While many people manage their finances independently, there are certain life events and situations where professional financial advice can be particularly valuable. Here is a look at when it might be worth considering.
Approaching Retirement
Retirement is one of the most complex financial transitions. Decisions about when to retire, how to access your pension, and the order in which to draw from different accounts can have a significant impact on your long-term financial security.
The government offers a free service called Pension Wise (available through MoneyHelper) for anyone over 50 with a defined contribution pension. This provides a free, impartial guidance appointment — not personalised advice, but helpful context for understanding your options.
For personalised recommendations tailored to your specific situation, a regulated financial adviser can help with pension access strategies, tax-efficient withdrawal planning, and ensuring your income lasts as long as you need it.
Receiving a Large Sum of Money
An inheritance, property sale, redundancy payment, or business sale can be a significant event. Getting advice on how to invest, save, or use the money tax-efficiently can prevent costly mistakes and make the money work harder for you.
Pension Transfers
If you have a defined benefit (final salary) pension and are considering transferring it, you are legally required to take advice from a regulated financial adviser if the transfer value is £30,000 or more. This is because DB pensions provide valuable guarantees that are difficult to replicate once given up.
For defined contribution pension transfers, advice is not legally required but can be valuable, especially if your pension has guaranteed annuity rates or other special features.
Complex Tax Situations
If your financial situation involves multiple income sources, property portfolios, share options, business ownership, or international tax considerations, a financial adviser can help you navigate the complexity and ensure you are being as tax-efficient as possible.
Estate and Inheritance Planning
If your estate might be above the IHT threshold, or if you have complex family arrangements (blended families, trusts, overseas assets), professional advice can help ensure your wishes are carried out and your family does not pay more tax than necessary.
How to Find a Financial Adviser
Financial advisers in the UK must be regulated by the Financial Conduct Authority (FCA). You can check whether an adviser is registered on the FCA Register.
When choosing an adviser, consider:
- Whether they are independent (can recommend products from the whole market) or restricted (limited to certain providers)
- How they charge — most advisers charge a percentage of assets managed, a fixed fee, or an hourly rate
- Their qualifications and areas of specialisation
- Personal recommendations from friends or family
You can also browse our Wealth365 Adviser Directory to find FCA-regulated firms in your area.
Important: This article is for general educational purposes only and does not constitute financial advice. Tax rules can change and individual circumstances vary. If you need advice tailored to your situation, please consult a qualified, FCA-regulated financial adviser. You can browse advisers in our adviser directory.