The first one is easy to define. A financial intermediary serves as a go-between among diverse parties, facilitating financial transactions. In the UK there are three types of financial intermediary, comprising insurance and mortgage brokers, and financial advisers who typically advise on pensions, investments and protection.

Within financial advice though, the terms ‘planner’ and ‘adviser’ are often used interchangeably to refer to a professional engaged in providing financial advice to their clients.  The research consultancy NextWealth has found that those using the term planners tend to be younger than those using the term advisers, which they said was unsurprising, as financial planner is a comparatively recent term.  For others the term ‘planner’ implies taking a more holistic view of a client’s affairs whereas ‘adviser’ may suggest a more solutions-orientated approach to the advice outcome. 

Ultimately, however, both these elements are important and sometimes an adviser works alongside a planner and/or paraplanner, but sometimes both elements co-exist within the same role.

 The term financial planner however should not be confused with the term paraplanner, since paraplanning is functionally different from financial planning.  The main difference being that paraplanners won’t interact directly with clients but planners and advisers do.

Oh, and it’s definitely adviser, not advisor. We are not American.