Legal & financial > Independent Financial Advisers (IFAs)
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 Services Authority (FSA) and must meet strict qualification and competence requirements.
There are now three main classes of adviser: tied advisers (working for one financial institution), multi-tied advisers (offering products from a selection of the market and usually paid on a commission basis) and independent financial advisers. Independent financial advisers must offer their clients the option to pay for advice by fee as an alternative to commission, and in early 2013 charging commissions on new product sales was outlawed.
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.
One of EAC's key partners in its FirstStop Advice network is the Society of Later Life Advisers (SOLLA). SOLLA’s members are IFAs who specialise in financial advice to older people, are qualified to do this and adhere to the Society’s Code of Best Practice. SOLLA members may specialise, for example, in paying for care, releasing equity from your home, pensions and savings, or investments.
SOLLA's website carries details of all its member IFAs in the UK, and you can also locate your nearest members in the Services Directory on this website.
Neither EAC or FirstStop has any financial interest in SOLLA or its member IFAs.
Click a location to view all independent financial advisers (ifas) services in that region.
Legal & financial > Independent Financial Advisers (IFAs) services in England
Legal & financial > Independent Financial Advisers (IFAs) services in Scotland
Legal & financial > Independent Financial Advisers (IFAs) services in Wales
Legal & financial > Independent Financial Advisers (IFAs) services in Northern Ireland