When you speak to an independent financial adviser (IFA), you might like to ask some of these questions.  They’ll help you explore the IFA’s services, understand more about the processes involved in getting independent financial advice and give you the best advice available.

It’s a good idea to contact a number of IFAs before choosing one to help you with your finances.  This way, you’ll also get a ‘feel’ for the people you’ll be dealing with, which is important if you’re trusting them with any part of your finances. 

Are you independent, or tied?

An independent adviser can offer you solutions and recommendations from every provider on the market.  Tied advisers can only recommend products and services from the provider they are tied to.  All of the IFAs listed on our website have told us that they offer independent advice in the product areas listed.

Which qualifications do you hold?

Advisers will be happy to tell you which exams they’ve taken.  It can be reassuring to know that an IFA has a higher level of qualification in the area of advice you need.  Our search tools can also help you find IFAs with specialist qualifications.

How do you charge for your services?

It’s sometimes worth asking if your IFA is happy to negotiate on the cost of advice, particularly if you have complex affairs or want advice on saving or investing a substantial sum of money.

What makes the product you’re recommending the most suitable one?

Make sure you understand what you’re being told, and don’t worry about asking your adviser to explain something a different way if you’re unsure.

Are there any other products I could consider?

It’s your responsibility to understand the choices presented to you, and it’s important to be comfortable with your decision.  If you’re not sure that a product is suitable, ask to see alternatives.  An IFA will always be happy to talk about your concerns, and find the best product for your circumstances.

How do you help me understand my attitude to risk?

Part of every IFA’s duty is to help you understand the risks involved in financial products.  Knowing how you feel about the way your money is being saved or invested is vital, as it helps you make decisions that you’re comfortable.  Some IFAs show you examples of risk, or take you through a brief questionnaire; others may talk to you informally about levels of risk to find out how you feel.