a smooth transfer of assets and documentation. Veyron Wealth Group offers tailored financial advice built on a client-centred approach, with expertise in superannuation and retirement planning. Get a Free Consultation to discuss how a change could benefit your financial future.

Frequently Asked Questions

Is it difficult to switch financial advisers in Australia?

Switching financial advisers is generally straightforward. The process involves notifying your current adviser, reviewing your SoA for exit fees, and completing the necessary transfer forms for your investments. Your new adviser can guide you through the handover process. The main effort is ensuring your new arrangements align with your long-term investment goals and that you understand any tax implications of moving assets.

Are there any exit fees or penalties for switching financial advisers?

It depends on your existing service agreement. Some advisers may charge a fee if you exit within a specific period. Review the disclosure documents and your SoA for any break costs. Ask your current provider for a clear breakdown of any final fees before you transfer. This ensures there are no surprises during the financial adviser exit process.

What is a red flag for a financial adviser?

A significant red flag is an adviser who cannot clearly explain their fee arrangement or who pressures you into a decision. You should also check the Financial Advisers Register to confirm they hold a current Australian financial services licence or are authorised by one. A lack of transparency about their professional standards or how they are paid is a clear warning sign.

How do I verify the credentials of a new financial adviser using the ASIC register?

You can check a financial adviser’s credentials on the public Financial Advisers Register. Search for the adviser’s name to confirm their ASIC registration status, their authorised licensee, the services they can provide, and their employment history. This verifies they meet the professional standards, including having an approved degree and passing the financial adviser exam.

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