From ‘piggy-bank’ type accounts for children, to personal retirement planning, an independent financial adviser (IFA) is one of the best types of people to ask for advice about personal finances – at every step of life’s journey.

There are many different types of financial products on the market. Choosing the right one for you and your situation is really important. Mortgages, protection policies, investments, pensions, savings – each type of financial product has different features and benefits. They’re best explained by someone who can help you to really make the most of your money: a qualified IFA.

As an overview, there are three main types of adviser. Tied advisers, who can only offer products and services from the providers they work for; multi-tied advisers, who advise on a restricted range of products; and IFAs. Only an IFA can give you unbiased advice across all financial products and mortgages. We think that being impartial is important, so we ask all of the IFAs you can find using the search tool to make a declaration that they’re truly independent and not restricted in choice.

It’s also reassuring to know that, in the UK, IFAs are authorised and regulated by the Financial Services Authority. This means that they are bound to give you suitable financial advice; understanding all of your relevant circumstances and needs before recommending a product or service.

When you meet an IFA…

Your IFA will ask you to fill in a ‘fact find’. This may start out as a general conversation, in which you talk about your needs and aims, generally using a questionnaire. All your information remains private and confidential.

Talking about your plans is a good way to explore options that you may not have considered, and the more details you provide about your goals and aims, the better advice you’ll get.