Financial adviser with an adviser network

Individuals and families planning for retirement, people with pension pots or lump sums to invest, and some small business owners.

Mostly an initial fee for setting up a plan plus an ongoing yearly fee, often a percentage of the money you manage or a fixed amount. Some advisers charge hourly or fixed fees for one-off advice. The network usually takes a share or charges fees.

• Clear, patient explaining of money matters
• Building trust with clients
• Careful record keeping and paperwork
• Self-discipline to find your own clients

• Giving regulated advice generally needs FCA authorisation or appointed representative status, so check with the FCA before you advise anyone
• Qualification and competence requirements, which can take months to meet
• Network fees and revenue shares, which can eat into early income, so read contracts carefully
• Professional indemnity insurance, which may be arranged through the network but should be confirmed
• Data protection duties and checking your home setup is suitable for confidential client files
• Income can be slow and uneven while you build a client base, so plan your finances for the first year

Startup costs are typically around £3,000 to £12,000, depending on qualifications, network fees, insurance and your home set-up. These are estimates. Network fees and revenue shares can eat into early income, so read contracts carefully.

Monthly revenue is typically around £1,500 to £7,000, depending on how quickly you build clients and your network's terms. This is an estimate of revenue, not profit. Income can be slow and uneven at first, so plan your first year.

Check with the FCA about authorisation or appointed representative status before you advise anyone. Also check the qualification and competence requirements, which can take months, confirm professional indemnity insurance, and review data protection duties for client files.