Questions to ask before an advisor moves your retirement money

Moving retirement money is not a casual step. Whether you're consolidating funds, switching providers, or acting on advice to transfer savings into a different product, you need to understand exactly what's happening and why. The problem is that many people nod along during these conversations and only ask hard questions after the money has moved. By then, it's often too late to reverse course without tax consequences or penalties.

Before your advisor orchestrates any transfer, you should be able to articulate the reason, the costs involved, and what changes in your retirement picture as a result. A good advisor will expect these questions and answer them clearly. An evasive one will rush you or cloud the answer in jargon.

What problem does moving the money solve?

Start here. Your advisor should explain the specific issue they're addressing—not in theory, but in relation to your situation. A clear answer sounds like: "Your current fund charges 2.1% a year and invests heavily in international bonds, which doesn't match your five-year time horizon before retirement. Moving to a lower-cost fund with more local equity exposure will reduce fees and align better with your risk appetite."

An evasive answer sounds like: "This new product is performing really well" or "Clients are moving into it" or "It's a better investment." These don't tell you why it's better *for you*. Ask them to compare the current and proposed fund side by side: what charges do each attract, what assets do they hold, what's the historical performance gap, and crucially, how does switching serve your goals rather than their incentive structure?

If the advisor can't articulate a specific problem and solution, pause the process.

What are all the costs of transferring?

This is where detail matters. Ask whether your current provider charges an exit fee or deregistration cost. Ask what the new provider charges to accept the transfer. Ask whether there are any tax implications—transfers between retirement funds can sometimes trigger tax liabilities depending on the type of fund and your circumstances. Ask how long the transfer takes, because during that window your money may sit in a holding account earning little or nothing.

A thorough advisor will walk you through each cost in writing. They'll tell you what you'll pay and when. They won't guess. If they say "I think there might be a small fee" or "It usually clears in a week," that's not good enough. Request documentation from both the current and new provider outlining exact charges and timelines.

Don't accept vague reassurance. Retirement funds are regulated by the FSCA; ask your advisor for a written summary of all costs before you sign anything.

How will the transfer affect your retirement date or income target?

This is the business-end question. If moving the money changes your projected retirement date, monthly income, or asset allocation, you need to see the numbers. Ask your advisor to show you a projection before and after the transfer, assuming the same market conditions. The difference should tell you whether you're actually better off.

If the advisor says "You'll be fine" without showing you the math, that's a red flag. You're not asking for certainty—markets aren't certain—but you are asking for a clear comparison based on realistic assumptions.

Who profits from this transfer?

Your advisor earns commission or fees from the new provider, or both. You're entitled to know how much and in what form. If they're recommending a product that pays them significantly more than an alternative, they should disclose that openly and explain why the extra cost to you is justified by the benefit you'll receive.

Ask directly: "How much will you earn if I move to this fund?" and "What would you earn if I stayed where I am?" A trustworthy advisor will answer without defensiveness. If they deflect or say "It's not about that," it probably is.

Moving retirement money can make sense, but only when you understand why, what it costs, and what you gain. If your advisor won't or can't answer these questions clearly in writing, find someone who will. Strove connects you with verified financial advisors who can walk you through transfers step by step and justify every recommendation. Your retirement security depends on making informed choices now.