Handing someone your pensions, savings and future plans takes trust. Yet most people have never been told what actually separates a good financial adviser from a poor one. This is a plain-English guide to help you choose well — whoever you decide to work with.
Choosing an adviser is one of the more important financial decisions you will make, and it is rarely about who has the smartest brochure. It comes down to a handful of practical checks anyone can make. Here is what we would tell our own family to look for.
1. Independent or restricted? Know the difference
In the UK, advisers are either independent or restricted. An independent adviser can look across the whole of the market and recommend whatever genuinely suits you. A restricted adviser is limited to certain products, providers or areas. Neither is automatically "bad" — both are regulated — but independence means your adviser is not nudged toward a narrow shelf of options.
It is a fair question to ask outright: "Are you independent or restricted, and what does that mean for my choices?" A good adviser will answer plainly. We are independent, which is a deliberate choice on our part.
2. Check they are FCA authorised — it takes two minutes
Every legitimate adviser in the UK is authorised by the Financial Conduct Authority (FCA), and you can verify this yourself for free. Visit the Financial Services Register at register.fca.org.uk and search the firm or adviser's name. It will confirm whether they are authorised and what they are permitted to do.
3. Look at qualifications and experience
At a minimum, a financial adviser should hold a recognised Level 4 qualification such as the Diploma for Financial Advisers (DipFA) or equivalent. Many advisers hold further specialist qualifications in areas like pensions, equity release or mortgages. Experience matters too — ask how long they have been advising and whether they have helped people in situations similar to yours.
4. Understand exactly how they charge
Advisers are paid in different ways: a fixed fee for a piece of work, an hourly rate, or a percentage of the money they look after for you. None of these is inherently wrong, but the charges should be explained clearly and in writing before you commit to anything. Vague or evasive answers about cost are a warning sign.
5. The questions worth asking before you commit
- Are you independent, and are you on the FCA Register?
- What are your qualifications, and how long have you been advising?
- How exactly will I pay you, and what will it cost in pounds?
- Who will I actually deal with day to day?
- How often will we review my plan, and how do I reach you in between?
Red flags to watch for
- Pressure to decide quickly, or "limited-time" offers.
- Promises of guaranteed or unusually high returns — no honest adviser can promise this.
- Reluctance to put fees, or anything else, in writing.
- No clear named contact, or you can never reach a real person.
Why people choose The Wealth Manager
We are a small, family-run firm based in Roydon, Essex, looking after clients here and across the UK. You deal with named people — not a call centre — and many of our clients have been with us for well over a decade. You can book a meeting directly, message us on WhatsApp, or simply pick up the phone. We are independent, FCA authorised through our network, and we believe in plain English over jargon.
Frequently asked questions
Is a financial adviser worth it?
For many people, yes. A good adviser helps you avoid costly mistakes, makes sure your pensions, investments and protection work together, and keeps your plan on track as your life — and the rules — change. Whether it is right for you depends on your own circumstances, which is exactly what an initial chat is for.
What is the difference between independent and restricted advice?
An independent adviser can recommend products from across the whole market. A restricted adviser can only recommend certain products or providers. Both are regulated, but independent advice gives you a wider choice.
How do I check a financial adviser is genuine?
Search the Financial Services Register at register.fca.org.uk. It confirms whether a firm or adviser is authorised by the FCA and what they are permitted to do.
How much does a financial adviser cost?
It varies — a fixed fee, an hourly rate, or a percentage of the money managed. A trustworthy adviser explains all charges clearly and in writing before you commit.
Laurence has more than 38 years' experience advising clients on pensions, investments and protection, and holds the DipFA among other qualifications. He leads our family-run practice in Roydon, Essex.
Important: This article is general information, not personal financial advice. What is right for you depends on your individual circumstances. The performance of your investments is subject to risk. Its performance may fluctuate based on movements in the market and economic conditions. Capital is at risk. Currency movements may also affect the value of investments. You may get back less than you originally invested. Past performance is not a reliable indicator of future performance. Tax treatment is based on an individual’s unique circumstances and may be subject to change. For advice tailored to you, please get in touch. [DRAFT — financial promotion to be approved by Julian Harris Adviser Network compliance before publishing.]