Independent financial advisors, also known as IFAs are qualified professionals who offer financial advice and recommend financial products to their clients. They are called independent because they do not represent any particular insurance companies or banks but work independently for their customers. IFA recruitment need to be regulated by the Financial Services Authority and should meet necessary qualification requirements.
IFAs have a wide scope and can choose to work in various financial industries. Basically there are three types of financial advisors
Tied advisor: You will be working for a bank or insurance company selling only their products.
Multi-tied advisor: You will be selling several companies’ financial products.
IFA: You will have the freedom to advice any company’s products.
IFA Jobs Description:
Basically IFAs provide financial advice to help their clients utilise their money in the best possible way. IFA jobs IFA jobs involve advising customers on financial products and services. As an IFA you can either choose to specialize in any specific products such as selling pension schemes, offering mortgage advice or work as a general advisor providing clients advice on all kinds of investments, insurance and saving plans. IFA jobs involve different types of clients approaching you for suitable investment advice.They can either be private individuals, specific groups or corporate organisations. IFAs can charge commissions for their services or charge a fixed rate for all the financial services they offer.
Tasks of IFAs:
Some of the basic tasks that an IFA is required to carry out are
Meeting clients and offering consultation services.
Understanding clients’ financial situation, aims and objectives.
Providing all the necessary information on financial products and services.
Analyzing clients’ current financial situation and designing the most suitable financial strategies.
Helping the clients to make decisions.
Selling and promoting financial products.
Negotiating for best deals with product suppliers.
Update clients with new products, changes to legislation and other necessary information that may affect their investments and savings.
Communicate in print the annual summaries of investments, costs and pension plans to clients.
Stay up dated on current legislation and financial products.