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How much does a Financial Advisor cost?

Average price
£30 - £200 per hour

What is the price of hiring a Financial Advisor?

Thinking of hiring a financial advisor to provide you with unbiased advice on your finances? Read our handy guide to find out how much you can expect to pay for financial advice in the UK.

What is a Financial Advisor?

Financial advisors help you to make decisions regarding your finances. This could include savings, investments, insurance, tax planning and estate. 

Whether you’re looking to begin investing in property or to retire in 10 years, a financial advisor can help you to plan out your future and ensure that your finances are in the best possible health to meet your future goals.

How much do Financial Advisors cost?

You can’t put a price on good financial advice, because it should always ultimately save you more than you pay. However, if you’re thinking of hiring a financial advisor, you’ll probably be wondering how much you can expect to pay.

The price of hiring a financial advisor will depend on many different factors. Some will work to an hourly or daily rate whilst others will quote fixed fees depending on your requirements. Although there is no fixed rate, a breakdown of average hourly costs of hiring a financial advisor in the UK is given below.

Average cost of Financial Advisors in the UK
Average cost (per hour)£75
Minimum cost (per hour)£30
Maximum cost (per hour)£200

How do Financial Advisors charge?

Financial advisors typically charge in one of three ways: by the hour, a flat fee or a percentage of your investments. They should be able to tell you upfront which method they use, along with estimated fees for your requirements.

A flat fee involves a one-off charge that covers everything from the initial financial health check through to implementing their advice. You may also be charged an annual management fee for ongoing work.

Hourly fees make sense and are easy to understand. However, they’re also more difficult to estimate, as it can be difficult to know how much time a financial advisor will need to spend on your case until they delve deeper into your requirements.

Some financial advisors charge a proportion of the money that you want to invest. This averages around 2.4% of the investment for initial advice, followed by 0.8% a year for ongoing advice and management.

What changes the price of Financial Advice?

The cost of hiring a financial advisor is dependent on many different factors including:

  • Type of service

  • Delivery

  • Complexity

  • Location

Type of service

The price of financial advice will depend on the type of service that you choose. For example, some advisors are restricted, meaning that they can only offer specific types of products from certain providers. Others are independent, meaning that they have access to the whole market, free from any restrictions.

Delivery

You’ll also find that the price of hiring a financial advisor will vary depending on how the service is delivered. Advice that is given over the phone or online is often lower in price than in-person advice, as overheads are reduced for the advisor.

Complexity

The cost of receiving financial advice may also be impacted by the complexity of your situation. Some cases are straightforward and can be completed quickly and easily whilst others can be more complex. You can keep the costs to a minimum by ensuring that you have all of the documents you need to hand.

Location

Although many financial advisors work with clients across the country, prices can vary depending on their location. For example, financial advisors who are based in the south of the UK, and especially in London, will typically charge higher than the average whilst advisors in the north are often lower in price.

Is it worth hiring a Financial Advisor?

You can’t put a price on sound financial advice. If you make the wrong investment, you could stand to lose a large proportion of your wealth. Alternatively, make the right investment and you could set yourself up financially for life.

If your situation is complex, it’s often worth hiring a financial advisor. They can help you to get your finances in order, identify the best investment opportunities for your individual needs and help you to avoid any expensive mistakes. 

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