Things to Know Before Hiring a Financial Advisor for Pension Advice

By RWB Wealth31 January 2023

Retirement is something that not many people think about until it feels like it is too late. But is it ever too late to start making retirement plans? The answer is absolutely not! It is never too early or too late to start planning for your retirement.

Some people don't like the idea of paying for financial advice but a professional financial advisor can offer you significant help in choosing the best path to approach retirement goals and spotting suitable opportunities for you to grow your pension pot. Whether you are looking for general pension advice, looking into which pension scheme is right for you or even looking into pension switching or pension transfers, a good financial advisor will scour the market of options on your behalf.

A financial adviser for pension is also known as a retirement advisor, who will help you devise a strategy to ensure you have more than adequate resources to sustain yourself throughout retirement. However, the best retirement advisor for you will be one who is qualified and who you feel at ease working with.

Who are Financial Advisors for Pension?

A financial advisor for pension is a financial expert who assists with retirement planning and money management. It is an all-encompassing capacity that comprises a variety of financial expert roles, such as certified financial planners, and financial advisors.

The Types of Financial Advisors for Pension Advice

As the role of a financial advisor for pension covers many areas, there are different types of retirement advisors. Each type can assist you with the different types of financial planning such as budgeting, saving and investing as they specifically relate to your retirement. In most cases a retirement advisor will offer at least one or any combination of the following services:

Financial planning.

To achieve your retirement goals, retirement advisors can assist you in creating a customised financial plan, which covers controlling your debt as well as saving and investing to build and preserve your finances.

Management of investments.

You can get invaluable advice from retirement advisors in selecting the most suitable investments for your retirement portfolio. As you near retirement, your retirement advisor can also offer advice on how to rebalance your portfolio.

Planning your taxes.

Your tax liability in retirement can be reduced with the assistance of a retirement advisor. They can also assist you in planning your tax efficiently for your pension and other retirement income.
Note: Tax treatment varies according to individual circumstances and is subject to change.

Estate planning

You can create a strategy to manage your assets after your death with the aid of a competent retirement advisor. Included in this service is suggesting the writing of a legal will, helping you with designating beneficiaries, and establishing trusts.
Note: Inheritance Tax/Estate Planning is not regulated by the Financial Conduct Authority.

Planning for long-term care.

This service entails preparation for the prospect of long-term care in retirement with the aid of your retirement advisor. For instance, a consultant might examine several insurance plans and create a strategy to cover long-term care costs.

Things to Know Before Hiring a Financial Advisor for Pension Advice (1)
Things to Know Before Hiring a Financial Advisor for Pension Advice (1)

Advantages of Working with a Financial Advisor for Pension Advice.

Working with a financial advisor for your pension can help ensure that your financial decisions related to your pension and other retirement income are sound and will provide you with a secure retirement.
Here are some benefits to consider before you decide to hire a retirement advisor:

  1. Peace of mind: Retirement advisors can offer tailored pension options depending on your particular situation. It can be very comforting to know that you have a strategy in place to sustain yourself throughout retirement.
  2. Advice and direction: With the aid of a retirement advisor, it will be much easier for you to negotiate the complicated world of insurance, and retirement planning in addition to developing a thorough retirement plan.
  3. Motivation to save: Tracking your saving objectives as well as monitoring and maintaining your progress with your retirement savings is made simpler when you work with a retirement advisor.
  4. Simplicity: The goal is for you to concentrate on preparing for—and then enjoying—your retirement. Hence, a retirement advisor can handle the finer points of retirement planning to make it that much easier for you.

Drawbacks of Working with a Financial Advisor for Pension Advice.

Here are a few potential drawbacks to consider before you find a retirement or financial advisor for pension:

  1. Advice Cost: Typically, retirement advisors charge a fee for their services. Depending on the products and services they provide, these fees may be hourly, flat, or percentage based.
  2. Reduced control: It can be challenging to relinquish control to a retirement advisor if you are used to holding full sway over your own finances. Therefore, even if you engage an advisor to assist you, you must continue to be involved in your financial planning.
  3. Conflict of interest: Some retirement advisors might be enticed to promote specific goods or services for their own gain but that may not essentially be in your full interest.
  4. Dependence on another person: You can be in for some harsh shock if your retirement advisor suddenly retires or leaves the field if you rely too heavily on them.

Some Key Tips to Help You Find the Best Retirement Advisor for You

  1. Determine whether you need a general financial advisor or a specialised one for your pension and retirement planning. If all you need is help in a specific area, then focus your search on an advisor who specialises in that area.
  2. Discuss beforehand with your financial advisor prospects to find out if their investment approaches are a match with what you want and establish that their methods will yield precise, useful feedback.
  3. Request their credentials and experience to be certain they know what they are doing.
  4. Always inquire about fees to avoid surprises down the road!
  5. If you can get referrals before you hire a particular financial advisor, this will help you trust their work easier.


Unless you are an expert in retirement planning, you should not attempt to manage your retirement on your own. Being objective with your own money is challenging, so even the most knowledgeable advisers occasionally seek advice from someone else. To begin your retirement planning on the right track, you will certainly find it advantageous to seek professional guidance as early as possible.
If you are looking to find a financial advice firm always ensure that they are regulated by the financial conduct authority (FCA).

If you enjoyed this article, please feel free to share it on your favourite social media sites.

Contact RWB Wealth

To learn more ways that the new the stamp duty holiday is affecting first time home buyers in the South Wales property market, contact RWB Wealth today and speak with a mortgage expert who can answer questions you might have.

Other articles you may be interested in

Have any questions?
Want to know a little more?

We’re here to help you with any of your questions. If you’d like to contact us or have a query, please fill in our form and we’ll get back to you.
You can send us a message or call us at:
T: 02920263360
E: [email protected]
RWB Wealth Ltd, Regus House, Malthouse Avenue, Cardiff Gate Business Park, Cardiff, CF23 8RU
© Copyright 2020 RWB Wealth – RWB Wealth Limited is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorized and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register ( under references 440703 and 440718. The guidance and/or information contained within this website is subject to the UK Regulatory Regime and is therefore targeted at consumers in the UK.
RWB Wealth Ltd is registered in England and Wales, Company Number: 11978941. Registered Address: RWB Wealth Ltd Regus House Malthouse Avenue Cardiff Gate Business Park Cardiff CF23 8RU
Site by