In the financial services industry, the term "independent advice" means that you receive recommendations for financial products chosen from every company in the marketplace. This advice is more often than not contrary to that received from a "tied adviser", someone who is restricted to recommending only the products of a single company.

Will you get the best deal?

The major underlying benefit of receiving independent advice is that you have piece of mind in receiving the best deal available. This is because your independent financial adviser (IFA) is required to consider every available product before selecting the most suitable one, something that a tied adviser cannot, and will not do. Further to this, the magnitude of the industry means that there is never a "default" solution for our clients, as everyone's circumstances are to a greater or lesser extent different. Therefore every adviser representing ifasw.co.uk is obliged to consider everything about you and your financial position before giving advice. Remember that a because a tied adviser can only offer from a restricted range of products, they need ask fewer questions and do less research before making his / her recommendations. 

Independent advice from ifasw.co.uk goes further - As we are looking after your interests, not those of our company, we ask more questions, search for alternatives, scrutinise policies and only then pick the most suitable. When we're done, we will write to you saying why we have recommended a product, so that you are fully informed before making any decisions. 

Remember, our advisers also look at the following:

The financial solvency (or financial strength) of the recommended company - Is the company you choose to invest with going to be around when you wish to encash? Will they be able to pay out on your insurance policy? If we don't think so, we won't recommend that you use them. But would a tied adviser honestly be pessimistic about his own company?

The flexibility of the contract - Will you be allowed to take a contributions holiday? What is the minimum term allowed? Are any conditions negotiable? If a contract is too restrictive on you, the adviser recommended by ifasw.co.uk will recommend an alternative instead. But exactly how many alternatives can a tied adviser give you, when he only has his company's products to choose from?

The benefits provided - Are there any guarantees about investment returns? If you wish to draw an income, can you do so? Is there some form of protection / insurance included? If a product does not meet your requirements, it shouldn't be recommended to yout. However a tied adviser merely has his company's products to choose from, and if not quite suitable, he cannot go elsewhere. 

The charges on your policy - How much will it cost to set-up a contract? What are the ongoing costs to invest or save? Will you be penalised by leaving a contract early? Are there any "hidden" charges? If an independent adviser does not feel that a certain policty is the most suitable for you, he will not recommend it. Without independence though, a tied adviser cannot advise that a similar product could be cheaper elsewhere.

The service of the company - How well does the company of choice look after its customers? What is their claims experience like? Can you, the client, contact them to get the answers you need? If an independent adviser believes that a certain company provides a poor service and does not take care of its policy holders, he we will not advise you to use them. However a tied adviser in not likely to criticise the company he represents.

If you are looking for financial advice and would like peace of mind that what you receive is truly independent, then a specialist recommended by ifasw.co.uk can provide it - Just ask us by clicking here!