An Independent Financial Advisor is a finance professional who offers advice on financial products. They are not tied to any one financial institution, so they can offer advice and recommendations on products from any provider in the market.
What does an IFA do?
An IFA can work with you to understand your financial position and objectives, then assess which products would help you to meet your goals and which are the most suitable choices for you.
Where can I find an IFA?
Independent Financial Advisors are regulated by the Financial Conduct Authority, who offer advice on choosing an IFA.
Why should I use an IFA?
Many financial products, such as pensions or investments, can be really complex. An IFA can help find the best products for you and explain any risks or pitfalls. Independent Financial Advisors are not tied to any particular finance company, so they can give impartial advice. The best IFAs will use financial advisor software such as https://www.intelliflo.com/financial-adviser-software to keep up-to-date with all the products on the market and to discover the products that suit you best. If you receive advice on financial products from an IFA and buy a product that is not suitable as a result, you are entitled to compensation. Should you make an unwise decision on your own without seeking advice, you will not be able to claim compensation when things go wrong.
What can an IFA help me with?
An IFA can help you with any financial decision, a general health check of your financial situation, or planning for the future. If you are buying a house and require a mortgage or need help choosing a pension plan to ensure a comfortable retirement, the help and advice of an IFA can be invaluable. IFAs sometimes have access to products that are not promoted to the general public, so they can check every possible option to find the most suitable solution for your needs. An IFA can help arrange life, critical illness and health insurance or conduct an assessment of your finances to make sure you are making the best choices to deliver your long-term goals.
For any big financial decision, consulting an IFA is the wisest course of action to make sure you have the best information and advice available to protect your future.