The single most common thing Jack hears from new clients is an apology for not having enough money. This article exists to explain why that instinct, however understandable, is completely wrong.
Within the first few minutes of many introductory conversations, I hear some version of the same sentence: “I'm not sure I'm the kind of person who needs a financial adviser.” Or: “I probably don't have enough to make it worthwhile.” Or simply: “Sorry — I haven't got much.”
I want to address this directly, because it is one of the most persistent and damaging myths in personal finance — and it is one that hurts the very people who would benefit most from good advice.
The idea that financial advice is for the wealthy did not come from nowhere. For decades, the industry genuinely was structured that way. Advisers worked on commission, and it was only worth their while to take on clients with substantial assets. The relationship between advisers and clients was often opaque, and the sense that this was a world for other people — for people with inherited wealth, company shares, or complicated estate planning — was, to some extent, accurate.
That model changed significantly after the Retail Distribution Review in 2013, which required advisers to charge transparent fees and move away from commission. It is still an imperfect system. But the practical reality today is that good financial advice is accessible to people at many different income and asset levels — and often most valuable for those who are earlier in their financial lives, not later.
Financial advice is not primarily about managing large sums of money. It is about helping you make better decisions with whatever money you have — and protecting yourself against the things that could go wrong.
Think about the range of things a financial adviser actually helps with. Are you paying into a pension at work but have no idea how it works or whether the contributions are right? That is a financial planning question, and it matters whether you have £5,000 in savings or £500,000. Are you renting but hoping to buy — and wondering whether an ISA or a Lifetime ISA makes more sense for your deposit? That is a planning question too. Do you have a mortgage and young children but no life insurance? That is a protection question, and it is urgent regardless of your income.
None of these questions require you to be wealthy. They require you to be a person who earns money and has things to protect. Which is most people.
To be honest, this is where most people's hesitation actually lives. It is not really that they think advice is for the rich — it is that they assume they cannot afford the fees.
Fees vary significantly across the industry. Some advisers charge a percentage of assets under management — which does, to some extent, favour larger portfolios. Others charge fixed fees or hourly rates for specific pieces of work. Many offer an initial conversation at no cost, with no obligation to proceed.
In my practice, I start every relationship with a free conversation. Not a sales call. A genuine conversation about where you are, what you are trying to achieve, and whether working together would actually add value for you. If I do not think it would — if your situation is genuinely simple enough that you do not need professional help — I will say so.
That is not a common thing for an adviser to admit. But it is the honest position. Good advice should save you more than it costs, or give you something that money cannot directly measure — clarity, confidence, the knowledge that your family is protected. If it does not do that, it is not worth paying for.
There is another cost that nobody talks about: the cost of the decisions you make without guidance.
Staying in a default pension fund when a different fund would be more appropriate for your timeline. Missing out on employer matching contributions because you did not know how to increase your own contributions. Paying for life insurance that has the wrong sum assured, or that would not pay out in the circumstances you care about. Not having income protection because nobody ever explained why it mattered.
These are not abstract errors. They compound over time. And they happen to people at every income level — but they are particularly costly for people who do not have significant wealth as a buffer.
The first conversation is almost always the hardest one. There is something vulnerable about sharing your financial situation with a stranger, especially if you feel embarrassed or uncertain about it.
I want to be clear about something: I have never once sat across from someone and thought less of them for the state of their finances. My job is not to judge where you are — it is to help you understand it and, if you want that, to help you improve it. That offer stands whether you have a pension worth £500 or £500,000.
It is free. It is genuinely without obligation. And it might be more useful than you expect. Whatever stage you are at financially, the conversation is always worth having.