Do banks have financial advisers?
Find out about the financial advice available from high street banks, the alternatives and how to work out when it might be sensible to look elsewhere.
If you are looking for someone to advise you about investment, it might seem natural to turn to your bank.
Current account providers often offer some form of financial advice, but it may not be suitable for your needs, consider the full breadth of the market or even be available to someone with your level of assets.
Read on to find out about the financial advice available from high street banks, the alternatives and how to work out when it might be sensible to look elsewhere.
Banks will often offer their customers the service of a financial adviser who is either employed by the bank itself or by a company that has a partnership with.
If you’re thinking about using a financial adviser offered by your bank, it's important to ask the right questions first.
Different banks charge in different ways for financial advice, which can make it hard to compare fees.
If you don’t want to use your bank’s financial advice service, or are not eligible for it, you can find an adviser using Unbiased.
Why do banks have financial advisers?
Banks will often offer their customers the service of a financial adviser who is either employed by the bank itself or by a company that has a partnership with the bank.
They do this for a variety of reasons including:
For convenience
Customers can benefit from having their finances in one place and may find their investment easier to manage if it is bundled with their bank account.
To increase loyalty
Customers may feel more loyalty to their bank if they have a personal meeting with their financial adviser and be less likely to move their money.
Banks particularly offer these services to high value clients, who have a lot of money to save and invest.
To sell their own products
If your current account provider has investment products, their financial advisers may be employed purely to sell these products to customers, rather than offer those from the rest of the market.
What questions should I ask a financial adviser from a bank?
If you’re thinking about using a financial adviser offered by your bank, there are some questions you should ask first.
Are you a restricted or an independent adviser?
Independent advisers can recommend products from the whole market, but restricted advisers can only sell products from certain companies, and often that is just the bank itself.
What will I be charged for the advice you give me?
Some advisers charge a flat fee, others and hourly rate, and some a percentage of the portfolio that you want to invest.
Some will offer an upfront meeting for free.
When you submit an enquiry through Unbiased, you won’t be charged for being matched with an adviser, and the initial consultation is typically free.
Will you get a bonus for selling certain products?
Even if an adviser is not restricted to selling only the bank’s products it is good to check whether there is an incentive to recommend these above others.
Do I have the right level of assets to take your advice?
Most banks restrict their advice to clients with a certain amount of money in the bank or a certain size of portfolio.
You can see the limits for different banks in the table below, but you should check with your own bank as well.
What qualifications do you have?
All advisers must hold at least a Level 4 qualification in financial advice and some will have other qualifications too.
If you need help with something specific, like planning for later life care or putting money into a trust, you might want someone with specific qualifications in these areas.
How to compare your bank’s financial advice charges
As you can see from the table below, different banks charge in different ways for financial advice, which can make it hard to compare fees with other banks or with external financial advisers.
You can find a typical range of fees for financial advice on the Unbiased website here.
You might be surprised to find that restricted advisers often charge as much as independent advisers.
A Financial Advice Business Benchmarks report from NextWealth found that restricted firms charge 28% more on average than their independent counterparts.
Make sure you’re clear on all of the possible charges from using your bank’s financial advice service including ongoing annual costs so that you can compare properly.
The table below shows the advice model, minimum assets and financial advice services offered by Britain’s biggest high street banks:
| Bank | Advice model | Minimum assets | Available for | Key details |
|---|---|---|---|---|
| Bank of Scotland | Restricted | £250,000 | Affluent customers (income over £100,000 or £250,000 or more in savings and investment) | Advice via Schroders Personal Wealth. Free initial planning; tiered fees for ongoing advice |
| Barclays | Restricted / Digital | £250,000 – £3m+ (online help for those with less) | Affluent & Private clients | Human advice at tiered prices for high-net-worth individuals; online help called Smart Investor for those with smaller pots |
| Halifax | Restricted | £100,000 | Customers with £100k sole annual income or assets | Advice via Schroders Personal Wealth. Offers readymade investment pathways for pensioners with smaller sums online. |
| HSBC | Restricted | £100,000 | Premier customers | Fee recently cut to 1% of portfolio (min £960). Available through specialised "Wealth Centres" for customers with high levels of assets. |
| Lloyds Bank | Restricted | £100,000 | Private Banking clients | Advice via Schroders Personal Wealth with tiered fees. Focuses on long-term wealth and tax planning. |
| Metro Bank | Referral / Partnership | £10,000 – £25,000 to invest | All customers | Metro refers all clients to St. James’s Place for wealth needs. |
| Nationwide | Third-party | £20,000 | All members | Outsourced to Aegon. Requires £20k lump sum or £400/month and charges 2.5% on the first £100,000 of your investment for a first consultation. |
| NatWest | Restricted / Digital | £10,000 – £250,000 | Premier & Wealth clients | £7,000 (+VAT) flat fee for full planning for those with £250,000 or more, or £3000 for investment advice. A digital advice service for those with £10,000 or more costs £10-£20 for initial advice. |
| Santander | Restricted | £20,000 | Select customers | Minimum advice fee of £500. Uses a restricted range of Santander funds. |
| TSB | Guidance Only | No minimum | All customers | Money Confidence Experts are available for budgeting/debt advice, not help with investing. |
| Virgin Money | Referral Only | No minimum | All customers | Does not have an advice service and refers to clients to the Unbiased directory. |
Where else can I find advice?
If you don’t want to use your bank’s financial advice service, or are not eligible for it, you can find an adviser using the Unbiased site.
This allows you to search for advisers near you and see their qualifications and specialisms.
You can usually have a free upfront conversation with any adviser, and should make sure you are clear on their costs, qualifications and specialisms before agreeing to a long term relationship.
The key to success is to find a trusted financial adviser who offers services and fee structures that align with your financial status, budget, and overall savings goals.
Let Unbiased connect you with a skilled financial adviser who can provide expert financial advice at a cost that works for you.
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