The top 5 places to get free financial advice in the UK

Financial advice can be invaluable as a financial adviser can help you get the most out of your money, whether you’re hoping to start investing, planning your retirement or looking for the right mortgage. 

While the initial meeting is typically free, working with an adviser is fee-based, and charges can vary. 

We reveal the services that offer impartial guidance or advice free of charge.

We’ll also explore the difference between financial guidance and advice and restricted and independent advisers, as well as what questions to ask and qualifications to look out for. 

Where can I get free financial advice and guidance in the UK?

Here are five of the best places that offer free financial advice and guidance. 

What is the difference between financial guidance and advice?

Financial advice and guidance may sound very familiar, but there are some key differences to consider.

If an organisation offers financial guidance, it is essentially an overview of your options — but nothing is recommended.

Financial advice is tailored to your needs by recommending the best action or financial product.

For example, financial guidance on your savings options would outline your options and their pros and cons. In contrast, a financial adviser would look at your circumstances and recommend a specific account.

A financial adviser should be regulated by the Financial Conduct Authority (FCA), while financial guidance is not, so you won’t be able to complain to the Financial Ombudsman if you’re unhappy. 

If you’re seeking advice and are unsure whether you’re getting advice or guidance, check with the organisation, as they may only offer the latter.

Our expert says: Financial guidance vs financial advice

Lisa-Marie Voneshen - Senior Content Writer at Unbiased

“Sites that offer free financial guidance can be useful if you’re looking for information, which can be invaluable and span various areas such as pensions, debt, housing, benefits and consumer rights.

While financial guidance is helpful, the companies providing this cannot offer any recommendations.

For example, they can give you information about how to access your pension but can’t tell you which way is right for you, while a qualified financial adviser can make recommendations based on your circumstances.”

When should I get a financial adviser?

There are many occasions in life where advice can make a big difference – some more obvious than others.

Most people who contact an adviser do so when facing one or more of these decisions:

• Starting a pension

• Saving for / buying a home

• Investing

• Marriage / starting a family

• Making a significant career change

• Starting or running a business

• Planning ahead for retirement

• Taking an income in retirement

• Planning life after retirement

Other reasons for seeking financial advice may include moving abroad, getting divorced, arranging for yourself or a relative to go into long-term care, or any situation in which you may need to take out a financial product, such as a mortgage, insurance, or a pension arrangement.

What are the different types of financial advisers? 

There are two types of financial advisers, which are outlined below. 

• Independent: Independent financial advisers can recommend investment and financial products, including pension products, from various firms across the market.

• Restricted: Restricted advisers are limited in what types of financial products they can offer, the providers they can use or both.  

Regardless of the type of adviser you choose, the quality of the advice you receive should be similar. 

Before agreeing to use a financial adviser, you should be clear about whether they are restricted or independent and make sure it works for you.

What types of qualifications should a financial adviser have?

A financial adviser must have a qualification recognised and approved by the FCA and, at minimum, have completed a Level 4 diploma for financial advisers. 

They must also have a Statement of Professional Standing. 

All financial advisers available via Unbiased are regulated by the FCA, so you have peace of mind when getting advice.

What questions should I ask in my first meeting? 

When you have an initial meeting with a financial adviser, you should ask questions to ensure they are right for you.

Below are some questions you should ask, although this is not an exhaustive list.

• Will you advise on the whole of the market?

• What are your qualifications?

• What should I bring to the next meeting?

• What will be the cost of advice?

• What benefits can I expect from this advice?

Seek expert financial advice

If you’re looking into how to make the most of your money and are considering ways to maximise your pension or find the best investments or mortgage, it may be worth paying for advice.

Learn more: what is a financial adviser and what do they do?

Unbiased can quickly connect you to a qualified financial adviser who can offer guidance whether you plan to retire soon, start investing or optimise your pension.