Are financial adviser fees tax-deductible?

Fees are not deductible if you seek financial advice in your personal capacity. If you own a business or are self-employed and use a financial advisory service wholly for your business, financial adviser fees are tax deductible under legal and financial costs.

Can you negotiate financial adviser fees?

While some financial advisers may be unwilling to negotiate fees , others may be more open to doing so. First, it’s a good idea to obtain a quote for the costs of the adviser’s support and advice. Once you have this, it’s worth comparing it to quotes from other financial advisers. You could share your quote with the financial adviser of your choice and see if they are willing to match that or offer a lower fee. Alternatively, you could ask whether there’s any way to reduce the expected costs and if this will impact your service.

Can you get one-off financial advice?

Yes, one-off financial advice allows you to consult a financial professional on specific financial concerns without committing to ongoing services. This flexible option can provide clarity and reassurance precisely when you need it most.

How often should you meet with your financial adviser?

At a minimum, your financial adviser should offer you a review once a year. They may suggest you meet twice a year or once a quarter if there are some big changes happening. This might include you starting or selling a business, buying property, or preparing for retirement, for example. There may be other reasons for ad hoc check-ins with your financial adviser. Market falls, a dip in investment performance, or tax rule changes might all be cause to give your financial adviser a call. Or, perhaps you want a quick update to make sure your financial plan is on track to meet your goals.

What questions should I ask a financial adviser as a high net worth individual?

When seeking tax advice for higher earners from a financial adviser, asking the right questions is critical to ensure you get the most out of your income. Here are some questions to ask and why they’re important: How can I minimise my tax liability? This will help you explore options for reducing your tax burden, like pension contributions or charitable giving. How can I maximise my investments? Get advice on how to structure your investment portfolio to grow wealth while considering tax implications. What strategies should I use to protect my wealth? Discuss risk management, including insurance and diversification strategies. How should I plan for retirement? Make sure your pension strategy aligns with your long-term financial goals. Are there any benefits I’m not taking advantage of? Salary sacrifice schemes or specific tax breaks may be available to you as a high earner.

High net worth financial advisers: what are the benefits of working with one?

5 mins read

by Hannah Smith

Last updated April 17, 2025

Wealthy individuals could benefit from specialist support from a high-net-worth financial adviser. We explore what you should know.

Individuals with a few million in investable assets may benefit from seeking advice from a financial adviser specialising in helping high-net-worth individuals.

Far beyond just building a suitable investment strategy, high net worth financial advisers can get involved in many aspects of an individual’s financial life to help them build and protect their wealth and pass it to the next generation.

Key takeaways

High net worth individuals (HNWIs) can have complex finances, offshore assets, and sporadic income, so they need an adviser who specialises in this

HNW financial advisers usually have experience with tax planning, wealth transfer, business succession planning, investment management, and philanthropy

They often work with other professionals such as solicitors, accountants, property managers and corporate advisers for holistic financial planning

HNWI financial advisers may deal with family wealth, so they can guide delicate conversations. They are also skilled at protecting the privacy of high-profile clients.

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What is a high net worth individual?

There’s no agreed-upon universal definition of what a high net worth individual is, but, in general, if you have between £1 million and £5 million of investable assets, you would be considered high net worth.

This might also be the case if you’re not sitting on a large pile of investable assets, but you do have a substantial monthly income.

Characteristics of a high net worth individual

A HNWI could be an entrepreneur, a professional with a large number of share options in their company, or someone who has received a large inheritance.

If they have become a HNWI because of a sudden windfall such as an inheritance or the sale of a business, they might need advice on how to manage their new lump sum.

A high-earning HNWI might need financial planning related to a property purchase, retirement, or tax planning. Some HNWIs will have complex finances, perhaps involving multiple income streams from trusts, businesses, or properties, and assets or interests offshore.

HNWI income can be sporadic, for instance, if someone gets a large annual bonus or vests their company shares after five years. Sometimes people in this situation can struggle to get property financing, for instance, as their cash flow looks poor on paper.

Having a financial adviser who understands their income pattern and can explain it to specialist lenders can help their clients access property or business financing when they need it.

Some HNWIs will have a good level of financial knowledge while others won’t, and many will be short on time. Having a financial adviser to take some of the load of managing their money could be worth the investment for wealthy, time-poor individuals, whether or not they lack knowledge.

As with anyone seeking financial advice, some will want to retain control over their money management, while others will be happy to hand over the reins to an experienced professional.

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The importance of high-net-worth financial planning

Often, a top priority for HNWIs is managing their money tax-efficiently, including passing wealth on to the next generation without incurring a larger inheritance tax bill than they need to.

High net worth financial advisers will often use trust structures and make the most of gifting allowances to help their wealthy clients and their families keep more of their money.

Business succession planning might also be an important aspect of their advice, along with ensuring wills are in place.

Many high net worth financial advisers work closely with other professionals such as accountants, property managers, solicitors and corporate advisers to give their clients a joined-up, holistic service.

Where clients have a well-known profile, high-net-worth financial advisers must be able to act with discretion to protect their clients’ privacy.

The areas that high-net-worth financial advice should cover

Here are some of the key areas where a specialist high net worth financial adviser can help you:

Insurance

Insurance is an important part of any financial plan, but a high net worth adviser will look closely at how to protect a wealthy client’s income, especially if they are the only high earner on which a whole family relies.

This matters in business, too. An entrepreneur should have the right policies to protect the company from key-man risk. If a business’s profitability hinges on the skills of its founder, and something happens to them with no protection in place, the value of the organisation could disappear.

Investment management

Investment management is also a cornerstone of financial planning for a wealthy individual.

While some may be focused on taking risks and growing their money, others may prioritise capital preservation. A good high net worth adviser will assess risk appetite and match their client to the right investment strategy, which will evolve over time as their life changes.

Retirement planning

In retirement planning, advisers will look at how wealth can be managed to be sustainable, helping an individual maintain their lifestyle even over many years of retirement.

Philanthropy and charity

Philanthropy and charitable giving might be a feature of financial planning for HNWIs. Specialist high net worth financial advisers often have expertise in this area and understand how to help their wealthy clients give in a way that is both effective and tax-efficient.

Education

Some HNWIs will be thinking about private schooling for their children or how to fund higher education. High net worth financial planning can ensure money is available for this when the time comes.

Why work with a specialist high net worth financial adviser?

A specialist high net worth financial adviser will have worked with many clients with complex financial situations. They will be familiar with the risks to your wealth and the need to preserve and grow it over time using the right investment strategy.

A specialist high net worth adviser will understand the level of care and discretion needed when working with wealthy clients with a high profile, such as actors, sportspeople or politicians.

Where wealth is family money, there can be extra emotional attachments to it. HNWIs may feel a sense of responsibility to pass down wealth through generations in the right way, or manage a family business properly, and this is where an experienced financial adviser can help.

Guiding those difficult conversations about money within families can be an important part of their role as a trusted adviser – you might hear this referred to as ‘family governance.’

A high net worth financial adviser will aim to build relationships that last many years, and even span generations. As you can see, financial advisers may come to play a vital role for HNWIs and their families.

Unbiased can help quickly match you with a qualified HNW financial adviser who can look at your unique circumstances and help you reach your future goals.

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Frequently asked questions

Author

Hannah Smith

Hannah Smith is a freelance journalist who has written original news and features for various newspapers and magazines such as The Times, The Telegraph, The Sun, The Intermediary and World Finance Magazine.