Paying for a financial adviser can cost thousands, so it is no surprise that "free financial advice" is one of the most searched money phrases in the UK. The good news: excellent free help exists. The catch: most of it is guidance, not advice, and the difference matters.
This review covers six free services, what each one is good for, and where its limits are. Every service links to its official page.
We have no commercial deal with any of them.
Free financial advice vs guidance: what is the difference?
In the UK, "advice" has a legal meaning. Regulated financial advice is a personal recommendation, such as "move this pension into that one", from a firm authorised by the Financial Conduct Authority (FCA). The adviser is responsible for it, and you can complain to the Financial Ombudsman if it goes wrong.
Guidance explains your options, the rules and the risks, then leaves the decision with you. Most free financial advice in the UK is actually guidance. That is not a weakness: for many questions, it is all you need.
Few people take advice at the moment of truth. The FCA's 2025/26 retirement income data shows only 30.8% of people accessing a pension for the first time took regulated advice.
6 free services reviewed
| Service | Best for | Personal recommendation? | Cost |
|---|---|---|---|
| MoneyHelper | Pensions, savings, debt, everyday money | No, guidance | Free |
| Pension Wise | Options for taking a defined contribution pension, 50 and over | No, guidance | Free |
| Citizens Advice | Debt, benefits, consumer and housing problems | Advice on those areas | Free |
| Targeted support from your provider | Common decisions people like you face | Suggestions for groups, not individuals | Usually free |
| An adviser's first meeting | Finding out if paid advice is worth it | Only once you sign up | Often free |
| Planning tools and calculators | Seeing your own numbers | No | Free versions widely available |
Table: Plenence review of each service's official information, October 2026. What firms offer for free varies; always ask before you start.
1. MoneyHelper
MoneyHelper is the government-backed guidance service run by the Money and Pensions Service. It covers pensions, savings, debt and benefits, with guides, calculators and free specialists. Its pension specialists can be reached on 0800 011 3797, 9am to 5pm, Monday to Friday, or by webchat.
Good for: almost any first question. Limit: it will not tell you which provider or fund to pick.
2. Pension Wise
Pension Wise is MoneyHelper's free service on taking money from a defined contribution pension. MoneyHelper says it is impartial and backed by government, and covers when you can access your pots, the ways to take money, how each is taxed and how to avoid scams.
You are eligible if you have a UK defined contribution pension and are 50 or over, or under 50 in some cases such as an inherited pension or ill-health retirement. You can have an appointment online at any time, or book one with a specialist.
Good for: anyone weighing up tax-free cash, annuities or drawdown. Limit: defined contribution pensions only.
3. Citizens Advice
Citizens Advice is a charity giving free, confidential help online, by phone and in local offices. It is strongest on debt, benefits, housing, work and consumer problems.
Good for: money worries and disputes. Limit: not set up for investment or pension planning.
4. Targeted support from your pension or investment provider
This is new. From 6 April 2026, the FCA allows authorised firms to offer "targeted support": suggestions designed for groups of customers in similar situations, without a full personal assessment. For example, a pension provider might suggest that people in their position review an unusually high withdrawal rate.
"Targeted support will be gamechanging. It means millions of people can get extra help to make better financial decisions."
Sarah Pritchard, Deputy Chief Executive, Financial Conduct Authority, December 2025
The FCA expects at least 18 million people could be offered this kind of help over the next decade. Good for: a nudge at the right moment. Limit: it is not tailored to your whole situation.
5. A regulated adviser's free first meeting
Many independent financial advisors offer a free first meeting. Use it to understand your options, their fees and whether paid advice is worth it for you.
Before you speak to a financial advisor, check the firm and the person on the FCA Register. Ask for fees in writing: a percentage of what you invest, an hourly rate or a fixed fee. A fixed fee financial advisor can be the affordable financial advisor option for a one-off question.
Good for: deciding whether to pay. Limit: the meeting is free; the advice is not.
6. Planning tools and calculators
Free calculators show you the numbers behind a decision: how long your money lasts, your inheritance tax, your tax relief. Our own free calculators use cited UK rules and show every assumption.
Good for: understanding your position before you ask anyone. Limit: tools give guidance, not a personal recommendation.
Do I need a financial adviser?
Free guidance covers most everyday questions. Paid, regulated advice is worth considering when a decision is complex, large or cannot be undone:
- Transferring a defined benefit pension. The law requires advice for transfers worth more than £30,000.
- Large or complicated estates, especially with trusts or business assets.
- Choosing exactly how to take a large pension, where tax and timing interact. Our annuity vs drawdown review shows what is at stake.
- When you simply want someone else to take responsibility.
A worked example
This is an illustrative example, not a real person.
Grace, 58, found three old pensions using the free tracing service (our guide on how to find old pensions shows how). She was not sure whether to combine them or start drawing.
She booked a free Pension Wise appointment online, which explained her options and the tax on each. She then used a free adviser meeting to ask about one old scheme with a guaranteed annuity rate. That one question was worth paying for: she paid a fixed fee for advice on that pension alone, and handled the rest herself.
Mistakes to avoid with free financial advice
- Trusting cold calls. Real advisers do not ring out of the blue offering free pension reviews.
- Not checking the FCA Register. Clone firms copy real firms' names. Use the register's contact details.
- Treating guidance as a recommendation. Guidance shows options; the choice and responsibility stay with you.
- Paying for what is free. Pension tracing and Pension Wise appointments cost nothing.
- Skipping advice where the law requires it. Defined benefit transfers over £30,000 need it.
Where Plenence fits
Plenence is not a financial adviser and is not authorised by the FCA. It is a planning tool: it turns your statements into one plan, models retirement and inheritance tax with cited rules, and ranks the decisions worth looking at. The free plan and calculators cost nothing; Pro pricing is a small yearly percentage of the assets it monitors, with no commissions. When a decision needs regulated advice, it says so. Curious about AI tools? Read our review of the AI financial advisor question.