FAQs

• How often do you review financial plans with clients?

  A well-built financial plan will be robust, have much built-in flexibility, and be updated when your needs and goals change. Or market conditions may cause your portfolio to become gradually imbalanced. Therefore, we usually meet clients once a year to discuss significant changes and make updates.

• Why is financial planning different from financial advice?

  The two concepts overlap in significant ways but have fundamental differences. Financial advice often focuses on helping someone with a one-off transaction (e.g. finding a lost pension). A financial planner, by contrast, usually seeks a multi-decade relationship with clients – bringing together all aspects of their “financial lives” into a single cohesive plan that can be tracked.

• How do you determine the best investment strategy for me?

  It is essential that you fully understand what you are investing in and that you are comfortable with the risk involved. We consider your investment horizon and, using our investment principles, identify investments that align with your goals. Ensuring your portfolio is appropriately “diversified” to mitigate risk and access the most comprehensive opportunities is vital.

• How do you stay updated and make changes to my plan?

  Our role is to closely monitor the economy, markets and legislation that could affect your financial plan and investments. Significant developments will be brought to your attention and discussed. Where necessary, we then update your plan (with your consent) to give you the best chance of keeping one step ahead.

• What does the financial planning process entail?

  When our vision is clear about your circumstances, planning is more effortless. The process begins with a conversation to understand what and who is important to you and how you would like to live your life now and in the future. We then analyse your circumstances more and make recommendations to determine how best to move towards your goals. Together, we build your financial plan, which we review regularly and adjust to keep you on track throughout your lifetime.

• How do you determine the most suitable asset allocation for me?

  A range of important factors go into building your unique portfolio. These include your financial goals, your time horizon and risk tolerance. Your investment interests and values also matter. We also carefully vet different fund options before presenting them to clients and ensure appropriate “diversification” is built into our portfolios.

• Which strategies do you use to minimise taxes?

  We want you to keep as much of your hard-earned returns as possible – limiting fees and taxes where possible. Tax planning is embedded in the financial advice and planning we offer. Our financial plans include tax-efficient solutions such as pensions, ISAs, and bonds, and we look to utilise annual allowances, reliefs, and exemptions for maximum return. Each client is different, so the precise set of tools we recommend in each case will vary.

• How often do you review and rebalance investment portfolios?

  Keeping your assets aligned with the strategy is essential. However, too much “tinkering” with your portfolio can result in underperformance and excessive trading fees. We recommend rebalancing portfolios to ensure they remain within set parameters to manage risk, which helps you maximise your “time in the market” (rather than trying to “time the market”).

• Can you explain the fees and expenses associated with managing my investments?

  As financial planners, it is common practice to pay for wealth management work through an annual percentage of a client’s investments. Clients should also note various platform and fund-related fees (e.g., management fees), which can often be “hidden.” At Betterment Wealth, we help clients identify and understand these costs so they have the best idea of their potential “real returns.”

• How can you help me prioritise competing savings goals?

  It can be difficult for clients to know where to allocate their resources. For instance, should you save for retirement, pay off debt, or save for a child’s education? At Betterment Wealth, we help clients gain clarity on these questions by considering their current position, the broader investment landscape, and their personal goals. By discussing options strategically, we help clients make more confident, wiser choices with their money.

• How can I convert retirement savings into a reliable income stream?

  For most clients, there are three main options: buying an annuity, going into drawdown, or using some combination of both. Your options may be different depending on your circumstances. At Betterment Wealth, we aim to ensure you have a strategy to provide a comfortable, secure, and sustainable retirement. We help you examine the relevant information to understand it and make confident decisions you are happy with for years to come.

• How do you account for inflation and potential healthcare costs?

  Inflation is the “silent killer” of savings. Using various planning tools, we help you preserve as much spending power as possible throughout retirement. We also assist with contingency planning for potential care costs in later life.

• Do you offer advice on managing pension accounts and those from previous employers?

  Yes. Your existing pensions must work as hard as possible for you – containing a suitable investment strategy and competitive fees. Our team can assist with tracking down old (and “lost”) pensions, consolidating them into a single easy-to-manage “pot” where appropriate. We can also look at your current workplace scheme and make recommendations to ensure maximum effectiveness with your pension contributions.

• Can you provide guidance on estate planning and wealth transfer strategies?

  Estate planning is often intricately linked with retirement planning. At Betterment Wealth, our process carefully integrates the two, helping provide a comfortable retirement income while ensuring maximum wealth is kept in the family when you eventually pass. Pensions are often a valuable tool for both areas of financial planning due to the attractive tax benefits they offer to individuals.

• What steps can I take now to ensure I have enough savings in retirement?

  It is best to discuss this with a financial planner (remember, your first meeting is free and without obligation!). Some general ideas include starting pension contributions as early as possible to give your savings more time to benefit from compound returns. It is also wise to monitor your National Insurance record to ensure you build up as many “qualifying years” as possible for your future State Pension.

• What types of insurance do you recommend to protect against unexpected events?

  For individuals, there are four main types of financial protection to consider: life insurance, critical illness cover, income protection, and private medical insurance. Each serves different needs, and their suitability will vary depending on your goals and circumstances. At Betterment Wealth, we help you consider each option carefully.

• How do you determine the appropriate amount of cover I need?

  A range of factors go into the process. For instance, life insurance will likely be a pressing consideration if you are a homeowner with dependents such as young children. The required cover will probably need to cover the remaining mortgage liability. Your health, family history, age, and lifestyle can also affect the availability, pricing, and required coverage of different protection policies.

• How do you help me ensure a continuing income if I cannot work?

  This scenario has two key protection types: income protection and critical illness cover. The former provides a “replacement income” (e.g. up to two-thirds of your salary) if you become injured or ill and unable to work. The latter provides a lump sum if, say, you are diagnosed with a medical condition such as a severe heart attack. We can help you assess the different options on the market for such policies and build a robust protection plan.

• How often should I update my protection plan?

  It is always a good idea to check your insurance policies regularly to ensure that they continue to reflect your circumstances and goals. A significant “life change”, such as a divorce or children leaving home, can also necessitate an update. Working with a financial planner will naturally bring up these discussions as you assess your plan each year.

• Can you help me address concerns about identity theft and cybercrimes?

  Increasingly, our financial lives are digitised, with savings, investments, pensions, and protection policies stored and accessed online. At Betterment Wealth, we follow up-to-date cybersecurity practices to ensure client information is protected and processed safely. We also encourage clients to follow the latest advice from IT professionals to keep their data safe, such as always using a secure WiFi connection and avoiding suspicious emails or messages.

• How can I maximise my after-tax income?

  The UK’s tax landscape is complex and changes regularly. Also, each client’s tax planning goals and situation are different. Carefully analysing your unique position and objectives will help highlight areas where you can improve your after-tax income. Ideas include using salary sacrifice to keep income within lower marginal rates and diversifying income sources (such as dividends), which may have separate tax allowances and lower rates.

• How can I keep taxes down in retirement?

  There are many factors to consider when approaching taxes in retirement. One important subject is what to do with your 25% tax-free pension withdrawal(s). For some people, it can be more tax-efficient to make gradual withdrawals rather than taking a single lump sum. Flexible Access Drawdown gives you more flexibility over your withdrawals (and, therefore, your tax rates). However, it may provide less financial stability than the regular income from an annuity.

• How do you keep me compliant with current tax laws and regulations?

  Our business rests on keeping clients prepared for potential changes to laws, markets, and economic conditions that affect their financial plans. We take many key steps to stay abreast with tax legislation and keep your tax plan updated. These include engaging in continuous professional development, listening to feedback and attending/hosting industry events which facilitate ongoing discussions about tax laws and regulations.

• Can you help plan for significant life events such as marriage, divorce and home buying?

  Absolutely. Having built-in flexibility within your plan to prepare for these scenarios often helps you enjoy more of what you have now, knowing that it may not impact your life in the future.

• What about Inheritance Tax?

  Inheritance Tax (IHT) is a remarkably complex area of tax planning, and getting professional advice will help ensure you are fully prepared for it. We can break down the jargon for you and highlight key areas of estate planning that could keep more of your wealth within the family, such as using gifts and trusts.

• How can a financial planner help me navigate the mortgage process?

  The advantage of working with a financial planner is that you can better integrate your mortgage into your comprehensive financial plan. For instance, we can assess your income, expenses, assets and debts to help you understand how much of a mortgage you can afford.

• Can you help me evaluate mortgage terms to ensure I get the best deal?

  Taking out a mortgage is a big decision. You may have it for many years, and it will likely represent your most significant monthly expense. We can help you compare interest rates offered by different lenders to identify the most competitive rates available. We can also assist with evaluating additional loan features and terms, giving you the information you need to determine the deal with the best overall value.

• How can I qualify for better mortgage rates and terms?

  You can take many proactive steps to improve your chances of a good deal. As financial planners, we can highlight realistic options for raising your credit score. We can also assist with building a savings strategy which optimises your progress towards growing a deposit. Our team can also help with other areas, such as recommending reducing your debt-to-income ratio and considering government schemes.

• Do you offer advice on remortgaging?

  Remortgaging can offer an opportunity to save money on your monthly payments. However, assessing different options and accurately considering “hidden fees” can be difficult. Our team can help you analyse your financial health to determine if remortgaging is right for you. We can also assist you with comparing rates, terms, and features from various lenders to find a suitable mortgage deal based on your needs and preferences.

• How do you help clients integrate their mortgage into their overall financial plan?

  Working with a financial planner can help you integrate your mortgage with your financial goals, cash flow, risk tolerance and long-term objectives. We can give you a more accurate picture of your cashflow, overall debt profile, and tax planning opportunities to develop strategies that optimise your financial position. Our team can also help you maximise stability by accounting for interest rate fluctuations, job loss or unexpected expenses.

• Do you offer independent financial advice?

  Yes, we provide independent financial planning, which means we can recommend from the whole of the market rather than being tied to a provider. Any recommendations are based on your goals and circumstances, and we explain our reasons in plain English.

• Does the Financial Conduct Authority (FCA) regulate you?

  Betterment Wealth Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the FCA. You can verify both firms on the FCA Register; our firm reference number is 1008031.

• Can I choose between meeting in person or on a video call?

  Yes, you can meet us in person or by video call. We use the option that suits you, and the planning process is the same either way.

• Where are face-to-face meetings held?

  Face-to-face meetings are usually held at our Cambridge office, and we can also use meeting rooms across London, subject to availability. Where practical, we may be able to meet at your home or workplace.

• Do you have parking at your office?

  We have on-site parking, subject to availability. There is also parking nearby, including at the train station.

• How long has Betterment Wealth been providing financial advice?

  Betterment Wealth started in April 2024, and our founder Richard Fearn has provided financial advice for over 20 years. We combine that experience with a modern, planning-led approach.

• Where are you based, and do you work with clients outside your local area?

  We are based in Cambridge and work with clients across the UK. Meetings can be in person where suitable, or via video call.

• Are your advisers/planners Chartered or Certified?

  Yes, our founding financial planner has been Chartered since 2019. We are clear about who you will be working with and the qualifications they hold.

• Does your firm hold Chartered status as awarded by the Chartered Insurance Institute (CII)?

  No, the firm does not currently hold CII Chartered Firm status. Based on the CII eligibility rules, we expect to be eligible in 2029.

• Does your firm hold Accredited status as awarded by the Chartered Institute for Securities & Investment (CISI)?

  No, we do not currently hold CISI Accredited Firm status. Our focus is on delivering a consistent planning service and meeting regulatory standards.

• Do you have any client reviews or written/video testimonials, and where can I view them?

  Yes, you can read client reviews on VouchedFor, Google, and on our website. We use feedback to improve how we communicate and deliver our service.

• What makes your firm different from other financial advisers and planners?

  We are a small, independently owned firm, so our advice is not influenced by a parent company or product provider. We aim to stay independent for the long term to give clients continuity and stability.

• What is your FCA registration number?

  Our FCA firm reference number is 1008031. We are an appointed representative, so you will also see our principal firm on the FCA Register.

• What are the key cities, towns, and areas you work with clients in?

  We mainly work with clients in Cambridge, London, and North Norfolk. We also support clients elsewhere in the UK via video call.

• How can I book an initial meeting?

  You can arrange an initial discovery meeting by phone, email, or using the contact form on our website. We will confirm what you want to cover and how you would like to meet.

• Do I have to pay for an initial meeting?

  No, there is no cost for the initial discovery meeting. It is a chance to see whether our approach fits what you need.

• What do I need to bring to an initial meeting?

  It helps to bring a simple overview of your current circumstances and any paperwork you think is relevant. Come ready to talk openly about what matters to you and what you want to achieve.

• What happens in the first meeting?

  The discovery meeting is about understanding you, what you value, and what you want your money to do for you. We also explain how our service works, what we can and cannot do, and how we charge.

• How long should I allow for an initial meeting?

  Please allow at least one hour, and up to two hours if your situation is more complex. We would rather take the time to understand things properly than rush.

• Do I have to sign up to your services at an initial meeting?

  No, there is no obligation to proceed after the first meeting. We will send you a summary and only move forward with your authority.

• What happens if my financial planner is away on holiday?

  If your financial planner is away, our administration team will handle enquiries and keep things moving. Where something needs adviser input, we will agree next steps once Richard is available.

• How often will I hear from my financial adviser or planner?

  Contact varies depending on what is happening in your life and the work we are doing at the time. As a minimum, we run an annual Review, Plan and Action meeting and we also send updates, particularly when financial legislation changes.

• Do you offer cashflow forecasting/planning as part of your service?

  Yes, cashflow planning is a core part of our service and helps you test decisions and trade-offs over time. It is designed to support better choices, but projections are not guaranteed.

• What happens if my circumstances change?

  If your circumstances change, we will update your plan and review how the change affects your goals and recommendations. Keeping us informed helps us act quickly and keep your plan relevant.

• Can you work alongside my accountant or solicitor?

  Yes, with your permission we can work alongside your accountant or solicitor. We aim to share information clearly, so advice is joined up.

• Can you coordinate with my mortgage adviser if they need information from you?

  Yes, with your authority we will provide the information your mortgage adviser needs. We respond as quickly as we can and keep you informed.

• What happens if my adviser leaves the firm?

  Richard Fearn is the founder and sole financial planner, and he expects to continue for the next couple of decades. If the firm’s resourcing changes in future, we would explain your options clearly.

• Can I see an example of a financial plan?

  Yes, we can show an example of our Review, Plan and Action report and how we build a plan. Any example is illustrative and will not be personal advice.

• Will I be able to see the value of my investments online?

  Yes, you will have online access through the custodian or platform provider that holds your investments. Values will move with markets, so what you see can go down as well as up.

• Do you provide an online portal for clients to view their investments?

  Yes, you will have access to our client portal, Wealth Platform, which shows your investments and a wider view of your overall wealth. It is designed to help you stay informed between reviews.

• How often will I meet with my adviser or planner?

  We meet at least annually for a Review, Plan, and Action meeting, and more often when there is a need. We agree the level of contact based on your circumstances and what is happening in your plan.

• Can you advise on mortgages?

  Yes, we can advise on mortgages, and we have an in-house mortgage adviser. We do not charge broker fees for arranging a mortgage, although lenders may charge their own fees.

• Can you advise on equity release?

  Yes, we can advise on equity release, and we are a member of the Equity Release Council. Equity release is a long-term commitment and can reduce the value of your estate.

• Can you advise on personal pensions?

  Yes, we advise on personal pensions as part of retirement planning. Pension rules and tax treatment can change, and tax depends on individual circumstances.

• Can you advise on occupational pensions?

  We can advise on some occupational pensions, but we do not advise on defined benefit pensions or pensions with safeguarded benefits. If you are unsure what you have, we can help you identify the type and explain your options.

• Can you help me consolidate multiple pensions?

  Yes, we can review and, where suitable, consolidate multiple pensions as part of retirement planning. Consolidation is not always in your best interests, especially where guarantees or safeguarded benefits apply.

• Can you help me take my pension tax-efficiently?

  Yes, we help you plan how to take pension benefits and manage income in retirement in a tax-aware way. Tax rules depend on individual circumstances and can change.

• Can you help with ethical or sustainable investing?

  Yes, we can include sustainable or ethical investing within your plan. We discuss your preferences early on and explain any trade-offs in the approach we recommend.

• Can you help me invest an inheritance I’ve received?

  Yes, we often help clients who have received a lump sum, including an inheritance. We start by agreeing your goals and timeframes before recommending an approach, and investments can go down as well as up.

• Can you advise on Self-Invested Personal Pensions (SIPPs)?

  Yes, we advise on SIPPs and how they fit into your wider retirement plan. We explain costs, investment options, and the risks involved.

• Can you advise on final salary or defined benefit pension transfers?

  No, we do not advise on final salary or defined benefit pension transfers. If this is relevant, we can introduce you to an external financial adviser who is authorised to advise in this area.

• Do you offer advice on long-term care or later-life planning?

  No, we do not provide advice on long-term care or later-life care planning. If you need this, we can introduce you to an external financial adviser who specialises in that area.

• Can you help with Inheritance Tax planning or estate planning?

  Yes, Inheritance Tax and estate planning are built into our financial planning work. Any planning is based on current rules, and tax treatment depends on individual circumstances.

• Can you advise on investments such as ISAs (Individual Savings Accounts)?

  Yes, we advise on investments such as ISAs and how they support your goals. The value of investments can fall as well as rise.

• Can you advise on protection such as life insurance, critical illness cover, and income replacement?

  Yes, we advise on protection such as life cover, critical illness cover, and income replacement. We focus on matching cover to your needs and budget, and we explain what is and is not covered.

• Do you offer a free initial consultation?

  Yes, there is no cost for an initial discovery meeting, either face to face or by video call. It is designed to help you understand our process and decide whether it feels like a good fit.

• How do you charge for financial advice?

  Our typical initial fee for a financial plan is £2,250. For more complex cases we may charge hourly on top, and we agree any additional cost with you in advance. Ongoing, we charge 0.80% a year on the first £1 million under our management and 0.65% a year on amounts above £1 million, capped at £21,714 a year and increased in line with RPI at the start of each tax year.

• What is your minimum fee?

  Our minimum fee is £2,250, which is our typical initial fee for a financial plan. If your needs are more complex, we explain any additional costs before we start work.

• What do you typically charge for a financial plan?

  Our typical initial fee for a financial plan is £2,250. If your situation is more complex, we may agree additional hourly charges, and we will confirm this before starting.

• Do you charge fixed fees or a percentage of my investments?

  We charge a fixed initial fee for creating and implementing a plan. Our ongoing fee is a percentage of the investments we manage for you, and it includes a cap.

• Do you get commission?

  We do not receive commission for investments, retirement planning, or estate planning. We may receive commission for insurance products and for arranging mortgages, and we disclose this to you.

• Do you charge VAT?

  Most financial planning work is VAT-exempt. If any work is not VAT-exempt, we will tell you before you proceed.

• How do I know if your fees are competitive?

  We review market information and industry surveys to benchmark our pricing, and we also take part in surveys ourselves. We focus on being clear about what you receive for the fee, rather than linking our initial fee to portfolio size.

• How do your fees compare to other advisers/planners?

  We believe our fees are competitive and our initial fee is not linked to the value of your investments. Our ongoing fee is broadly in line with industry averages based on our research, and we apply a cap.

• How can I find your fees?

  Our fees are set out on our website, and we can also explain them during your discovery meeting. We confirm all charges in writing before any work starts.

• Can you help me retire early?

  Yes, we help clients explore whether early retirement is achievable and what trade-offs might be needed. We often use cashflow planning to test different scenarios, but projections are not guaranteed.

• Can you help me plan my retirement?

  Yes, retirement planning is one of the most common reasons clients work with us. We bring pensions, investments, and income planning together into a clear plan, and investments can go down as well as up.

• What type of clients do you typically work with?

  We work with individuals, families, and small business owners who are planning for retirement, approaching retirement, or already retired. We also support people with lump sums to invest, those who want to leave a legacy, and clients who need help with mortgages, including purchases and remortgages.

• Do you work with younger clients who are still building wealth?

  Yes, we work with younger clients who are still building wealth. We do not set an age limit, but we only proceed when we are confident we can add value relative to our costs.

• Do you work with company directors or self-employed clients?

  Yes, we work with company directors and self-employed clients, from those newly in business to those planning an exit. Planning often includes retirement funding, tax-aware investing, and protecting income, but tax depends on individual circumstances.

• Do you work with clients approaching retirement or already retired?

  Yes, we work with clients approaching retirement and already retired, typically aged 35 to 70. We do not set age limits, and we focus on building a sustainable income plan and reviewing it over time.

• Can you help clients who have inherited money?

  Yes, we help clients who have inherited money and want a plan for surplus cash. We explain options clearly and only recommend investments that fit your time horizon and attitude to risk.

• Can you help clients who have sold, or are in the process of selling, a business?

  Yes, we support clients who are selling a business or have recently sold one, to plan how to use the proceeds. This often involves investment planning, retirement goals, and estate planning, with tax considerations depending on your circumstances.

• Can you help clients manage their finances after a bereavement?

  Yes, we can help you organise and manage finances after a bereavement. We take things at your pace and focus on reducing practical and financial pressure at a difficult time.

• Do you specialise in working with business owners, retirees, or professionals?

  We have experience with business owners, retirees, and professionals, but our work starts with your personal goals rather than a label. The planning process is tailored to what you want to achieve.

• Do you offer financial advice for expats or non-UK residents?

  No, we are only authorised to advise UK residents who are physically in the UK. If you live abroad, we may be able to point you towards a firm that specialises in expat advice.

• Can you help if I already have existing investments or pensions elsewhere?

  Yes, we can review existing investments and pensions held elsewhere as part of our initial financial review. Understanding the full picture helps us judge whether any changes are in your best interests.

• Is there a minimum amount of investable assets or income I need to become a client?

  We do not set a minimum level of assets or income. We only proceed when there is mutual confidence that our work will add value relative to the costs.

• Are my investments protected by the Financial Services Compensation Scheme (FSCS)?

  Yes, you may be covered by the FSCS if we cannot meet our obligations. The level of protection depends on the type of claim, the circumstances, and your eligibility.

• What happens if something goes wrong or I have a complaint?

  We have a formal complaints process, and it is set out in our complaints policy on our website. We will acknowledge and investigate any complaint in line with that process.

• How do you keep my personal data secure?

  We carry out due diligence on the systems and providers we use to help keep your data secure. We also use secure methods for sharing information when needed, and our privacy policy explains how we handle personal data.

• Are you insured to give financial advice?

  Yes, we are insured to provide financial advice. This forms part of our governance and risk management.

• How can I check your FCA registration and authorisation?

  You can check our status on the FCA Register using our firm reference number 1008031. The register will also show our principal firm because we operate as an appointed representative.

• Do you have client stories or case studies I can read?

  We share client testimonials on our website. Any testimonial reflects an individual experience and is not a guarantee of future results.

• How do you measure client satisfaction?

  We gather feedback at various stages of the financial planning process, and we run regular client surveys. This helps us improve service and communication.

• Have you won any awards or accreditations?

  No, we have not won awards or accreditations to date. We are a newer firm and focus on client outcomes and delivering the planning work well.

• Are you featured on VouchedFor?

  Yes, you can find us on VouchedFor and read client reviews there. We treat reviews as feedback and use them to improve our service.

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