How to Choose a Local IFA: Your Simple Guide to Finding the Right Financial Adviser. The How, Why, What, Where and When.
Managing your money is one of the most important things you'll ever do, yet most of us spend more time researching a new car than we do choosing the person we trust with our financial future. If you've been thinking about getting financial advice, here's a straightforward guide to finding the right Independent Financial Adviser (IFA) for you.
Whilst you can manage your own money during the accumulation stage of life, it’s worth pausing to consider what’s actually at stake. For many people, their pension is the second largest asset they will ever own, surpassed only by their home. For some, it exceeds even that. Yet unlike a property, a pension isn’t something you sell once and move on from. It needs to become your income for the rest of your life. That shift in perspective from a pot of money to a lifelong income is one of the most important financial transitions a person makes, and it’s one that benefits enormously from professional guidance. Reviewing your pension at different stages of life, not just at retirement, helps ensure the plan remains on track and continues to be suitable for your evolving needs and circumstances.
There is no one size fits all approach to retirement. Everybody is different and this should reflect in the plans.
What Is an IFA and Why Does "Independent" Matter?
An IFA is a qualified professional who provides personalised financial advice across a range of areas in pensions, investments, protection, retirement planning, and more. The word independent is important. Unlike a restricted adviser who can only recommend products from a limited range, an independent adviser can recommend solutions from the whole of the market. That means the advice you receive is shaped entirely by your needs, not by what a particular provider wants to sell or linked to their employer.
A good IFA doesn't just help you make decisions — they should help you understand them. They should be able to explain complex financial concepts in plain English, translate your goals into a realistic plan, and be there when your circumstances change. At the end of the process, you should know why they have recommended this plan. Financial advice is more than just numbers and investments, it is helping you achieve your goals, whether it be “Do I have enough”, “Am I on track to reach by goals” or “I want to help my children with a deposit” whatever your goal, your adviser should be working closely with you to help you achieve these goals and objectives.
Why Should You Use One?
Financial decisions, particularly around retirement can be irreversible. Choosing when to draw your pension, whether to take a lump sum, how to manage inheritance tax, or simply how to make your savings work harder are all areas where a mistake can be costly and difficult to undo.
An IFA brings expertise, objectivity, and accountability. They are regulated by the Financial Conduct Authority (FCA), which means they are held to professional standards and have a legal duty to act in your best interests. In a world of online noise and generic guidance, personalised regulated advice remains genuinely valuable.
How Do You Find a Good One?
Start with the obvious: ask people you trust. A recommendation from a friend, family member, colleague, or even your accountant or solicitor carries weight. If someone you know has had a positive experience, that's a meaningful signal.
Beyond personal recommendations, there are established directories designed specifically to help consumers find regulated advisers:
Look for someone who specialises in your situation. If you're approaching retirement, find an adviser with demonstrable experience in pensions and retirement planning, not someone who does a bit of everything.
You will normally see some to the above on your pension statement, found in a Which? Magazine or even something Martin Lewis at MoneySavingExpert often recommends.
Where Should You Look, Local or National?
There's a strong case for choosing someone local. A local IFA understands the area you live in, is accessible for face-to-face meetings, and is often more invested in building a long-term relationship within the community. They're also easier to hold accountable and hopefully easier to get hold of!
That said, the most important thing is fit. A great adviser who is twenty miles away is far better than an average one on your doorstep. Many advisers now offer video meetings as standard, so geography matters less than it once did. Start local, but don't let proximity override quality.
When Should You Seek Advice?
The honest answer is - earlier than most people do. Common triggers include approaching retirement, receiving an inheritance, going through a divorce, starting a family, or simply reaching a point where your finances feel complicated. But you don't need a major life event to benefit from financial advice a regular review of your financial position is valuable at any stage. A goals based financial planning angle is very important, not least for peace of mind.
I’d recommend If you're within five to ten years of retirement in particular, getting advice early gives you time to act on it. Decisions made at 55 can have a significant impact on your income at 67 (state pension age)
What Should You Expect from the Process?
Most IFAs offer a free initial consultation. I recommend you use it. This is your chance to assess whether you feel comfortable with them, whether they listen, and whether they explain things clearly. Don't be afraid to ask how they charge, what they specialise in, and how many clients they work with. If not, you can always get a second opinion or multiple to ensure the individual or firm is the right fit for you.
Charges are typically a percentage of assets under management, a fixed fee, or a combination. There are no hidden commissions in regulated financial advice. All advisers must be transparent about what they earn.
The right IFA will feel less like a salesperson and more like a trusted professional, someone you can rely on and confident calling when something changes in your life.
Jacob Leggatt is an Independent Financial Adviser based in Eastbourne, East Sussex, working with clients across the local area on pensions, investments, retirement & inheritance planning, and protection advice. For regulatory purposes, Jacob Leggatt operates under Throgmorton Private Capital Ltd, which is authorised and regulated by the Financial Conduct Authority.
