What is an Independent Financial Adviser (IFA)?

What is an Independent Financial Adviser (IFA)?

An IFA can be many things to their clients; a source of financial advice, a financial coach, a provider of advice for a single financial transaction, an ear to bounce ideas off of, a facilitator in realising your life’s goals.

How does an IFA Work?

When conducting a financial transaction i.e a pension or a mortgage you can go directly to a source such as a bank, building society, insurance company or investment house and undertake your financial transaction with or without advice. You will generally only be able to purchase the investments or products of that single source and they may or may not be the best ones in the market for you. Some banks and building societies also sell other financial providers’ products but these are generally only available to cover products that they do not market themselves, so again may or may not be the best product for you.

An IFA, on the other hand, has to look at the whole of market and offer you what they believe to be the best product or investment which matches your own personal circumstances and requirements.

Example:- You have an old pension and feel the charges are very high and funds are out dated. A Financial adviser will use their knowledge and can search the whole market to find a cheaper pensions provider and more suitable funds. The adviser may conclude that you are in a suitable scheme and work with you to maximize your gain. Overall the aim of the adviser is not to sell to you a product but give you best advice which is a great strength of the IFA industry.

About Matthew Duncan IFA

After leaving University in 2000, I gained placement through a Bank and studied my Certificate in Financial Advice and Certificate in mortgage advice and practice under a graduate scheme. Once I was a fully qualified financial adviser I gained vast experience working in different financial areas until I became an Independent Financial Adviser in 2009. I am currently studying my Final year of the AAT Accounting Qualification and the IFS Diploma in Financial advice. With this 10 years experience and by increasing my knowledge of Finance and associated areas I aim excel in my field.

All my initial meetings are free of charge so that you can see if the services I offer are right for you or indeed to make sure you feel comfortable with them as an individual. My aim is to have a long term relationship and therefore I aim to offer a highly professional and accessible service.

As part of my terms of business and treating customers fairly I offer the facility of paying a fee for my time or commission from the provider or alternatively a mixture of both.