Fire financial advisor, keep accounts?
January 11, 2019 7:23 AM   Subscribe

I'd like to terminate services with my financial advisor. My current accounts with them are through Charles Schwab. Can I just tell the advisor I want to stop paying him, but keep my accounts at Schwab in my name? How do I accomplish this?

Most of the online I advise I've found about firing a financial advisor recommends telling your NEW financial advisor to handle switching accounts. I don't want a new financial advisor, I want to stop having a financial advisor entirely. What do I have to do to accomplish this?

My current advisor is a monthly-fee service. My accounts are pretty straightforward and don't require a lot of service. I have a rolled over IRA and a Roth IRA, both through Schwab. The accounts list my financial advisor as "independent advising," so there's some interaction there. I'm fine with keeping the accounts in Schwab, I think. I'd be fine with switching them to Vanguard too probably. I can provide more info if needed.
posted by chemicalsyntheticist to Work & Money (5 answers total) 1 user marked this as a favorite
 
I did this with Schwab and I asked them to remove my advisor from the account. I followed up with the advisor to let them know I no longer needed their services. I've been very happy managing my accounts myself. Good luck!
posted by PosterGirlwithNoPoster at 7:33 AM on January 11 [2 favorites]


I would talk to Chuck Schwab, but not your adviser at CS.
posted by AugustWest at 7:35 AM on January 11 [1 favorite]


Yes, just call the Schwab 800 number and they will walk you though this.
posted by Mr.Know-it-some at 8:02 AM on January 11 [3 favorites]


Thank you so much for the quick and clear answers! I will call them today.
posted by chemicalsyntheticist at 8:37 AM on January 11


There may be an advisor's fee that you may or may not be able to get rid of, even with the advisor off. If this bothers you, you may be able to nominate a non-advisory broker who will refund some of it - or swap to Vanguard, which doesn't have these fees. I worked for such a broker for several years, albeit not in the US. Refunds depended on how much the investment was worth generally 0.5% (half a percent), may or may not be worth worrying about.

This was in Australia, but we worked with a number of international banking conglomerates. MeMail me if you have any questions.
posted by jrobin276 at 10:12 AM on January 11


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