One of the most dangerous words in personal finance is “inertia”. Making a change is hard, making a change is scary. Procrastinating these decisions indefinitely always seems like the easier choice. But it doesn’t have to be that way – you don’t need to feel stuck.

The goal of this guide is to walk you through the practical steps to end your relationship with your current financial advisor. Breaking up with an advisor isn’t about being impulsive; it’s about making sure your money is working for you, not someone else. Like any big financial decision, it’s worth taking the time to think it through and plan your next steps carefully.

It is important to note upfront that this isn’t a sale pitch. We don’t offer investment management services and this guide is not designed to try to convince you to leave your current investment advisor and come to us instead. That is simply not what we do. As with all our free guides, our goal is to present information as clearly and objectively as possible, empowering you to make the best choices for yourself and your family.

Step 1: Assess your current situation

Leaving your financial advisor doesn’t have to be difficult, but it’s a significant step. By first taking time to understand your current situation, you’ll be better prepared to decide on your next move.

Are you getting enough value from your advisor?

Start by identifying why you’re considering this change. Here are some common reasons people decide to move on:

1. High fees or lack of fee transparency – How much are you paying? Ongoing investment management fees have a dramatic impact on your long term investment returns and any fee you pay should be carefully weighed against the value the advisor is giving you. Additionally, if your advisor can’t clearly explain all the fees you are paying (AUM, fund fees, commissions), that is a big red flag.
   
2. Lack of value or communication – Many people find themselves paying a recurring fee but getting little in return. An advisor should be more than someone you talk to once a year—they should be a proactive partner in your financial life. Are they offering you regular financial planning, helping you adjust to life changes, and coordinating with other financial professionals? If you’re not getting that kind of support, ask yourself what you’re actually paying for.
   
3. Lack of trust or conflicts of interest – We see this one almost every day. If your advisor is selling products for commissions, are you really paying for advice? Is it really about what is best for you or is it about who is giving the highest kickback? We have met far too many Olim who were pushed to invest in products or services they later regretted. Consider whether an independent, fee-only advisor might be a better fit.
   
4. What if your advisor fires you? – It is very common for new Olim to be told that they can no longer be served once they leave the country. Having a good plan in place before you move will make the inevitable transition easier.

By evaluating the value you are (or aren’t) receiving, you’ll be better prepared to make the right decision for your financial future – and plan the next steps accordingly.

Get your docs in order

Start by making a simple list of what you own (assets) and what you owe (liabilities). This will be very helpful as you consider what accounts need to be moved or otherwise optimized. You can download your own copy of our free simple template to make this easy, just delete the sample information in the template and add your own accounts and balances.

This may be a great opportunity to consolidate accounts and get organized. When you have everything laid out in one place, it’s much easier to spot unnecessary accounts or overlapping services.

Step 2: Choose a new direction

If Step 1 left you feeling ready for change, Step 2 is all about deciding where you’re headed next.

Going DIY

Many, especially after having a bad experience with a previous advisor, are looking to take a more active approach to their finances. After all, who’s more likely to prioritize your best interests than you?

But going DIY doesn’t mean going it alone. For example, you might choose to manage and implement everything on your own while still consulting with an accountant and financial planner for initial and occasional guidance. The key is to get educated so you can really understand where you need help and where you are completely capable of handling things on your own. Blue & White Finance was first and foremost built to serve DIYers of all levels of knowledge.

Transitioning to new advisor

Another direction to consider is finding a new advisor who will provide you more value. This can be a good option to consider for someone who doesn’t have the time or interest in managing things on their own, can afford to pay for quality investment management, and is willing to put the effort into finding someone who will serve them properly.

Remember, the key to choosing a new advisor is to take your time: think it through, carefully review all terms, and avoid any high-pressure sales pitches. You’re the one in control here, so find someone who truly respects your financial goals.

Step 3: Pull the trigger

You’ve made it this far—don’t stop now! By now you should be organized and have a good feel for which direction(s) you are headed in. Let’s walk through the practical details of making the move.

Moving US based accounts – ACATS transfer

Good news! Moving US based accounts from one brokerage to another is generally a very simple process. Additionally, you can transfer all your assets (stocks, bonds, ETFs, mutual funds etc.) without selling them using an ACATS transfer.

Here’s how it works:

1. Open a new account
   Start by opening a new investment account at the brokerage of your choice. Make sure this new account matches the type of the account you’re transferring (like a Traditional IRA, Roth IRA, or regular brokerage account). Also, the account must be under the exact same name and address as your current one.
   
2. Initiate the transfer
   Once your new account is set up, log in and look for an option like “Transfer Positions” or “Transfer Assets.” You’ll need to provide your old account number, the name of the brokerage you’re leaving, and possibly a recent account statement. Once you initiate the transfer, it usually takes a few business days for assets to leave the old account and another few days to arrive in the new one.
   
   If you run into any issues, most U.S. brokerage support teams are eager to help—especially when you’re bringing in new assets!
   
3. Notify Your old advisor
   If you’re moving assets from an advisor-managed account to a self-managed account, you can complete the process without even speaking to your soon-to-be-former advisor. However, it’s a good idea (and often the right thing to do) to notify them in writing and request that any power of attorney agreements be voided.
   

Liquidating existing investments

Another approach to consider is simply selling your current investments and starting from scratch. This option can be appealing if you’re seeking to simplify your portfolio, especially if your current professionally managed account has added unnecessary layers of complexity. If you’re planning to manage your investments independently, a streamlined, easier-to-understand portfolio can be a great advantage.

For taxable brokerage accounts

You can ask your current advisor to liquidate all investments and transfer the cash to your bank account. This allows you to open a new account and reinvest the funds in a way that suits your comfort level and goals. Alternatively, you could follow the ACATS transfer steps above, opting to liquidate some or all of your investments after they arrive in your new account or as part of the transfer process.

Note: Consulting an independent accountant or financial planner here is often recommended. Selling assets in a taxable brokerage account can trigger capital gains taxes in the year they’re sold. In some cases, you may prefer to keep some complexity in order to defer taxes.

For retirement accounts (like an IRA)

In the case of retirement accounts, avoid withdrawing funds from the IRA “wrapper” unless absolutely necessary—doing so can lead to high taxes and penalties. Instead, follow the ACATS transfer process and select the option to liquidate all (or some) positions as part of the transfer. This keeps all funds within the IRA, preserving tax advantages, while allowing you to reinvest the balance in a simplified, manageable portfolio on your own.

Transfering from an Israeli bank to an investment house

If your investment portfolio is currently managed at an Israeli bank, transferring your assets to a self-managed investment account (מסחר עצמאי) at an independent investment house, like IBI or Meitav, is relatively straightforward.

To do this, you will first need to open your new account and get the specific details for transferring assets to your account from your new brokerage. You will then to fill out a request to your bank “בקשה להעברת תיק ניירות הערך” – if you don’t see it in your online portal, submit a support request online or via the app. Once this is processed, you can expect your bank to call and confirm (as well as try and convince you to stay).

Disconnecting from Fjord or other robo advisors

Though we hope this will change in the future, Robo-advisors are rarely the best option for those of us living in Israel. If you are looking to transition away from a US based robo-advisor like Betterment or Wealthfront, you can follow the same ACATS transfer process discussed above.

We have received a lot of specific questions about transferring out of Fjord, so here is a step-by-step guide:

1. Open a New Account at Interactive Brokers (IBKR)
   Begin by opening an account with Interactive Brokers, which allows for straightforward internal transfers.
   
2. Request an Internal Transfer of Assets
   Log in to your Interactive Brokers account (not through Fjord) and submit a support ticket: “I would like to make an internal transfer of all assets in kind currently held in account #(old account) to my account #(new account).” This step ensures that all assets are transferred over directly.
   
3. Close Your Fjord Account
   Once your assets have been successfully transferred to IBKR, log back into Fjord and submit a request to close your account.

Changing pension advisors

You’re never required to use the pension agent (סוכן פנסיוני) recommended by your employer. You can choose one independently, or even opt out of using an agent altogether. Another option is to seek advice from an independent pension advisor (יועץ פנסיוני), who can provide recommendations that you can then implement through your employer’s agent.

You can change your investment fund and/or pension agent at anytime. If you choose a new agent, they will walk you through the process of reallocating your pension. If you choose to do this on your own, you will need to navigate the bureaucracy, coordinating with individual fund companies on your own. Whichever path you choose, remember that your pension is yours and likely a critical component of your retirement savings.

The power to take control of your financial future is now in your hands! Time to get to work.