An ongoing financial advice service should be described in specific, measurable terms. It may include scheduled reviews, updated fact-finding, suitability assessment, portfolio work and planning support, but the exact package differs between firms.
Quick answer
Ask for the review frequency, named deliverables, responsibility for arranging meetings, investment and planning work included, access to the adviser, annual charge and cancellation method. Keep records of reviews and compare delivery with the agreement.
Key points
- An ongoing adviser charge should correspond to an ongoing service.
- The firm should explain the service, charge and cancellation process.
- A review normally needs current information from the client.
- Portfolio performance reporting is not the same as personal advice.
- Clients who repeatedly decline reviews should reconsider whether the service remains appropriate.
- Missed promised services may require the firm to investigate and consider redress.
- 2026 proposals for more flexible periodic reviews are not yet final rules.
What the ongoing service agreement should say
The agreement should identify the ongoing services, the frequency or triggers, the adviser charge and how to cancel. It should not rely only on broad phrases such as “continuous support” or “peace of mind”.
Useful detail includes the number of scheduled meetings, whether they are in person or remote, the expected documents, response arrangements and which assets or objectives are covered.
The agreement should also explain what is not included. Tax returns, legal work, mortgage advice, specialist pension transfers or additional family members may require separate services.
If the fee is percentage-based, the asset base, minimums, tiers and effect of growth should be clear.
Suitability and financial-planning reviews
An ongoing review may revisit the client’s objectives, circumstances, risk tolerance, capacity for loss and current arrangements. The adviser can then consider whether the existing recommendation remains suitable or changes are needed.
A meeting alone is not necessarily a complete review. The process may require updated information, analysis and a written record of the outcome.
Some years may result in no recommendation to change. That does not mean the review had no value, provided the agreed assessment was carried out and documented.
Review timing should reflect the agreement and applicable rules. Material life events may justify an earlier review.
Updating personal and financial information
The adviser needs current information. The client may be asked about income, spending, dependants, employment, pensions, investments, debt, health, tax and objectives.
If the client does not provide information, the firm may be unable to conduct a meaningful review. Repeated non-engagement should prompt a discussion about whether paying for ongoing service remains in the client’s interests.
The firm should use secure methods for sensitive information and explain its privacy practices. Clients should verify unexpected requests before sending documents.
Portfolio monitoring and investment work
An ongoing service may review asset allocation, performance, risk, costs and suitability. It may include rebalancing or recommendations to change investments.
Performance reporting alone does not necessarily amount to advice. The agreement should state whether the adviser will make personal recommendations and who implements them.
If a discretionary investment manager is involved, clarify the division of responsibility. The investment manager may change holdings within a mandate while the adviser reviews the wider suitability and financial plan.
Ask whether transaction or investment-management charges apply in addition to the adviser fee.
Cash-flow modelling and wider planning
Some ongoing services update retirement projections or cash-flow models. The adviser may revise assumptions for spending, inflation, returns, tax and life events.
Models are illustrations, not promises. The service should explain which assumptions changed and how sensitive the plan is to adverse outcomes.
Wider planning may include pension contributions, withdrawals, protection, gifting and use of tax allowances. Tax rules can change, and detailed tax advice may require a specialist.
Ask whether planning work is included automatically or only when requested.
Access, communication and support
An ongoing package may offer email, telephone, portal or meeting access. “Unlimited access” should be interpreted carefully: response times, adviser availability and the type of questions covered may still be limited.
Clients should know who to contact if the named adviser is unavailable and whether support staff can answer administrative questions.
Important recommendations and decisions should be documented, not left only in informal messages.
The client’s responsibilities
The client should provide accurate information, attend or respond to review invitations, read documents and tell the adviser about material changes.
Paying an ongoing fee does not transfer every financial responsibility to the adviser. The agreement determines what the firm monitors and what remains outside scope.
Clients should check statements for adviser deductions and keep copies of meeting notes and review outcomes.
Missed, declined and undelivered reviews
The FCA’s 2025 multi-firm review found that 83% of promised suitability reviews in the data reviewed were delivered. In another 15%, clients declined or did not engage. Firms reported making no effort in fewer than 2% of cases. The FCA said the sample was not representative of the whole market.
Where a client consciously declines a review, redress may be less likely. Repeated refusal should still lead the firm and client to consider whether the service remains appropriate.
If the firm failed to attempt or deliver a promised service, the client can ask for records, an explanation and consideration of any remedy. The exact outcome depends on the agreement and facts.
Cancelling or switching ongoing advice
The firm should explain how the client can cancel. Confirm the effective date and whether the provider needs a separate instruction to stop deductions.
Other costs may continue, including platform, fund, product and investment-management charges. Ask who will manage investments and cash after the adviser service ends.
Switching adviser can involve a new fact-find and initial fee. A new adviser may recommend retaining existing products rather than transferring them.
Do not give a new firm authority until its status, permissions, service and costs have been checked.
Complaints and possible redress
Start with the firm’s complaints process. Explain which service was promised, what was paid and what appears not to have been delivered. Include supporting documents.
The firm should investigate under applicable complaint rules. If the response is unsatisfactory or delayed beyond the relevant timescale, the consumer may be able to refer the complaint to the Financial Ombudsman Service.
Redress is fact-specific. A refund is not automatic merely because the client chose not to engage, and the outcome can depend on whether the firm made reasonable attempts to deliver the service.
The 2026 proposals for periodic reviews
In March 2026 the FCA consulted on replacing certain annual suitability-review requirements with periodic reviews based on client need and clarifying support for disengaged clients.
The consultation closed in May 2026. The FCA said it would publish feedback and a Policy Statement after reviewing responses. Until final rules and commencement dates are published, existing obligations and client agreements remain the relevant reference point.
Firms may design different review frequencies where permitted, but consumers should not accept a vague service simply because reform has been proposed.
Ongoing-service checklist
- Review frequency or triggers
- Updated fact-find and objectives
- Suitability or planning assessment
- Portfolio and cost review
- Cash-flow or retirement modelling where included
- Written outcome and recommendations
- Implementation responsibility
- Adviser access and response expectations
- Annual charge in pounds and percentages
- Cancellation and switching process
Frequently asked questions
Must an ongoing advice service include an annual meeting?
The current answer depends on the service and applicable rules. The agreement should state the frequency. FCA proposals for periodic reviews were not final when this guide was reviewed.
What if I refuse to attend a review?
The firm may be unable to complete it. Repeated non-engagement should prompt a discussion about whether ongoing service remains appropriate.
Is a performance report an advice review?
Not necessarily. A review should match the promised service and may need updated client information and suitability analysis.
Can an adviser charge if no changes are recommended?
A completed review can still be a delivered service even if no change is appropriate. The issue is whether the agreed work was carried out.
What if my adviser did not contact me?
Ask for records and use the firm’s complaints process. The firm may need to consider whether a remedy is due.
Can I cancel without moving my investments?
Often the investments can remain, but other charges and management arrangements may continue. Confirm the details.
What a typical review workflow may look like
The firm invites the client and requests updated information. The client confirms material changes and provides statements. The adviser reviews objectives, cash flow, risk, investments, costs and the continuing suitability of the arrangements.
The adviser then discusses the findings and provides a written outcome. This may recommend changes, confirm that no change is needed or identify further specialist work. Agreed actions are implemented and recorded.
Not every service follows this sequence, but the client should be able to identify comparable stages in the agreement.
Ongoing advice and discretionary investment management
Where a discretionary manager controls day-to-day portfolio decisions, the financial adviser may still be responsible for the wider personal recommendation and whether the mandate remains suitable.
Ask whether both firms charge separately, how information is shared and who contacts the client if risk or objectives change. The client should not pay two firms for duplicated work without understanding the benefit.
Performance reports from the investment manager should be distinguished from the adviser’s personal planning review.
Supporting clients with vulnerability or reduced capacity
An ongoing adviser may become aware of health changes, bereavement, cognitive difficulty or other vulnerability. The firm should provide appropriate support and follow valid authority arrangements.
Clients can ask how a trusted contact, attorney or family member may be involved. Legal authority should be verified, and confidentiality still matters.
Planning ahead can reduce disruption. Keep powers of attorney and contact arrangements current where appropriate.
Service standards beyond the formal review
The agreement may include response times, administrative help, transaction support and access during market volatility. These services should be described realistically.
Ask whether urgent withdrawals or provider problems are handled by the adviser or support team. Clarify when additional fees apply.
Good service also includes clear records, accessible communication and prompt correction of errors. These features contribute to value even when no investment change is recommended.
Reviewing fees and product costs as part of the service
An ongoing review should not consider only asset allocation. The adviser can examine whether the adviser, platform, product, fund and investment-management costs remain appropriate for the client and service.
This does not mean the cheapest arrangement must always be selected. Existing guarantees, functionality, service and tax position can justify higher costs. The reasoning should be documented.
Ask whether the review includes comparison with reasonable alternatives and whether the firm receives any benefit from the chosen platform or investment service.
What the written review outcome should contain
A useful outcome records the information considered, material changes, whether the plan remains suitable, recommended actions and issues outside scope. It should also identify assumptions and risks.
The client should receive enough information to understand what was reviewed and why no change or a particular change was appropriate. A generic meeting note may not provide this clarity.
Checking the service at the end of each year
Keep a simple annual log of invitations, meetings, reports, actions and charges. Compare it with the agreement. This helps the client see whether the service is active and whether the fee remains proportionate.
Where the service is no longer needed, discuss alternatives before another full charging period begins.
Sources and further reading
Important: This guide is for general education only. It does not provide personal financial advice, a quotation or a recommendation to use a particular adviser, firm, product or charging method.
Reviewed by: Financial Adviser Hub Editorial Team. Last reviewed: June 2026.