How to find a pension or retirement adviser

A financial adviser is a professional individual or company that can help you manage your money and make important financial decisions. Some advisers specialise in retirement or pension planning.

The adviser will collect information from you to provide you with personalised financial advice.

If you choose to find a financial adviser, you should only use one that is regulated by the Financial Conduct Authority (FCA).

Follow our checklist to understand how to find retirement advice that’s right for you, where to find a regulated financial adviser and how much it might cost.

A regulated financial adviser can tell you what’s best for you and your money, including when and how to access your pension.

A good retirement adviser will:

• give you a free initial meeting to discuss your needs
• provide you with a tailored plan that fits your circumstances and goals
• recommend suitable products and services
• help you avoid expensive mistakes
• make sure you take advantage of opportunities, such as tax allowances.

You must be told how much the advice will cost before you commit.

According to the International Longevity Centre, people who receive financial advice typically build more wealth than those who don’t over the long term – even after fees are taken into account. This includes larger pensions that provide higher incomes in retirement. 

With some financial products, getting financial advice first is mandatory. But for most things, financial advice is optional and can be costly, so you’ll need to weigh up if it’s right for you.

If you’re not sure whether paying for advice is best, you could consider free guidance first. This can help you get a general overview of your options but you’ll need to decide how to act on that information. 

You can: 

• use our online guides and tools  
• contact us on our free helpline with any money or pension questions you have 
• have a Pension Wise appointment (if eligible) to understand your options for taking a defined contribution pension 
• book a Pension and divorce or dissolution appointment to understand your options after a relationship breakup. 

Online directories let you search for regulated retirement advisers near you. Each directory has slightly different features, so try a few to see which one you prefer. 

You could also: 

• ask for personal recommendations if someone you trust has already paid for advice 
• check if your employer, trade union or other organisation you’re a member of has special arrangements with advisory firms. 

To confirm you’ve found a regulated adviser and avoid potential scams, use the Financial Conduct Authority’s (FCA’s) Financial Services RegisterOpens in a new window to check that: 

• the adviser (or the firm they work for) is listed as being authorised to provide advice  
• you have their genuine contact details.   

There are two main types of financial adviser: 

• Independent financial advisers (IFAs) can search the entire market to recommend a product or service for you, including all types of investments. 
• Restricted advisers usually: 
  • give advice on a specific type of product or area (such as retirement) and/or 
  • recommend products from a certain number of providers. 

 Both types of advice will be tailored to you. 

A fraudster might target you by offering fast or high financial returns – often pressuring you to act quickly. This might be via an advert on social media or by calling, emailing or texting you. 

Never make any payments or access any of your investments or pensions because of this type of contact. It’s likely a scam and you could lose your money and face a large tax charge. 

To check if a pension or investment opportunity is genuine, you can use the FCA’s ScamSmart toolOpens in a new window

The cost of financial advice and how you’re charged can vary, so it’s always best to get multiple quotes from different advisers or firms.  

For example, an adviser might charge: 

• an hourly rate 
• a fixed fee for a one-off review or plan 
• a fee based on the value or your pension or investment portfolio 
• a low (or no) fee if they receive commission from the provider of a recommended mortgage, insurance policy or equity release loan.  

Before you commit to an adviser, you must be told: 

• how the adviser’s charges work  
• how much you’ll pay 
• if there are any ongoing costs, such as fees for managing your pension or investments over the longer term.  

This often happens during a free meeting to discuss your requirements, but you should also receive the quote in writing too.  

Make sure to ask if the adviser is independent or restricted and any other questions you have.  

For example, you might want to check what a certain qualification means or if they’ve had previous experience dealing with a situation similar to yours. 

After you’ve chosen a regulated retirement adviser, the adviser will carry out a fact-find to gather information about your: 

• finances – including your income, spending, debts, savings and pensions
• goals and what you hope to achieve
• family situation
• attitude to investment risk.

This helps to make sure the advice is tailored to meet your needs. 

A good adviser will: 

• ask you for enough information to understand your situation and current plans 
• check that financial advice could improve your circumstances 
• clearly explain any recommended actions 
• encourage you to take the time to understand your options and ask questions – you should never feel rushed.

You should also be sent a written report explaining your recommendations in detail, why the advice is right for you and the costs.

If you’re advised where to invest your money, make sure you’re comfortable with the level of risk as you could get back less than you put in.  

If you’re happy to go ahead, the adviser can usually help to action the recommendations, such as setting up investments. They can also continue managing your finances if you choose an ongoing service, such as altering your investments if the market changes.  

You should always expect professionalism from your adviser, with honesty and respect for your right to decide.  

If an adviser pressures you, does not explain any recommendation clearly or will not provide a written report, these are warning signs that the adviser might be a scammer.

Do not continue and report the adviser to the FCAOpens in a new window

You can also report the potential scammer to: 

• Report FraudOpens in a new window if you live in England, Wales or Northern Ireland 
• Police ScotlandOpens in a new window by calling 101 if you live in Scotland. 

Using a regulated financial adviser means you can complain and ask for compensation if the advice you were given turns out to be unsuitable.  

You cannot complain if your investments haven’t performed as you’d hoped, unless you were told they were low risk and turned out to be high risk – for example.  

Unsuitable advice might include: 

• being told wrong or misleading information 
• your agreed recommendations not being carried out – or later than promised 
• mistakes being made.  

When complaining, it’s a good idea to include a copy of the written recommendations your adviser sent you and explain why you feel the advice was unsuitable.

For step-by-step help, see our guide How to claim compensation for a pension problem or poor advice.