Seeing a financial adviser

What does a financial adviser do?

An adviser will enquire about your , personal circumstances, finances and objectives and how you really feel about taking risks with your capital. This information will aid  them to suggest retirement income products (eg flexi-access drawdown, different types of annuity) that are the correct choice for you.

The Financial Conduct Authority (FCA) website has more information on the matter and is a useful resource.

More information will make you more prepared when you meet a financial adviser, and will benefit you. Financial advisers calne offer independent financial advise. This includes details of how much is in your total account and other incomes.

When to see a financial adviser

You should think about seeing a financial adivser if you:

  • mix your pension options
  • invest your pot to get an adjustable income – an adviser can do this for you
  • pay more money into your pension
  • leave some of your pension in your will – they can advise on the most tax-efficient way to do this

You really should get independent financial advice, if you have a:

  • final salary or career average pension (known as a ‘defined benefit’ pension) worth more than £30,000 and you want to transfer it to a defined contribution pension scheme
  • defined contribution pension worth more than £30,000 with a guarantee about what you’ll be paid when you retire (eg a guaranteed annuity rate) and you want to give it up to do something else with your pot

You should also consider speaking to a financial adviser if you want to do either of these and your pension is worth £30,000 or less.

Choosing the right adviser

Check your adviser is authorised by the FCA first.

 

Independent or restricted advisers

Always ask an adviser if they’re restricted or independent.

Restricted advisers are limited to certain types of products (eg only annuities) or the providers they can choose from. Independent advisers cover the whole market.

financial advisers based in calne

Spending money for financial advice

Fees for financial advise do vary. Before you get advice, ask the adviser:

  • when you are expected to pay
  • what the fees and charges are
  • if there’s a fee for an initial consultation – many advisers offer this for free

You’ll pay a one-off fee if you see the adviser once or a regular fee if the advice is ongoing.

 

 

 

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