Vetting an advisor for the self-employed with no company fund

You've just hit forty, your business is ticking over, and you realised you have no company pension, no provident fund, and no idea what happens to you when you stop working. The self-employed and small-business owners without formal workplace retirement schemes often face this moment alone — and that's exactly when a loose advisor can cost you dearly.

Vetting someone who'll handle your retirement as a sole trader requires more than a good handshake or a recommendation from a friend. You need to run specific, repeatable checks that any legitimate advisor will welcome.

Verify their regulator first

Start with the Financial Sector Conduct Authority (FSCA). Ask the advisor for their registration number and check it yourself on the FSCA's online registry — don't rely on them to tell you they're registered. An advisor handling retirement planning and investments must be there. If they're hesitant to provide the number or it doesn't appear on the register, walk away immediately.

While you're checking, also ask whether they hold a Professional Indemnity Insurance policy and request proof. This isn't optional for credible advisors; it protects you if something goes wrong. Request the policy number and the underwriter's name, then verify independently if you're unsure.

If they work through a financial services firm, confirm that firm is also FSCA-registered and ask what advisory licence category they hold. Different categories govern what they can advise on — retirement planning requires specific permissions. Don't assume a big name means they're authorised for what you need.

Reference calls and what to ask

Ask for at least three client references — ideally people in similar circumstances to you: self-employed, no company fund, building personal retirement savings. Call them directly. A good advisor will have clients willing to speak frankly.

Ask each reference: How long have you worked with this advisor? Have they reviewed your plan more than once, and how often? Did they explain fees clearly before you started? Have they ever recommended a change to your strategy, and did you understand why? Did they help you through market downturns without panic? Can they name the specific investments or vehicles the advisor recommended?

If a reference sounds unclear about what they own or why, that's a red flag. Your advisor should have made this plain from day one.

Also ask the references whether the advisor has suggested they move existing retirement savings into new products. Legitimate advice sometimes warrants this, but it can also be a sign of commission-driven pressure. Ask what the advisor's fee or commission structure is, and whether it's the same for all recommendations.

What to request in writing

Before you commit, ask the advisor to provide a written summary of your circumstances and their proposed strategy — not a glossy brochure, but a one- or two-page plain-English outline. It should show they understand what you earn, what you've already saved, your target retirement date, and the logic behind their recommendations. If they can't or won't do this, they're not ready to work with you.

Request a conflict-of-interest statement. They should disclose whether they earn commission from any product they recommend, or whether they're fee-only. Neither model is inherently bad, but you need to know where the incentive sits.

Ask them to walk you through how they'll handle load-shedding emergencies or personal crises — in other words, how accessible they are and through what channels. Some advisors are email-only; others use WhatsApp or phone. Know their response times and backup arrangements if they're ill.

A practical first meeting

In your first meeting, bring a notebook and write down everything. Ask them to explain their approach to risk — not in jargon, but in plain terms tied to your business. If the market drops 15 per cent, what happens to your money? How do they adjust your plan when your business income fluctuates? Do they review your plan annually, and do you pay for reviews or are they included?

Once you're confident in their credibility and approach, Strove's verified advisors in retirement planning can save you hours of detective work. You can compare advisors, read verified reviews, and request quotes — all before the first meeting.

The right advisor for self-employed retirement planning isn't just knowledgeable; they're transparent, accessible, and genuinely interested in your long-term picture, not a quick commission.