Hiring a financial adviser is one of the bigger money decisions most people make, and yet most of us walk into the first meeting without much idea what to ask. What usually happens is the conversation feels productive at the time, then friction shows up later, when it's harder to walk away.
A handful of questions in the first meeting will tell you most of what you need to know. Here are the eight we'd ask, and what a good answer looks like.
1. Are you a fiduciary?
A fiduciary has a legal duty to act in your best interest. Not all advisers operate this way. In the UK, fully independent advisers regulated by the FCA come closest - they're required to recommend products that meet your needs, not the ones that pay them most.
A good answer: "Yes. I'm an independent financial adviser regulated by the FCA, and I'm legally and professionally required to recommend what's right for you, not what's most profitable for me."
Red flag: Hedging. Phrases like "we always try to do what's best for our clients" without a clear regulatory grounding. If they can't say yes plainly, the answer is no.
2. How do you get paid?
This is the single most revealing question you can ask. There are three main models in the UK.
- Fee-only. You pay the adviser directly. Could be a flat fee, an hourly rate, or a percentage of assets under management. No commission from product providers.
- Fee-based. A mix of fees from you and commissions from products, though commission rules tightened a lot after the Retail Distribution Review in 2013.
- Commission-only. Rare for investment advice now, but still common in protection (life insurance, critical illness).
A good answer: Specific numbers, no hesitation. "I charge a flat annual fee of £2,400, plus an initial planning fee of £1,500 for new clients."
3. What are your qualifications?
The minimum qualification to give regulated financial advice in the UK is Level 4 (the Diploma in Regulated Financial Planning). The best advisers usually hold Level 6 (Chartered) or Level 7, which signals real depth.
Specific designations to look for:
- Chartered Financial Planner - the gold standard in the UK
- Certified Financial Planner (CFP) - globally recognised
- Pension Transfer Specialist (PTS). Required for DB pension transfer advice
4. Who is your typical client?
This tells you whether their experience matches your situation. If you have £150k to invest and their typical client has £2m, you'll either be a small fish in the wrong pond - or paying for sophistication you don't need.
What you want to hear: A specific, recognisable profile. "Most of my clients are professionals in their 40s and 50s with £250k–£1m in investable assets who are five to fifteen years out from retirement." If their answer is "anyone with money", that's a flag.
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You don't need to evaluate this technically. You just need to hear something coherent that you broadly agree with. Most evidence-based UK advisers today work with some version of low-cost, diversified, long-term investing - usually passive funds or a mix of passive and active.
Red flag: Claims of market-beating returns, talk of "exclusive" investment opportunities, or promises that sound too good. An adviser's main job is keeping you invested through bad markets, not outguessing them.
6. What services are included in your fee?
"Financial advice" means quite different things to different advisers. Some focus narrowly on investment management. Others do full planning - tax, estate, pensions, insurance, ongoing cashflow.
Get a clear written breakdown of what's in scope. Useful to ask: "Will you build me a financial plan? Will you help with tax-efficient drawdown in retirement? Do you review the plan annually, and what does that review include?"
7. How often will we meet?
Some advisers meet quarterly. Some annually. Some only when you call. None of these is wrong, but you should know which model you're signing up to and whether it matches what you actually need.
If you'd benefit from an active partnership - early career, major life change, complex situation - an adviser who meets once a year may leave you feeling abandoned. If you're settled in your strategy and just want occasional oversight, quarterly meetings might feel like overkill, and overpriced.
8. Can I leave if it's not working?
Being easy to leave is a feature, not a flaw. Ask about notice periods, exit fees, and what happens to your investments if you walk away. A good adviser doesn't need lock-in to keep you.
A good answer: "You can leave any time with 30 days notice. No exit fees. Your investments stay where they are - move them to another adviser or manage them yourself."
A note on trust
These questions screen for competence and alignment. What they can't tell you is whether you'll like working with the person. After the box-ticking, ask yourself one last question: does this person actually listen?
A good adviser's most underrated quality is being able to absorb your situation without immediately turning it into a product pitch. If you walk out of the first meeting feeling heard, that matters more than most things on this list.
The right adviser isn't the one with the most qualifications. It's the one who understands what you're actually trying to build.
If you'd like help finding three advisers who match your situation, our quiz takes about three minutes. It's free, advisers don't pay for placement, and there's no obligation to engage with any of your matches.