Typing financial advisor near me into a search engine produces adverts, directories and, occasionally, scammers. In the UK, finding a good advisor comes down to three checks: they are authorised by the Financial Conduct Authority (FCA), they are qualified for the advice you need, and you understand what they will charge.
Job titles tell you little
'Financial consultant' has no legal meaning in the UK, so the financial consultant meaning is whatever the person using it wants it to be. Credentials such as certified financial planner, or a chartered financial planner title earned through a professional programme, show extra study, but they don't replace FCA authorisation. The terms that carry regulatory weight are independent, meaning advice based on the whole market, and restricted, meaning a limited range of products or providers. Both are regulated, so ask which one you are getting.
Five checks before you book
- Search the FCA Register for the firm and the individual. The status should say authorised, and the permissions should cover the advice you want.
- Contact the firm using the details on the Register, not the ones in an advert, message or email. Clone firms copy real names with different phone numbers.
- Ask about qualifications. Advisors must hold at least a Level 4 qualification, and they should be happy to show proof.
- Ask whether the advice is independent or restricted and, if restricted, how.
- Get the cost in writing before you commit.
What it costs
The first meeting is usually free, which is why a search for a financial advisor near me free will find plenty of firms. Ongoing advice isn't free. Charges may be a fixed fee, an hourly rate or a percentage of the money you invest, and the firm must explain them clearly. Ask for the total cost over a year, including any platform or fund charges, not just the advisor's fee. MoneyHelper lists the questions to ask.
For local options, directories such as Unbiased and the Personal Finance Society's find-an-advisor tool list regulated advisors by area. A search for the best financial advisors near me should still end with a check on the FCA Register.
Retirement advice
For the best financial advisors for retirement, look for a specialism rather than a ranking. If you have a defined benefit pension, an advisor needs a pension transfer specialist permission to advise on transferring out of it. Free guidance comes first: MoneyHelper, and Pension Wise for people aged 50 or over with defined contribution pensions. MoneyHelper's page on how to find a retirement advisor covers what a good one should offer.
Living abroad: expat financial advisor UK
An expat financial advisor UK firm should be authorised for UK advice and also permitted to advise people living in your country of residence. Rules differ from country to country, so ask which regulator covers you and what complaint and compensation routes you would have.
Private wealth management and wealth management services
Private wealth management and other wealth management services usually target people with larger portfolios and often set minimum investable amounts, so ask each firm for theirs. Portfolio management services, where the firm decides investments for you within an agreed mandate, are a common offering. Compare the management fee, platform fee and underlying fund costs side by side.
Warning signs
- Unsolicited calls, texts or social media messages about investments or pension reviews
- Pressure to decide quickly, or promises of guaranteed returns
- A firm that isn't on the FCA Register, or whose contact details don't match
- Fees you can't get in writing
Authorised firms fall under the Financial Ombudsman Service, and some may be covered by the Financial Services Compensation Scheme. If something goes wrong with an unauthorised firm, you may have neither. If debt rather than investing is your main worry, start with free help instead; see our guide to the Debt Relief Order and other options.