We just wanted to give you a bit more detail and information as to what being an Independent Financial Adviser actually means, as with all the different types of financial advice out there, it can often be confusing to differentiate between them. IFAs exist to provide sensible financial advice to consumers, and guide them into making the best financial decisions, which may or may not involve purchasing new products. IFAs are not funded by the banks, but as their name suggests they are fully independent from any financial product providers. The advantage of an IFA over a bank adviser is that you have access to all the products on the market. This means they can research the whole of the market for the best product for each individual. IFAs are answerable to the FSA to ensure that they keep to the rules.

IFAs won’t try to sell you products as a matter of course, but instead advise upon the best course of action to take depending on your finances. They are very different to advisers you find at a bank who are naturally acting on behalf of or are tied to the company that they are employed by. One of the biggest and most important differences between an IFA and a bank tied or multi tied financial adviser is that IFAs work for you on your behalf, not a bank or other financial product provider.

If you would like more information on this, we do have plenty of guides on our website, http://www.unbiased.co.uk

What most people need in the present slump is good practical advice, not a sales pitch for more products.