Financial Planning Fees - how do advisers get paid?
Fees matter.
Not just the headline fee, but the full cost of advice, platforms, funds, products and ongoing service.
Many expats have had poor experiences with unclear charges, hidden commissions, expensive products or advice that felt more like a sale than a plan.
That is exactly why fees should be discussed clearly.
Before any recommendation is implemented, you should understand what you are paying, what you are receiving, which charges apply, and how those costs may affect your long-term financial plan.
Josh Clancey works with clients on a planning-led basis, where costs, trade-offs and recommendations are explained before decisions are made.
How financial planning fees work
Financial planning fees should be explained clearly before you agree to proceed.
Depending on the advice and solution, costs may include an initial advice fee, an ongoing advice fee, platform charges, fund charges and product or provider charges.
The important point is that fees should not be vague.
You should understand what the fee covers, when it is payable, whether ongoing advice applies, which third-party charges exist, and how the total cost affects your plan.
No recommendation should be implemented until the relevant fees, charges, risks and alternatives have been explained.
The main types of fees and charges
Initial advice fees
These may apply for reviewing your position, building recommendations, preparing advice and implementing an agreed plan.
Ongoing advice fees
These may apply where you receive continued review, planning support, portfolio oversight and adviser access over time.
Platform and product charges
Investment platforms, pension providers, insurance providers or product structures may have their own charges.
Fund and investment costs
Underlying funds or investment solutions may have their own charges, which should be included when comparing the total cost.
What you should expect before agreeing to advice
A clear explanation of the advice process
You should understand what happens before advice is given, what information is needed, and how recommendations are developed.
A clear explanation of the fees
You should understand the advice fee, any ongoing fee, third-party charges and whether fees are one-off or ongoing.
A clear explanation of what you receive
Fees should be connected to the work being done, such as planning, analysis, recommendation, implementation or ongoing review.
A clear explanation of risks and trade-offs
Advice should explain not only the benefits, but also the risks, limitations, costs, assumptions and alternatives.
No pressure to proceed
You should have time to understand the recommendation, ask questions and decide whether the advice is right for you.
Ongoing service expectations
If ongoing advice is recommended, you should understand what service is provided, how reviews work and what support is included.
My approach to fees
Fees should be transparent, proportionate and connected to the value of the planning work.
The aim is not to recommend the cheapest possible option in isolation. Cheap can still be poor value if the planning, structure, service or suitability is weak.
Equally, high fees need to be justified by the quality of the advice, the complexity of the work, the ongoing service and the value delivered to the client.
For expats, cost transparency is especially important because pensions, investments, offshore structures, platforms and cross-border planning can involve multiple layers of charges.
The goal is simple: you should know what you are paying, why you are paying it, and what you are receiving in return.
Where fees may apply
Pension advice
Pension work may involve reviewing scheme type, benefits, charges, transfer issues, consolidation, death benefits and retirement income options.
Retirement planning
Retirement planning may involve income modelling, cashflow planning, investment strategy, tax-aware withdrawals and sustainability reviews.
Investment advice
Investment advice may involve reviewing objectives, risk, charges, platform structure, currency, tax position and future access needs.
Protection and estate planning
Protection and estate planning may involve reviewing life cover, critical illness, beneficiaries, pension nominations, wills and family liquidity.
What ongoing advice may include
Regular planning reviews
Reviewing your goals, circumstances, pensions, investments, retirement plans, protection and key planning assumptions.
Portfolio and pension oversight
Checking whether portfolios, pensions and investment arrangements remain aligned with your objectives, risk profile and time horizon.
Retirement income updates
Reviewing whether the plan remains on track as markets, spending, income needs, inflation and retirement dates change.
Cross-border planning updates
Reviewing whether a move, UK return, tax residence change or family change affects the planning strategy.
Protection and estate planning prompts
Prompting reviews of beneficiaries, pension nominations, life cover, critical illness cover, wills and family protection when relevant.
Access to advice when decisions arise
Providing advice and guidance when major financial decisions, life events, market movements or planning questions come up.
Planning areas where fees may apply
UK Pensions for Expats
If you live outside the UK and still have UK pensions, the decisions you make now can affect your retirement income, tax position, investment structure, currency exposure and family planning for years. Josh Clancey helps British expats understand what to do with UK pensions while living abroad, including old workplace pensions, personal pensions, SIPPs, pension transfer options, consolidation, beneficiary nominations and retirement income planning.
View UK Pensions for ExpatsEstate Planning for Expats
Review wills, pension nominations, beneficiaries, guardianship, inheritance-tax exposure and cross-border estate-planning risks.
View Estate Planning for ExpatsInsurance Planning for Expats
View Insurance Planning for ExpatsInvesting for Expats
Build an investment strategy around your goals, risk tolerance, retirement plans, tax position, currency needs and future mobility.
View Investing for ExpatsFinancial Planning
Bring pensions, investments, retirement, tax, protection and estate planning into one clear plan.
View Financial PlanningRetirement Planning
Retirement planning for British expats. Understand how much you need, when you can retire, and how pensions, investments and tax fit together.
View Retirement PlanningFinancial planning fees FAQs
Important information
This page is for general information only and does not constitute personalised financial, tax, legal, investment, pension transfer, retirement income, estate planning or insurance advice.
Fees and charges depend on the advice required, the complexity of your circumstances, the products or platforms used, and the service agreed. All relevant fees and charges should be confirmed before any recommendation is implemented.
Specific tax, legal or insurance advice should be taken from appropriately qualified professionals where required.
