According to Richmond Financial Advice, cost is one of the first practical questions most people have when considering financial advice.

The company said: "It is also one of the hardest questions to answer with a single figure, because the work involved can vary considerably from one person to another.

"Someone seeking help with a specific pension decision may need a different service from a household looking for an ongoing retirement and investment plan.

"The useful starting point is therefore to understand how the adviser charges, what work is included and what you will receive in return."

What should an adviser explain before you proceed?

Richmond Financial Advice said: "Before agreeing to financial advice, you should be given clear information about the service and its cost.

"That includes any initial fee, whether ongoing charges apply and what ongoing service is provided for those charges.

"It is reasonable to ask for the charging structure in writing and to understand whether the fee is fixed, based on the work involved or calculated in another way."

Compare the service as well as the price

Richmond Financial Advice said: "Two advisers can quote different fees because they are offering different levels of work.

"A lower headline price is not automatically better value, just as a higher fee does not automatically mean a better service.

"Ask what the adviser will actually do. Will they review one specific issue or build a wider financial plan? Will pensions, investments, savings and retirement income be considered together? Is the relationship intended to be one-off or ongoing?"

Questions worth asking

According to Richmond Financial Advice, useful questions include:

• 'What will I pay initially?'
• 'Are there ongoing fees?'
• 'What do those fees include?'
• 'How often will my plan be reviewed?'
• 'What happens if my circumstances change?'
• 'Can I stop the ongoing service if I no longer need it?'

The company said: "You should also understand the adviser's regulatory status, qualifications and the scope of the advice they provide."

Financial advice in Teddington

Richmond Financial Advice is based in Teddington and works with clients locally and across Richmond, Twickenham and South West London on financial planning, pensions, investments and retirement.

You can find out more about Richmond Financial Advice's retirement planning service via its website here.

Richmond Financial Advice Ltd is an Appointed Representative of ValidPath Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 197107).

This article is for general information only and does not constitute personal financial advice.

Richmond Financial Advice Ltd is a sponsor of Nub News.

Without their community-minded sponsorship, we wouldn't be able to bring you local news free from overly-intrusive ads, pop-ups and clickbait.