'If someone does us a good turn, we feel obliged to repay their kindness'
Clients may feel a sense of loyalty to providers they've saved with for many years, particularly if they've been treated well, or if their money has grown significantly (even though the provider may have had no influence on their performance).
Relationships with providers during the accumulation phase are largely transactional, money is invested and annual statements are often the only regular communication, so this isn't likely to be a common issue.
If it does happen:
- Give the client time and space to get used to the idea.
- Reinforce the reasons for change.
- Emphasise the quality/strength of the new organisation.
- If possible, draw attention to how popular the new company is with other people (this is a powerful bias called "herding").