By Werner Gerber, CFA® | Founder, ClearGauge Wealth
ClearGauge Wealth (Pty) Ltd is an Authorised Financial Services Provider (FSP No. 55826). | Reviewed 23 August 2026
Quick Answer
Consider changing your financial adviser when the service no longer matches your needs, communication and records remain poor, fees or conflicts are not clear, recommendations are not connected to your circumstances, or trust has broken down after reasonable efforts to resolve the problem. A major life change can also justify comparing the existing mandate with a different service.
Do not change advisers only because markets performed poorly or a forecast was wrong. Test the process, scope, risk, cost and accountability. Plan the transition before ending the old relationship so that investments, policies, retirement money, tax records and ongoing instructions are not disrupted unnecessarily.
Visual Summary
| Signal | Question | Possible response |
| Service mismatch | Does the mandate still cover the decisions I face? | Reset scope or compare another provider. |
| Unclear advice | Can I obtain the reasoning, alternatives and costs in writing? | Request records and consider an independent review. |
| Trust problem | Is the concern factual, procedural or relational? | Use the complaint process or plan a transition. |
| Life change | Has complexity or responsibility changed materially? | Reassess competence, scope and coordination. |
| Persistent inactivity | Am I paying for work that is not being delivered? | Document service gaps and review the mandate and fee. |
Transition framework for education only. It is not a recommendation to terminate a mandate or transfer an asset.
Decision Framework
Changing an adviser involves two decisions: whether the current relationship should continue and how any transition should be managed. Keep these separate. A weak relationship does not mean every existing product must be replaced, and a good new adviser should not assume a transfer is required.
1. Diagnose the Actual Problem
List specific concerns with dates and documents. Distinguish slow administration, unclear communication, unsuitable scope, factual errors, undisclosed costs, a conflict, poor implementation and ordinary market disappointment.
The remedy depends on the cause. A service issue may be fixed through a new contact or meeting rhythm. A material advice concern may need a second opinion or complaint.
2. Compare the Mandate With the Service Delivered
Review the engagement letter, service schedule and fee agreement. Identify promised meetings, planning work, monitoring, reporting and response duties. Then compare those commitments with the work actually received.
If the mandate is vague, ask the adviser to restate scope, exclusions, fees and responsibility in writing.
3. Give a Clear Opportunity to Respond
Where appropriate, set out the concern calmly and ask for a written response or corrective plan. This creates a factual record and may resolve misunderstandings. It also helps distinguish a one-off mistake from a persistent pattern.
If the issue involves suspected misconduct or risk of further prejudice, obtain specialist guidance before taking steps that could affect evidence or rights.
4. Obtain Records Before Terminating
Collect advice records, mandates, fee disclosures, statements, policy documents, tax information, beneficiary details and correspondence. Confirm which assets are held by independent custodians or product providers and which instructions are still pending.
5. Assess the New Adviser Without Assuming Replacement
Apply the same authorisation, scope, competence, conflict and fee tests used for any appointment. Ask whether the new adviser can review the existing position before recommending transfers or product changes.
A transition should preserve suitable arrangements where appropriate. New advice should explain the consequences of retaining, altering or replacing each material arrangement.
6. Sequence the Transition
Agree who will handle notices, authorities, outstanding instructions, fee termination, data transfer and future communication. Keep copies. Do not leave essential insurance, income payments or investment instructions without responsible oversight during the handover.
Key Concepts
The Adviser and the Product Are Separate Decisions
Ending an adviser mandate does not necessarily require surrendering a policy or selling an investment. Product changes need their own suitability, tax, cost and benefit analysis.
Trust Requires Evidence and Communication
A strong relationship includes candid discussion, understandable records and willingness to address mistakes. Personal rapport without accountability is not enough.
Continuity Has Value
Changing providers creates operational risk and learning cost. That does not justify staying in a poor relationship, but it makes a planned transition more valuable than an abrupt break.
Worked Example
A family pays an ongoing fee for investment reviews and broader planning. Meetings have become irregular, estate-planning actions remain unresolved and fee questions receive incomplete answers. The portfolio has also underperformed for a year.
The family does not use performance as the sole test. It compares the mandate with delivered work, requests the outstanding records and asks for a corrective plan. When the response still does not address scope and fees, the family obtains a second opinion and appoints a new adviser to review existing arrangements before any transfer. The transition focuses on service and process, not a rushed portfolio switch.
Reality Check
- Changing advisers will not eliminate market uncertainty.
- A new adviser may have incentives to replace existing products.
- Past underperformance may be consistent with the agreed risk and strategy.
- Termination can affect fees, authorities and pending transactions.
- Complaint rights and transition decisions may follow different processes.
Common Mistakes
Firing the Adviser Before Collecting Records
Obtain documents and understand pending instructions first where practical. An abrupt break can make the factual review and handover harder.
Replacing Every Product Automatically
A new relationship does not make existing products unsuitable. Test each proposed change separately and quantify costs, tax and lost benefits.
Choosing the New Adviser Only on Promised Returns
Performance promises are a poor foundation for an advice relationship. Compare process, scope, competence, costs and conflicts.
What This Framework Does Not Decide
This framework does not determine that an adviser has breached a duty, recommend terminating a mandate or provide legal advice about a dispute. It does not decide which assets should transfer. It helps organise the relationship, evidence and transition questions.
Frequently Asked Questions
Can I change adviser without moving my investments?
Often the adviser relationship and product ownership are separate, but the practical answer depends on the product, platform, mandates and permissions. Confirm the position in writing before terminating or appointing anyone.
Should I change adviser after poor performance?
Not automatically. Compare performance with the agreed strategy, risk and benchmark, and test whether the advice process and communication remain sound. Persistent unexplained divergence may justify review.
What documents should I request?
Request the mandate, records of advice, fee and conflict disclosures, statements, product documents, beneficiary information, outstanding-action list and correspondence relevant to material decisions.
How do I complain about financial advice?
Start with the provider’s written complaints process and preserve evidence. The FAIS Ombud complaints portal explains when a complaint may be submitted to that office.
Financial Clarity Review
A Financial Clarity Review can help distinguish a service problem from a substantive advice concern, organise the documents and test the consequences before you change adviser or alter existing arrangements.
Continue Exploring
Explore the ClearGauge Wealth library: Choosing a Financial Adviser
Related ClearGauge questions:
- When Should I Get a Second Opinion on My Financial Advice?
- How Do I Choose a Financial Adviser in South Africa?
- How Much Should Financial Advice Cost in South Africa?
Sources and Further Reading
Primary regulatory sources were checked on 23 August 2026. Recheck current law, licence status, costs and product terms before acting.
- South African Government: FAIS General Code of Conduct
- FSCA: Search and confirm an authorised financial services provider
- FAIS Ombud: complaints portal and process
- Ombud Council: Rules for the FAIS Ombud, 2024
Important Disclosure
This article is provided for general educational and informational purposes only and does not constitute financial, investment, tax or legal advice. The examples and illustrations are based on assumptions that may not apply to your circumstances and are not guarantees of future outcomes. Before making a financial decision, consider obtaining advice appropriate to your objectives, financial situation and needs.