Best Financial Advisers in North Shields

Whether you are planning for retirement, deciding what to do with a pension pot, sorting out an inheritance or simply wanting a second opinion on your savings, a good financial adviser can be worth far more than their fee. North Shields has a handful of advice firms with offices in the town centre and on the Fish Quay, and this guide sets out who they are and how they work.

This is a guide to local firms, not financial advice. Always check an adviser on the FCA Register before you sign anything.

Independent or restricted?

Every regulated adviser in the UK has to tell you whether their advice is independent or restricted. An independent financial adviser (IFA) can recommend products from across the whole market. A restricted adviser can only recommend products from a limited range, often a single provider's funds, such as St. James's Place or a building society's partner network.

Restricted does not mean worse. Many restricted advisers are highly qualified and give good, personal service. But it is worth knowing which kind you are talking to, and asking how their recommendations are limited.

Amethyst Independent Financial Advisers

Amethyst Independent Financial Advisers works from 83 Howard Street, in the heart of the town's professional quarter near Northumberland Square. As the name makes clear, the practice describes itself as independent, and it covers pensions and retirement planning, investments, protection insurance and mortgages.

Amethyst has been trading as a limited liability partnership since 2014, which makes it one of the more established local names. It suits people who want whole-of-market advice from a small team they can meet face to face in town.

Best for: Best for: whole-of-market advice from an established local independent practice

Foster Denovo (formerly Shaun Carr Financial Services)

A few doors along at 75-79 Howard Street, the long-standing Shaun Carr Financial Services has joined forces with Foster Denovo, a national advice firm authorised by the Financial Conduct Authority. Existing clients of Shaun Carr will find the same local office, now backed by a larger group's planning tools and specialists.

Services span retirement and pension planning, investments, protection and later-life planning. Ask at your first meeting whether the advice you receive is independent or restricted, as that can vary between firms and advisers.

Best for: Best for: former Shaun Carr clients and anyone wanting a local office with national resources behind it

Steadfast Wealth Management

Steadfast Wealth Management is based at 1 Liddell Street on the Fish Quay, run by Lee Watson. The firm is an Appointed Representative of St. James's Place, so its advice is restricted to the St. James's Place range of products and services.

Steadfast covers investment, retirement and protection planning, as well as mortgages and planning for business owners. The office is open Monday to Friday, 9am to 5pm.

Best for: Best for: rounded wealth planning on the Fish Quay for those happy with a St. James's Place partner

Smithson Wealth Management

Smithson Wealth Management operates from Howard House Commercial Centre on Howard Street. Geoff Smithson joined St. James's Place in 2013, holds a Diploma in Financial Planning and is a member of the Chartered Insurance Institute. Like Steadfast, the practice is a St. James's Place Partner Practice, so its advice is restricted.

The focus is retirement planning, savings and investments, estate planning and protection, with an emphasis on long-term relationships with clients and their families.

Best for: Best for: retirement and estate planning with an experienced, qualified planner

Newcastle Building Society, North Shields

For more everyday needs, Newcastle Building Society runs a community branch inside YMCA North Tyneside on Church Way. Financial advice is available in branch, by phone or by video through Newcastle Financial Advisers Limited, an appointed representative of The Openwork Partnership, so it is restricted advice. Mortgage advice is given by telephone.

It is a straightforward option for savers and members who prefer dealing with a familiar high-street name. The branch is open weekdays 9am to 5pm and on Saturday mornings.

Best for: Best for: building society members wanting advice alongside their savings and mortgage

How to choose a financial adviser

Check the FCA Register. Search the firm and the individual adviser at register.fca.org.uk. Confirm they are authorised for the kind of advice you need, and that the firm name matches the paperwork you are given.

Ask about fees upfront. Advisers must explain their charges before they start work. Common models are a fixed fee, an hourly rate, or a percentage of the money being invested, often with an initial charge and an ongoing annual charge. Ask for the total in pounds, not just a percentage, and find out what the ongoing service includes.

Look at qualifications. All advisers must hold at least a Level 4 qualification such as the Diploma in Regulated Financial Planning. Chartered or Certified Financial Planner status shows a higher level of study.

Start with free guidance. MoneyHelper, the government-backed service, offers free, impartial help on pensions, debt and savings by phone and online. If you are 50 or over and have a defined contribution pension, Pension Wise offers a free appointment explaining your options before you decide what to do with your pot. Guidance is not advice, but it helps you go into an adviser meeting knowing the right questions.

Beware of cold calls. Unexpected contact about pensions or investments is a classic sign of a scam. Check the FCA's ScamSmart warning list before acting.

If your finances overlap with tax or a business, our guide to the best accountants in North Shields is a useful companion, and for wills, trusts and powers of attorney see solicitors in North Shields.

Know a North Shields financial adviser we should include? Let us know.