Do I need a financial adviser?
Sometimes the value is expertise. Sometimes it is time, confidence or having someone manage complexity. And sometimes good free guidance is enough.
When financial advice can be useful
MoneyHelper highlights situations such as complex financial needs, receiving a lump sum, wanting ongoing management, making a specific financial decision or simply not having the time to manage everything yourself.
Advice tends to become more valuable when the cost of a poor decision is large, several parts of your finances interact, or you want a regulated professional to take responsibility for making a suitable recommendation.
When free guidance may be enough
Guidance can explain options and help you understand a decision without recommending a specific product or course of action. If your situation is straightforward and you are comfortable researching and implementing decisions yourself, you may not need ongoing paid advice.
Guidance helps you understand your options. Regulated advice makes a personalised recommendation based on your circumstances.
Cost has to be part of the decision
MoneyHelper currently gives broad examples of £100–£350 an hour, 1–3% for initial pension/investment advice and 0.5–1% for ongoing advice. Actual fees vary by adviser, service and complexity.
Before committing, ask what the advice costs in pounds, what ongoing work is included and whether you actually need the ongoing service being offered.
Calculate an adviser fee