Your relationship with a financial adviser is one of the most important partnerships you will have. As your goals shift, your family grows and your income changes, the person guiding your money should keep up with you. For many people in Cape Town, that means taking a fresh look at who is in their corner.
In this article, we look at the signs that it may be time for a change, how moving to a new adviser works and what happens to your existing policies and investments. We also cover how bringing your products together under Discovery can unlock extra value.
Signs It Might Be Time for a Fresh Start
A good adviser should check in with you regularly, not only when a policy is up for renewal. If you have not had a proper review in a year or more, or you struggle to reach your adviser when questions come up, it is worth asking whether you are getting the attention you deserve.
Life events are another common trigger. Getting married, having children, buying a home or nearing retirement all call for a careful look at your cover and savings. If your plan still reflects the person you were five years ago, a new perspective can help you close the gaps.
Think about how well your adviser explains things too. You should leave every meeting understanding what you own, what it costs and how it supports your goals. Feeling confident and informed is a clear sign of a strong advisory relationship.
How the Handover Works
Many people assume that switching to a new financial adviser means cancelling policies and starting from scratch. In most cases, that is not true. Your policies and investments belong to you, so you can simply appoint a new adviser to look after them while everything stays in place.
The process usually involves signing a letter of appointment or broker change form, which your new adviser will help you complete. This gives them permission to access your policy information and act on your behalf. Product providers then update their records and your new adviser takes over.
There is no need for an awkward conversation with your previous adviser either. The formal paperwork handles the handover, although a short courtesy note is always a nice touch. Once the change is complete, your new adviser can start reviewing your portfolio and planning the next steps.
What Happens to Your Existing Products
Once your new adviser has the full picture, they will look at each product to see whether it still fits your needs. Some may stay exactly as they are, while others might be better suited to a move. The goal is a plan that works as one rather than a collection of separate pieces.
Savings and retirement products can often be transferred between providers. A retirement annuity can move through a formal fund-to-fund transfer without tax consequences, and tax-free savings accounts can be transferred without counting towards your annual contribution limit. Your adviser takes care of the paperwork and makes sure each move is done correctly.
With life, disability and medical cover, timing matters most. The best approach is to keep your current cover active until your new policy is approved and in force. This way you stay protected throughout, and your adviser can line up start dates so the transition is smooth.
Why Discovery Is Worth Considering
One of the biggest advantages of moving your financial planning to Discovery is how well the products work together. Health, life, investment and retirement products are all linked through the Vitality programme, which rewards you for healthy living and good financial habits.
As your Vitality status climbs from Blue through to Diamond, you can unlock richer rewards across your cover and investments, along with everyday perks like savings on healthy groceries through HealthyFood. The more Discovery products you hold, the more ways you have to earn.
Having one dedicated adviser who understands the full ecosystem makes a real difference. They can help you choose the right mix of products, track your progress and make sure you claim every benefit available to you. That joined-up guidance helps every part of your plan pull in the same direction.
In Summary
A change of adviser does not have to be complicated. Your existing policies stay yours, the handover happens through simple paperwork and many savings and retirement products can be transferred smoothly. Bringing everything together under Discovery also opens the door to Vitality rewards that grow alongside your plan.
If you are ready for a fresh start, our team at AVB Solutions would love to help. Speak to one of our experts on financial solutions today and let us show you how a holistic plan built around your goals can give you greater confidence in your financial future.