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Megan is a senior researcher and writer at Which?, with a background in data analysis and stats in the public and charity sectors.
Unfortunately, it's rarely as simple as looking on their website.
Independent financial advisers (IFAs) aren't required to display their charges information on their websites, and many will ask to have an initial meeting with you first to ensure their quote is accurate based on your financial situation.
It's still important to shop around and not go with the first IFA you meet – there could be one that suits your needs better, and is better value for money. We generally advise getting three quotes before making a decision.
Both independent financial advisers and restricted financial advisers must agree up front how much you will be charged for their services, when you'll be charged and how payments will be made to them.
Our money guidance team can’t tell you what to invest in – but they can explain how to get started and make your own well-informed decisions. Unlimited access to them via phone is included in the Which? Money subscription.
Find out moreThere are three main ways you will be charged:
Most advisers charge you by taking a percentage of the investment.
The Financial Conduct Authority (FCA) says advisers charge an average of 2.4% of the amount invested for initial advice and 0.8% a year for ongoing advice (1.9% p.a with underlying product and portfolio charges factored in).
The adviser generally pays themselves by selling a proportion of your investments equal to the fee, in a similar way to investment platforms.
Some advisers take payment as a one-off charge that covers everything from the fact find to the plan implementation. This advice would be tailored to your needs, but could vary wildly from adviser to adviser.
You could be charged an initial fee for the recommendations and then a flat fee annually for reviews or each piece of work your adviser undertakes.
See below for some examples of flat fees for particular services.
Fees set out as an hourly rate are simple and easily evidenced, but beware, as this method can end up with costs spiralling out of control.
You could expect to pay anything between £30 to £250 an hour – the average cost in 2026 was £205 per hour, according to dviser comparison site VouchedFor.
Here's what you could expect to pay for three scenarios commonly searched for on VouchedFor.
| Scenario | Average cost over five years |
|---|---|
| Taking out a £300,000 mortgage | £432 (upfront) |
| Creating a financial plan involving £100,000 of investments and receiving ongoing advice about it for five years | £6,300 (£2,326 upfront and £3,975 ongoing) |
| Investing £250,000 and receiving ongoing advice about it | £14,809 (£5,036 upfront and £9,773 ongoing) |
| Consolidating three pension pots totalling £500,000 and receiving ongoing advice about it | £27,705 (£8,552 upfront and £19,153 ongoing) |
| Average hourly rate | £205 |
Source: VouchedFor, 2026
It's worth keeping in mind that financial advice can pay for itself many times over.
That could be through the adviser picking you more suitable investments, shielding them from tax, and putting in place measures for if the worst happens, such as income protection.
Which? Money members can get impartial guidance from our experts, based on 350 years’ combined financial services experience.
Find out moreYou can get financial advice on a portfolio of a few thousand pounds, but finding an adviser may prove a challenge.
According to the FCA, the average advised customer has over £250,000 of assets under advice.
The number of IFAs prepared to work with clients with less than £50,000 to invest has halved from 53% in 2019 to only 25% in 2025 – according to the 2025 Schroders Adviser Annual Survey of 400 advisers. The minimum amount required has gone up in recent years, and 30% of advisers said they won't accept customers with less than £200,000 to invest.
You can use VouchedFor or Unbiased to filter advisers according to your investment pot size. If you can't afford the remaining options, you may be able to pay an adviser a fixed fee to get one-off advice, instead of paying for an ongoing service.
Some investment platforms offer one-off advice sessions for a fixed fee from around £500 to £1,000. But in most cases these advisers are restricted – they can only recommend their own services and products.
You can also invest in ready-made portfolios which are managed on your behalf after you fill in a questionnaire about your goals and risk tolerance. These serve as a halfway point between financial advice and choosing investments yourself.
Many financial advisers offer a free initial consultation, which involve explaining what your financial needs are and identifying where you need help.
A good adviser will also talk you through your options and the services it offers to help you take the next steps.
That's where the free bit ends. If you decide that you want a professional adviser to manage your financial affairs, you will only get firm recommendations and a strategy provided to you if you go ahead and agree to use their services.
However, if you're looking for more general guidance, there are a few options – particularly if you are planning your retirement.
There are dozens of firms offering debt advice - the adverts for some of which imitate genuine established debt charities.
These firms could end up directing you to use expensive or unsuitable strategies.
Our guide includes several reputable debt charities with decades of expertise.
Paying for financial advice will often come out as a percentage of your investment, so you don't need to worry about paying a bill.
If you are paying a flat fee, or hourly, then there are some ways to help you pay:
The Pensions Advice Allowance lets you withdraw up to £500 from your pension savings to put towards the cost of retirement and pensions advice.
This £500 allowance can be used three times, which is designed to allow you to access retirement advice at different stages of your life. You may, for example want advice when choosing a pension, and again when you're deciding what to do with your savings.
However, you can only use the allowance once per tax year.
The good news is that you won't be charged any tax on your withdrawal, provided you use it to pay for financial advice.
The Pensions Advice Allowance is available at any age, but can only be used by people who have a defined contribution pension. The scheme is not available for those that have a defined benefit, or final salary, pension.
Companies can also offer to pay for financial advice for their employees without paying income tax, up to £500
In combination with the Pensions Advice Allowance, this means you could get £1,000 towards paying for pension or retirement advice.