Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

Getting financial advice

Step 1 – Take stock

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Do you need financial advice?

A financial adviser can give you advice about managing your money as a whole, or help you with specific needs, say if you're planning to start saving for a pension.

They can give you:

  • advice and recommend a product after discussing your needs and financial situation (and they will give you their recommendations in writing); or
  • information on a range of products for you to choose from, after having asked you a few questions.

Before seeing an adviser, you will need to think about what it is you need – do you want:

  • someone to recommend a type of mortgage, pension, insurance or somewhere to invest your money for the long term, and a particular firm that provides this?
  • someone to give you information about different products and providers so that you can choose by yourself?
  • none of the above – are you happy to read up on different products and do your own research to choose one?

You don't have to see an adviser when you're buying a financial product, but if you don't you may choose something that isn't suitable for your needs and you'll have less ground to make a complaint.

However, if you take advice and you later find out it wasn't suitable, you may have grounds to make a complaint and expect some compensation for any loss.

An adviser will ask you some basic questions to begin with, for example about your borrowing, savings and whether your family is protected if you died suddenly.

You can take steps to sort out your financial priorities yourself first by using our Financial healthcheck. It can help you identify your financial needs and make your financial decisions.

Before you visit an adviser

Think about what you want – are you interested in:

  • protecting your income in case you become ill?
  • borrowing to buy a home?
  • saving for retirement?
  • generating extra income?
  • investing to build up a lump sum?

Check how much you can afford to set aside to reach your goals – for example, you might want to pay or save:

  • a specific sum each month out of your income;
  • a single lump sum; or
  • lump sums when you can afford them.

Think about how you feel about risk:

  • is it important that you do not risk losing any of your original investment (your capital); or
  • can you afford to lose some of your capital, and are you willing to accept the risk that this may happen if it gives you the chance of a bigger return?

Have available personal information that will help the adviser make their assessment and recommendations – such as

  • details of any partners, children or other dependants;
  • how much you earn and what income tax rate you pay; and
  • what financial products you already have.
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