Describe the decision before comparing advisers
Write a short explanation of the question you need to resolve. Include the outcome you want to understand, any deadline and arrangements already in place.
For example, preparing for retirement could involve estimating spending, understanding existing pensions or considering future income. Ask which of those questions the proposed work would address.
Our service overview explains how financial planning, retirement and investment enquiries fit together.
Distinguish guidance from personal advice
MoneyHelper, a UK money and pensions guidance service, explains in its advice overview (moneyhelper.org.uk) that guidance explains choices without recommending a particular product or action for you. Regulated advice is personalised to your circumstances and goals.
Ask which kind of support is offered and whether you need a one-off piece of advice or ongoing reviews. General information can help you prepare questions, but it does not answer a personal suitability question.
Understand the scope and check the provider
Independent advisers can consider the whole market. Restricted advisers have limits involving providers or product areas. MoneyHelper’s adviser selection guidance (moneyhelper.org.uk) explains this distinction and recommends checking relevant specialist qualifications, scope and costs.
If advice is described as restricted, ask what the restriction would mean for your particular enquiry. Neither label tells you everything about the work being proposed.
Before regulated advice, check the provider’s authorisation and relevant permissions. The Financial Conduct Authority, the UK financial services regulator, sets out how to do this in its firm checking guidance (fca.org.uk). Check genuine contact details rather than relying on a professional title or recommendation alone.
Compare charges with the work included
Ask what the initial work covers and whether later reviews are a separate service. MoneyHelper’s advice fee guide (moneyhelper.org.uk) describes fixed, hourly and percentage charges, sometimes used in combination. Charges and how they are paid should be explained before commitment.
Useful questions include:
- What questions will the advice address?
- What written report will I receive?
- What are the initial advice charges?
- What would an ongoing service cost and include?
Compare the service as well as its price. Resolve any unclear scope or charge before agreeing to the proposed work.