I need help managing my £1million piggy bank but I don’t trust financial advisers. How can I choose a good one?

I have managed my own investments and savings so far, and am now in a position where I think I need help managing my money.

I’ve managed to build my savings to £850,000, fully invested in a cash ISA and £150,000 in shares of one company. I am also mortgage free.

I have a major trust problem, especially when it comes to people, money and the fact that I don’t understand financial advisor fees.

I know I need some help with financial planning going forward, and I would like to have a financial advisor who is trustworthy and transparent about the fees they charge.

How do I find a financial advisor who is reliable in his advice, the fees he charges and with whom I can work? DN via email

Harvey Dorset from This is Money replies: Managing your money can be a tricky prospect, especially if you have a large amount of money saved.

Fortunately, it seems like you’ve been keeping a close eye on your savings so far.

On the other hand, it is not so easy to easily follow the advice of others, especially if you have difficulty trusting them.

Add to that the fact that you say you don’t understand consultant fees, and it’s understandable that you’re reluctant to take the plunge for fear of being ripped off, even though you know you need help.

In terms of trust, it is best to ensure that the adviser you choose is regulated by the Financial Conduct Authority (FCA). This means that the advisor has obtained certain qualifications, such as the Certified Financial Planner qualification.

When finding the advisor that suits you, it is worth considering which specialization you need. In your case this may involve investing, but you can also choose an advisor specialized in pensions if you want to focus on planning for the future.

Andrew Smith, independent financial advisor at Flying Colours, replies: First of all: well done for saving such a big nest egg. It’s clear that you’ve worked hard to get where you are, and you’ve probably made some sacrifices along the way.

That said, I’m willing to bet that if you had worked with a financial advisor at the beginning of your investing life, your liquid assets would be worth a lot more than they are today.

Although you have probably kept your wealth management costs low with cash ISAs, your assets will have generated very low returns over the years. Plus, you have significant savings, and while interest rates look quite attractive right now, too much cash will likely over-expose your savings to the effects of inflation, eroding their purchasing power.

Holding individual stocks, on the other hand, can provide attractive returns. However, they carry high risk and may not be the best for your long-term financial planning.

A significant drop in the value of these stocks as you approach retirement could be detrimental to your quality of life in those golden years.

I also suspect that inheritance tax is due on the assets you want to pass on after your death. If you want your surviving relatives to inherit as much as possible, and not the tax authorities, then a good financial advisor can help you best.

The good news is that it’s not too late to get significant value from financial planning now. A good financial advisor will help you understand your financial goals and ambitions from the start.

You should feel comfortable volunteering personal information, so be prepared to spend some time getting a “feel” for the advisor. Ultimately, you may work together for many years, so it’s important that you have mutual respect and enjoy each other’s company!

When it comes to finding a reputable advisor, the good news is that the regulatory environment for advisors today is at a much higher level than it was thirty to forty years ago.

All advisers are required by the FCA to meet certain professional standards. This is the regulator that regulates advisers and their businesses in Great Britain.

When it comes to finding a financial advisor, I would suggest asking friends, family and colleagues who they would recommend, or perhaps asking your lawyer or accountant. Alternatively, online directories such as Unbiased and VouchedFor can verify financial advisors and share reviews from their clients. For further reassurance: it is possible check the FCA register.

As for fees, these should be clearly set out and agreed before any work is carried out on your behalf. I recommend that you question the advisor not only about their fee, but also about the value you are likely to receive in return. They should be able to demonstrate how, with their advice and guidance, your wealth will grow faster than the fees you are charged.

That said, value comes in other forms too, not just pounds and pence. A good financial advisor tries to tailor your financial plan to your wishes, objectives and risk profile. This should help you feel safe and confident that you will achieve your financial goals. That’s why a strong, long-term relationship with an advisor you can trust is essential.

Karen Barrett, Founder and CEO of Unbiased responds: It seems like you’re comfortable financially, but aren’t sure if you’re getting the most out of your money.

For example, while you can currently get generous rates in a low-risk cash ISA, you can potentially increase your returns by having a diversified investment portfolio.

You could also look at your existing £150,000 investment in one company and consider whether you should diversify and invest in more than one company.

One of the best ways to boost your finances is to seek advice from an expert.

While it can be difficult to get financial advice, it’s worth it to get the most out of your money, whether you’re looking to optimize your investments or plan for retirement.

It can also be useful for estate planning or accessing your pension, helping you avoid a hefty tax bill.

FCA regulated advisers must provide their services to a high standard, and if you are not satisfied you can complain to the Financial Services Ombudsman.

When you seek financial advice, you pay a fixed amount, an hourly rate or a percentage of your assets, or a mix of these, depending on what you need support for.

For example, a fixed amount may apply if you take out an annuity, while for quick jobs such as moving investments you may be charged an hourly rate (on average € 150 per hour).

If you want an advisor to manage your investment portfolio over an extended period of time, you will likely be charged a percentage of the portfolio’s total value.

An advisor should give you a clear overview of the costs you can expect before seeking financial advice – and that should be more valuable than not seeking advice at all.