Deciding whether to work with a financial adviser can feel daunting. Do you really need one? How much will it cost? And what exactly do you get for your money? Let’s break this down step by step so you know exactly what to look for, what to expect, and how to make the right choice.
Step 1: Do you need a financial adviser?
You might benefit from advice if:
- You have multiple pensions or investments and aren’t sure how to manage them.
- You’re approaching retirement and want to know when you can stop working (and not run out of money).
- You’ve had a big life change – selling a business, inheriting money, or receiving a redundancy package.
- You simply want the confidence that your money is working as hard as you are.
👉 If you’re in any of these camps, an adviser can add real clarity and peace of mind.
Step 2: Understand the different types of advisers
- Independent Financial Adviser (IFA): Can recommend products and strategies from across the whole market.
- Restricted Adviser: Limited to a set list of providers or products.
If you want an unbiased view of your options, an IFA is usually the better choice.
Step 3: How advisers charge fees
This is where things can get confusing, so let’s make it simple:
Initial fees – these cover the upfront work, such as:
- Reviewing your pensions, investments, and overall financial situation.
- Building a financial plan and recommending a strategy.
- Implementing changes (such as consolidating pensions or setting up new accounts).
Initial fees are typically charged in one of three ways:
- Percentage of the amount invested – often between 1% and 3%.
- Fixed fee – e.g. £750–£2,000 depending on complexity.
- Hourly rate – anywhere from £150–£300 an hour.
Ongoing fees – this is where long-term planning comes in.
- Usually charged as a percentage of your assets under management (AUM).
- Typical range: 0.5%–1% per year.
- Example: On a £200,000 pension, 0.75% = £1,500 per year.
Step 4: What’s actually included?
Here’s the key question most people don’t ask enough.
Initial advice usually includes:
- A full financial review (pensions, investments, protection, estate planning).
- Cashflow modelling – showing if your money will last and when you can retire.
- Recommendations for structuring your pensions and investments.
- Implementation of transfers or new investments.
Good ongoing financial planning should include:
- Annual or semi-annual reviews of your entire plan.
- Adjustments for changes in markets, tax rules, or your circumstances.
- Rebalancing your portfolio to keep your investments on track.
- Regular cashflow updates to ensure you stay on course.
- Being on hand for major life events – redundancy, inheritance, buying property, or health changes.
👉 Ongoing advice is about real-life decision-making, not just products.
Step 5: Why people choose ongoing advice
Some people are happy with a one-off plan. But most clients stay with an adviser long term because:
- Life changes. Your goals, income, and priorities won’t stay the same.
- Rules change. Tax laws and pension regulations evolve every year.
- Markets change. A disciplined investment strategy prevents emotional mistakes.
- Peace of mind. Knowing you have someone to call when life throws a curveball is often the most valuable part.
Step 6: How to choose the right adviser
- Ask if they’re independent or restricted.
- Check their fees – and make sure you understand exactly what’s included.
- Look for client reviews (VouchedFor, Google).
- See if they use cashflow planning tools – this is the gold standard of modern advice.
- Trust your gut – do they explain things clearly and make you feel at ease?
Final thought: Working with a financial adviser is an investment in your future self. The right adviser won’t just manage your money – they’ll help you make smarter decisions, give you clarity on your future, and ultimately buy you peace of mind.
Ready to Take the Next Step?
If you’re wondering whether working with a financial adviser is right for you, why not have a no-obligation chat?
I’m Lee Gardner, Independent Financial Adviser, with over 35 years of experience helping clients make smarter decisions about their money, pensions, and investments.
Book a call with Gardner Financial Management today and discover how tailored advice can give you clarity, confidence, and peace of mind about your financial future.