Looking for an independent financial adviser?
Understand what independent financial advice means, how it differs from restricted advice, and what to check before deciding who to speak with.
What is an independent financial adviser?
Independent and restricted advisers can both provide regulated, personalised financial advice. The key difference is the scope of the products and providers they consider.
Independent advice
An independent financial adviser, often called an IFA, can consider products from across the market when providing independent advice, rather than being limited to a particular provider or restricted panel.
Restricted advice
A restricted adviser may focus on a particular type of product, area of advice, provider or defined range of providers. The restriction should be explained clearly before advice is given.
Both can be regulated
Independent does not mean “regulated” while restricted means “unregulated”. Firms providing regulated financial advice should have the relevant FCA permissions for the activities they carry out.
The right fit depends on your needs
The breadth of the adviser’s service matters, but so do expertise, charges, ongoing service, communication style and whether their experience matches the help you need.
Which type of adviser should you look for?
There is no universal answer. What matters is understanding the service being offered and whether it is suitable for the type of advice you want.
Ask how the advice is described
Before receiving investment advice, understand whether the firm describes the service as independent or restricted and what that means in practice.
Understand the scope
Ask what types of products and providers can be considered, and whether any restrictions apply to the adviser’s recommendations.
Check relevant experience
Someone seeking retirement, pension, investment or inheritance planning may want an adviser with meaningful experience in that specific area.
Compare the whole service
Consider charges, ongoing reviews, communication, qualifications and how clearly the adviser explains what is included.
Questions worth asking a financial adviser.
A few direct questions can help you understand the service before deciding whether you want to proceed.
What should you ask a financial adviser?
Questions around permissions, charges, service and whether an adviser feels right for you.
Read guide ↗How much does financial advice cost?
Understand the different ways financial advice may be charged for and what to clarify upfront.
Read guide ↗Independent vs restricted financial advice
A deeper look at the distinction and the questions to ask before choosing a service.
Read guide ↗How to check a financial adviser.
Before engaging a firm for regulated financial advice, check the firm and its permissions using the FCA Financial Services Register.
Check FCA authorisation
Use the Financial Services Register to confirm that the firm is authorised and that the contact details you have match the genuine firm.
Understand what you are paying for
Ask for a clear explanation of initial and ongoing charges, what services are included and whether ongoing reviews are optional or part of the arrangement.
Clarify independence or restrictions
If this distinction matters to you, ask the adviser to explain whether the relevant service is independent or restricted and the practical effect of any restriction.
Take your time
Professional advice is an important decision. You should understand the service, who is providing it and what happens next before agreeing to proceed.
Explore financial advice guides.
Learn more about adviser fees, questions to ask and the difference between independent and restricted advice.
Explore financial advice ↗Find a financial adviser.
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