For anyone in the future, a different alternative to deleting the asset and reimporting it is to either replace the mesh in the file with something else like a cube with no materials, or remove all of the materials from the current mesh. When reimporting the asset into UE4, this will give you a prompt with the option to “Revert to FBX”. Do that. Adjust the material order in your 3d modelling software like Blender and reimport it into UE4. This will again ask if you would like to "Revert to FBX " say yes and your materials should be in the right order.
Cheers!
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