Getting financial advice

[ProseccoSupernova]

How much does it cost to get a financial advisor?! I earn a decent salary but am paying minimal into a pension and need to change this. I am currently saving around £2k each month but would like some professional advise about the best way of saving/investing it.

*advice

Have a look on Unbiased or Vouched For for advisers in your area, who specialise in pensions. Look at their reviews. Be wary of overpaying. Most advisers will charge for their time for the initial work (as no commission can be received for pensions) and will then charge an ongoing annual management fee, including a review - this should be between 0.5% and 1%, no higher.

Thank you for that advice... is the fee approx 1% of the money I invest/save?

Yes it is. As the fund increases in value, it would remain at the initial charge, so would still be between the 0.5 and 1% that you have set it at.

Bear in mind that 1% is high and should be the absolute maximum. Aim for .5% or .65%. This can be negotiated with your adviser. There is no need to be charging a high annual management charge.

The initial investment can have a bearing - if a client invests £1 million, a 0.5% management charge is a good annual fee to allow for the work involved in managing the fund. If they invest £100k, then the adviser would receive £500 annually, which isn't very much in the grand scheme of things (considering it is a 'management' fee and there is actual work to be done to review progress).