Your Local IFA
Independent Financial Advisers or IFAs are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products from the whole of the market. Find Your local IFA Independent Financial Adviser. Offices in London, Leeds, Manchester as well as remote advisers nationwide.
Typically a Local IFA Independent Financial Adviser will conduct a detailed survey of their client’s financial position, preferences and objectives; this is sometimes known as a ‘factfind’. They will then advise appropriate action to meet the client’s objectives; and if necessary recommend a suitable financial product to match the client’s needs. Individuals and businesses consult IFAs on many matters including investment, retirement planning, insurance, protection and mortgages (or other loans). IFAs also advise on some tax and legal matters.
Independent Financial Advice
Many people think that independent financial advice can be costly; this is not so. We believe that everybody should have access to an initial meeting with an adviser “free of charge”, where the client can discuss their requirements without the fear of running up a bill. Remember, everybody has the right to seek Independent Financial Advice
How to find your local Financial Adviser
Financial advisers are either independent and have access to a vast array of 30,000 or more financial products, or are tied agents who sell products for one company (although these are rare these days). You can also buy financial products from “execution-only” brokers. Execution-only brokers let you buy investments without taking financial advice. The company simply “executes” the deal and buys shares or investments on your behalf. Generally speaking, the charges are low for this service, but you must make your own financial decisions if you take this route.
How are independent financial advisers paid?
It’s important to understand how your financial adviser is paid from the outset. Tied agents usually get paid commission. IFAs are either commission-based, fee-only or a mixture of the two. In the case of commission-based advisers, they are paid a cut from the investment products they sell to you such as pensions, investment funds and life insurance. Fee-only advisers charge by the hour for their work. They will usually plough any commissions they receive into your investment. Critics of commission-based advisers say there’s a conflict of interest and you’re more likely to be sold products on the basis of the commission the adviser receives, not your needs. However, a good commission-based adviser will still recommend products that don’t pay commission but are in your benefit. Fee-based financial advisers charge an average of £125 an hour. Commission-based advisors can expect to earn between £35,000 and £100,000 a year. Although the media clearly prefers fees-based advice, few of us value financial advice sufficiently to pay our advisers by the hour as we would a solicitor or accountant.