Independent Financial Adviser
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. IFAs in the UK are regulated by the Financial Conduct Authority (FCA) and must meet strict qualification and competence requirements.
Independent financial advisers must offer their clients the option to pay for advice by fee as an alternative to commission, and since 2013 charging commissions on new product sales have be banned.
Typically an 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.
FirstStop work closely with the Society of Later Life Advisers (SOLLA) who have an accreditation scheme for those IFAs who consider themselves to have specialist knowledge in this sector.
The society links those who need advice to an accredited Later Life Adviser who can advise on:
- Equity release
- Long term care funding
- Pensions and annuities
- Investments and savings
- Tax planning (IHT)
Further information about SOLLA can be found on the FirstStop website