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Financial adviser first meeting: a guide for advisers converting booked pension appointments

The pre-read, a first-10-minutes script, how to explain fees, what to say to "I'll think about it", and a follow-up cadence. Sales process for regulated advisers, with no advice content.

Published 27 Sep 2026 · 19 min read · Updated 27 Sep 2026

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We book first meetings into independent advisers' diaries with people who have £250k+ in pensions, so this post stays on that part of the process: taking a meeting someone else booked and turning it into a client. It covers the sales side only (the pre-read, the first ten minutes, fees, objections and follow-up). The advice itself is yours.

What does a pension prospect expect from a first meeting?

This guide is for advisers, so start with what consumers read before they meet you. When we checked the UK results for "financial adviser first meeting" on 27 September 2026, most were consumer guides, and Google's AI summary described the first meeting as usually free, 60 to 90 minutes long, "a mutual fit assessment, not a sales pitch" with "zero obligation to sign up", and told people to bring payslips, statements and a household budget. Search results change, but it's a fair picture of what some prospects will have read before they join your call.

The questions people search around it are telling too: What should I bring? How long is a typical meeting? Should you tell your financial adviser everything? What is a red flag for a financial adviser? Your prospect wants to know three things by the end of the hour:

Can you help with my situation? Their pots, their timing, their worry.
What will it cost? In pounds, not percentages they have to work out later.
What happens next, and am I committed to anything?

On price, a 2024 Yardstick Agency LinkedIn poll found 94% of 443 respondents didn't charge for initial meetings. It's a self-selected poll, so it can't tell you what the whole market does, but it matches what consumers are told. On length, published firm guides typically describe an hour, sometimes 60 to 90 minutes. There's no standard. What matters is that the prospect knows the length before they join.

How should you prepare for a first meeting?

Fifteen minutes of preparation changes the whole meeting. The prospect has already answered a set of questions when they booked, so the worst thing you can do is ask them all again. On an InvestmentsBooked appointment you get a brief with the facts the prospect gave us. We record facts and what they want help with. There's no attitude to risk or product talk in it. The fields look like this (illustrative):

Brief field	What it tells you	What to do with it before the call
Pension value band (self-declared)	Roughly how big the case is	Plan to reconfirm the figure early, and check it against your minimum
Pension types and number of pots	Workplace, old workplace, personal, SIPP, DB not yet paid	Ask them to have the latest statement for each pot to hand
Age and retirement stage	How urgent the decision is	Within 2 years or recently retired usually means income questions come first
Help wanted (up to 3)	Their words for the problem: income plan, consolidation, tax-free cash, IHT	Open the meeting on the thing they ticked
Already accessed pensions?	Tax-free cash taken or income drawn	Note it for the fact find later
Current adviser	None, second opinion, or unhappy	A second-opinion prospect needs a different opening question
Advice fees acknowledged	They've been told advice is paid for	You still explain your own fee. They've accepted the principle, not your number
Partner joining?	Whether both decision-makers will be there	If not, ask in your intro email whether they'd like their partner on the call

Two other bits of preparation are worth the time:

Send a short intro email the day before with your name, photo, firm, FCA register link, the meeting length and what to have to hand. It cuts no-shows as well (we cover that in how to reduce no-shows).
Decide your fee example in advance. If their band is £500k–£1m, have a cash example worked out for a figure in that range so you're not doing sums live.

Intro email, day before "Hi [name], I'm [adviser] at [firm], and I'm looking forward to our call at [time] tomorrow. It'll take about an hour. If you can, have your latest pension statements to hand (a photo on your phone is fine) and your State Pension forecast from gov.uk. You're welcome to bring [partner's name] if you'd like them involved. You can check our details on the FCA register here: [link]. Speak tomorrow, [adviser]."

What should you say in the first 10 minutes?

The first ten minutes set the tone for the hour. On a booked appointment the prospect is expecting you, so you don't need to earn the right to talk. You need to do four things quickly: confirm who you are and how they came to you, set the agenda, confirm the facts that matter, and hand the conversation to them.

Opening (minutes 0–2) "Hi [name], it's [adviser] from [firm]. Thanks for making the time. Just so you know who you're talking to: we're an independent financial advice firm, authorised by the FCA, and you booked this call through InvestmentsBooked, who introduce people to firms like ours. Is now still a good time for about an hour?"

Saying where the appointment came from matters. Consumers booked through us are told which firm they'll speak to, and that the firm pays for the introduction. Saying it out loud at the start removes any sense that something is being hidden.

Agenda (minutes 2–4) "Here's what I suggest for the hour. First, I'd like to hear what's prompted this and what you'd like to get sorted. Then I'll explain how we work and exactly what it would cost, in pounds. Then we can decide together whether it makes sense to take things further. There's no commitment today, and I won't be recommending anything on this call, because I'd need a lot more detail first. Does that work for you?"

Confirm the facts (minutes 4–7) "Before we start, can I check a couple of things you mentioned when you booked? You said your pensions come to somewhere in the [band] range, across [number] pots. Is that still roughly right? And you mentioned [help wanted, in their words]. Is that still the main thing?"

Reconfirming the band early protects both of you. If the total turns out well under your minimum, it's better to know at minute five than minute fifty. On an InvestmentsBooked appointment, pensions under £250,000 is a disqualification you flag to us, and the credit comes back after review.

Hand over (minutes 7–10) "So, tell me in your own words. What's prompted you to look at this now?"

Then stop talking. "Why now" is the most useful question in a first meeting, because the answer is the reason they'll become a client: a retirement date, a redundancy, a pot they've lost track of, a parent's estate, the change that brings most unused pension funds and death benefits into scope of inheritance tax for deaths on or after 6 April 2027. Write down their exact words. You'll use them again in your summary email.

What should a discovery meeting cover, and how is it different from a fact find?

People use the terms loosely, so here's how we'd separate them. The discovery meeting is the first conversation: goals, the trigger, the rough shape of their finances, how you work, what you charge, and whether you're a fit. The fact find is the detailed information gathering you do once they've agreed to go ahead, and it has to meet the FCA's suitability rules. COBS 9.2 requires information about the client's knowledge and experience, financial situation and objectives, including their ability to bear risk, and COBS 9.2.6R stops you making a recommendation without it.

Trying to do a full fact find in the first hour usually backfires. The prospect feels processed before they've decided they like you, and you've spent paraplanner-grade effort on someone who might not engage. A discovery meeting needs enough to show you understand them and to scope the work. Good discovery areas for a pension prospect:

Timing. When do they want to stop or reduce work? Is anything fixed, like a scheme retirement date?
Income. What do they think they'll need to live on? Most people haven't worked it out, which is fine. Asking shows you'll help them.
The pots. How many, roughly how much, any they've already drawn from.
Other money. ISAs, savings, property, a partner's pensions.
Family. Who depends on them, and who they want to leave money to.
Past advice. Have they had an adviser? What did they like or dislike?
Worries. Running out of money, tax, making the wrong decision on an annuity or drawdown.

It's worth knowing where the FCA found gaps in retirement advice files, because a thin discovery meeting leads to a thin fact find. In its 2024 retirement income advice review (TR24/1), the FCA found incomplete expenditure analysis, income or lump-sum needs that weren't quantified, missing information about the client's wider pensions, and some firms not assessing capacity for loss. You don't cover all of that in meeting one, but a prospect who hears you ask about spending, other pensions and what happens if markets fall already feels the difference from a sales call.

For the fact find itself, use the template your network, compliance support or back-office software already builds around COBS 9.2. For meeting one, a page with the seven headings above is enough. If a cashflow plan is how you show clients the answer, the tools and their prices are in cashflow modelling software compared.

How do you explain fees in a first meeting?

Explain them in this meeting, in pounds, and send them in writing the same day. There are rules behind this. COBS 6.1A.17R requires you to disclose your charging structure in writing in good time before a personal recommendation, and the guidance at 6.1A.19G says to use cash terms as far as practicable, with cash examples where the charge is a percentage. COBS 6.1A.24R adds that you agree and disclose the client's total adviser charge as early as practicable. You also have to say whether your advice is independent or restricted in good time before advice (COBS 6.2B.33R).

The rules set the minimum. The conversion reason is simpler: a prospect who has to guess your fee assumes the worst, and a percentage without a pound figure is a guess. Prospects booked through us have already acknowledged that advice is paid for, so you're not breaking bad news. You're putting a number on something they expect.

Explaining fees "Let me be clear on cost now, so there are no surprises. Our advice is paid for, and there are two parts. The initial fee covers the research, the recommendation and putting it in place. On pensions of about [£X], that would be [£ amount]. Then, if you'd like us to keep looking after it, there's an ongoing fee of [%] a year, which on [£X] is about [£ amount] a year, and you can stop that at any time. I'll put all of this in writing to you today. Does that make sense so far?"

For context on where your fee sits, the average ongoing charge in NextWealth's 2026 fee benchmarking is 0.83% a year, and the reported average minimum initial fee is £1,949 (NextWealth Financial Advice Business Benchmarks 2026, as reported by Professional Paraplanner). Those are averages across the market, so use them to sense-check your own positioning rather than to set it. We've pulled the full set of fee benchmarks together in IFA fees in the UK.

One point from our own pricing that's relevant here: under our show rules, a prospect who questions your level of fee still counts as a show, but one who says they won't pay any fee for advice is a disqualification and gets credited. The full show test is on our pricing page.

How do you handle "I'll think about it" and other objections?

You'll hear the same handful of objections again and again, and treating them as things to overcome is usually a mistake. With a pension decision, "I want to think about it" is often the right answer, and under Consumer Duty your job is to make sure the prospect has what they need to decide. Pushing for a yes today works against that. Below is what each one usually means and a line that keeps things moving honestly.

They say	What it usually means	How to answer
"I'll think about it."	They need time, or something hasn't been answered.	"Of course, it's a big decision. So you've got everything, is there anything we haven't covered that you'll be weighing up? I'll send a summary and the costs today. Shall I give you a ring on [day] to answer any questions?"
"I need to talk to my partner."	Half of the decision wasn't in the meeting.	"That makes sense, it affects you both. Shall we book a short follow-up with the two of you, so they can ask me anything directly?"
"Can you just tell me what to do with my pension?"	They want the answer without the process.	"I'd love to, but I'd be guessing. A recommendation has to be based on your whole picture, and giving you an opinion without that could point you the wrong way. That's what the next stage is for."
"Why pay when Pension Wise is free?"	They've heard of free guidance.	"Pension Wise is good and it's free, and I'd encourage you to use it. It gives guidance on your options. It won't tell you which option suits you or put it in place. That's advice, and that's what our fee pays for."
"Your fees are higher than I expected."	They're comparing a number with no context.	"That's fair to raise. Can I show you what's included for that, and what it would cost if we only did part of it? If it still doesn't feel right, it's better you know now."
"I already have an adviser."	They want a second opinion, or they're unhappy and feel awkward.	"That's fine. What made you want to talk to someone else? If your current adviser is doing a good job, I'll tell you so."

The line on "what should I do with my pension" matters more than it looks. An off-the-cuff view in a first meeting can look like a personal recommendation made without a fact find, and the prospect may treat it as the answer, act on it or shop it around. Hold it back.

What follow-up cadence works after a first meeting?

Most first meetings don't end with a signed client agreement, and they shouldn't have to. NextWealth's 2024 benchmarking put the average time from first contact to first advice at 33 days, and Yardstick quotes an adviser who had two clients come back four years after their first enquiry. So the follow-up needs to be steady and useful, and it shouldn't read as chasing. A cadence to start from:

Before you hang up. Agree the next step and a date: a follow-up call, the second meeting, or "I'll call you on Thursday".
Within 24 hours. A summary email: what they told you (in their words), what you'd do, your fees in pounds, and the next step. Attach your client agreement and fee information if they're ready for it.
The agreed day. Make the call you said you'd make. It sounds basic. It's where most follow-up falls down.
Around day 7. If you haven't spoken, one short message: "Did you get a chance to look at the summary?"
Around day 14. Something useful, relevant to what they told you (a note on the 2027 IHT change if they mentioned family, for example).
Around day 30. A direct, easy-to-answer question: are they still looking at this, or has the plan changed?
After that. Only keep in touch if they're happy to hear from you. Newsletters and promotional emails are marketing, so you need consent or a valid soft opt-in, and a way to opt out every time.

Summary email, same day "Hi [name], thanks for your time today. To recap: you'd like to [their goal, their words] by [date], and you've got [number] pensions of roughly [£X]. The next step would be [second meeting / fact find] where we look at everything in detail. Our costs, as we discussed: initial fee [£], ongoing [%] a year (about [£] a year), stoppable any time. There's no commitment until you sign our client agreement. I'll call you on [day] as agreed. [Adviser]"

Day 30 check-in "Hi [name], just checking in. Are you still thinking about getting your pensions sorted, or have your plans changed? Either answer is fine, I just don't want to keep emailing if it's not useful."

What shouldn't you do in a first meeting? (Consumer Duty)

These are the habits that lose clients and, in a few cases, create compliance risk.

Giving an opinion before the fact find. "I'd move that into drawdown" in meeting one is a recommendation without the information COBS 9.2 requires. Scope the work, don't pre-empt it.
Pressure or deadlines. Consumer Duty (PRIN 2A.5) expects customers to get information in good time and a fair chance to consider it. "This fee is only available if you sign today" is the kind of thing that fails that test.
Hiding the fee until the recommendation. It breaks the "as early as practicable" expectation and loses you the people who would have said yes to a clear number.
Running a one-party meeting when two people are deciding. If both partners own the decision, get both on the call, even if that means a second meeting.
Calling the meeting a free review of their pension. The FCA's pension-scams page warns consumers about offers of free pension checks and says "professional advice on pensions is not free". Call it an initial meeting.
Missing vulnerability. A recent bereavement, a health diagnosis or confusion about basic facts all change how you run the meeting. Slow down, check understanding, offer a follow-up with someone they trust present.
Letting anyone else do the fact find. If a lead supplier offers to "pre-fact-find" or take an attitude to risk for you, say no. The FCA expects firms taking business from unauthorised introducers to keep full ownership of the advice process. We don't do it, and neither should anyone who sells you appointments.

What conversion rate should you expect from a first meeting?

There isn't a reliable UK industry figure for attended first meetings to paying clients. What's published is patchy and defined differently each time:

Figure	What it measures	Source and caveat
At least 1 in 4	All new enquiries to clients	Yardstick Agency guidance to UK firms
Below 10%	Bought leads to clients	Yardstick Agency
30–40%	Qualified first meetings to clients	Intently, a UK adviser marketing agency. Vendor planning claim, not measured data
40%	"New client conversion rate"	VouchedFor 2022 report. Denominator not clear
25% (10% to 40% scenarios)	Attended pre-booked appointment to client	InvestmentsBooked planning default. Illustrative, not a result

We use 25% as a planning default. With no comparable benchmark and no published InvestmentsBooked conversion rate, it's an assumption to test. At £500 a show, 25% means £2,000 of appointment cost per new client; at 10% it's £5,000; at 40% it's £1,250. Those are illustrative figures. Your results depend on your fees, your minimums, how quickly you follow up and how well your proposition fits the prospect. You can run your own numbers in the calculator on our pricing page.

Whatever source you buy from, track the same four numbers: meetings attended, second meetings or fact finds booked, client agreements signed, and new clients. A plain shared spreadsheet is enough to show which step is weakest.

What we do before the meeting, and what stays with you

Here's the split, plainly:

We find and book the prospect. Consumer adverts are approved by an FCA-authorised firm under section 21 of FSMA before they run, and we don't make unsolicited pension marketing calls.
We tell them who you are before the call. They asked to be booked with one FCA-authorised independent firm, and they're told your firm's name and FRN as soon as you claim the booking, before the call. They also know that advice is paid for and that your firm pays us for the introduction.
We send the reminders. Service messages by email or SMS, with an easy way to rebook.
You get the brief. Pension band (self-declared, reconfirmed on the call), pension types, age, retirement stage, what help they want, fee acknowledgement and more.
You pay only for a qualified show. £500 per qualified show. No-shows, cancellations that aren't rebooked and prospects below the minimum band you selected are credited back to your balance, with a fresh 6-month expiry.

What stays with you is everything in this post: the meeting, the fees conversation, the fact find, the advice and the follow-up. That's how it should be. InvestmentsBooked is not authorised by the FCA and does not give financial advice. We get a prepared, expecting prospect into your diary, and converting them is your craft. If you'd like to see how the booking and the brief work end to end, read how it works, or see the four appointment types we book, including pension appointments and retirement planning appointments. How we source and check prospects is on lead quality.

Figures checked 27 September 2026. Sources: FCA Handbook COBS 6.1A (adviser charging), COBS 6.2B, COBS 9.2 and PRIN 2A; FCA TR24/1 retirement income advice review, March 2024; FCA pension scams page; FCA statement on accepting business from unauthorised introducers; Yardstick Agency LinkedIn polls 2024 and conversion guidance; Intently marketing ROI guide; VouchedFor 2022 client experience report; NextWealth Fee Benchmarking Report 2026 for the 0.83% ongoing charge; NextWealth Financial Advice Business Benchmarks 2026 for the £1,949 minimum initial fee, as reported by Professional Paraplanner; NextWealth Financial Advice Business Benchmarks 2024 for the 33 days from first contact to first advice; MoneyHelper Pension Wise. The Google AI summary is a dated observation of one UK search on 27 September 2026. Conversion figures in the InvestmentsBooked row are illustrative planning assumptions, not results.

FAQ

How long should a financial adviser first meeting last?

Most UK firms describe the first meeting as about an hour, and some allow 60 to 90 minutes. There is no rule, and the length should follow the client's needs and your process. A complex case, a couple, or a client who needs more time to take things in may justify longer. What matters is that the prospect knows how long to set aside before they join.

Should the first meeting with a financial adviser be free?

Many don't. In a 2024 Yardstick Agency LinkedIn poll, 94% of 443 respondents said they don't charge for initial meetings, although a self-selected poll can't tell you what the whole market does. Whatever you do, be clear before the meeting whether it is chargeable, and explain your fees in cash terms before you give any advice.

What is the difference between a discovery meeting and a fact find?

A discovery meeting is the first conversation: what the prospect wants, why now, what they have, how you work and what you charge, and whether you are a fit for each other. A fact find is the detailed information gathering you do once they have agreed to go ahead, covering everything the FCA's suitability rules (COBS 9.2) need before a recommendation: finances, objectives, knowledge and experience, risk and capacity for loss.

When do you have to tell a client your fees?

Your charging structure must be disclosed in writing in good time before you make a personal recommendation (COBS 6.1A.17R), in cash terms as far as practicable. You also have to agree and disclose the client's total adviser charge as early as practicable (COBS 6.1A.24R). In practice the best time to explain fees is the first meeting, with a written version sent the same day.

What is a good conversion rate from first meeting to client?

There is no reliable UK industry figure for attended first meetings to paying clients. One UK agency suggests 30–40% for qualified first meetings, as a planning claim. We use 25% as a planning default for a pre-booked pension appointment, with 10% as a poor result and 40% as a strong one. Your own rate depends on your fees, your minimums, your follow-up and how well the prospect fits.

How do you follow up after a prospect says they'll think about it?

Agree a date before the meeting ends, send a written summary and your fee information within 24 hours, then check in on the agreed day. After that, a short check-in at around one week, two weeks and one month is plenty. Give them room to decide: Consumer Duty expects customers to get information in good time and a fair chance to consider it, so deadlines and pressure work against you.

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