What Does an Independent Financial Advisor Do?

An independent financial advisor is a financial professional who offers clients tailored advice on a range of financial matters. Some advisors specialise in particular areas such as retirement planning, wealth management, or mortgage and finance. 

Importantly, an independent advisor is distinct from a restricted advisor in the type of advice they can give. Whereas a restricted advisor can only recommend certain types of products on the market, independent advisors are not bound to a single or limited numbers of providers. That means, their advice is less biased and more tailored to a client’s specific situation. 

Whether on a one-off or continuing basis, financial advisors offer a wide range of services to their clients.  

Financial Life Planning 

Taking your non financial goals as the starting point, financial life planning is all about crafting a bespoke roadmap towards the life you want to lead.  

Financial Life Planning > 

Cash Flow Planning 

Financial advisors can work with the latest technology to forecast your finances over the years, helping you figure out whether your current plans are working. 

Cash Flow Forecasting > 

Retirement Planning 

Essential to people at any age, retirement planning is about plotting your course to the retirement lifestyle you want, choosing pension products, and deciding on the best way to use your provisions. 

Retirement Financial Services > 

Estate & Tax Planning 

An advisor specialising in estate and tax planning will help you establish how your estate will be managed after death, and help you navigate the tricky waters of inheritance tax. 

Note: Estate planning and tax planning are not regulated by the FCA.

Estate & Tax Planning > 

Advice on Specific Financial Products 

From later life finance to mortgages to life and health insurance, financial advisors often work on a one-off basis with clients advising on specific purchases. 

Life & Health Insurance Advice > 

Wealth Management 

Finally, planning and managing portfolios of assets is a key part of an independent financial advisor’s role. They will help you identify the best investment opportunities, tailored to your ethical values and risk profile.  

Robust Retirement Plan 

Planning for retirement can often be ignored in favour of the day to day, but failing to prepare for your later years can mean you aren’t able to live the lifestyle you want, or worse, your provisions don’t last as long as you expect. Whatever your retirement aspirations, a financial advisor can work with you to help you achieve them. 

See more: Retirement Planning Strategies for People in Their 50s 

Better Saving and Spending 

Financial advisors can help you plan your spending and budgeting over time with a view to long term financial prosperity. With cutting edge cash flow software, they’ll look into the future and help you formulate a plan to save money, and turn this saving into a plan to grow your wealth further.  

Family are Protected 

An independent financial advisor can recommend products from across the market, so you’ll receive impartial guidance on the best ways of protecting your family. This might include purchasing life or health insurance, planning your estate with inheritance tax in mind, or just maximising your wealth. With an independent advisor, your family’s future is in good hands. 

Improved Portfolio 

A financial advisor will be able to work with you to pinpoint your attitude to risk and recommend bespoke investment opportunities. With professional guidance, you’ll be able to insure you develop a diverse portfolio across asset classes with a range of providers. As a result, you’re much more likely to see high returns, mitigate risk, and grow your wealth in a more sustainable way. 

Ongoing Relationship 

Though independent advisors help with one-off financial purchases and situations, they often offer an ongoing service of regular attention and personalised advice. They’ll get to know your unique situation and goals in life, and work with you over a number of years to keep your finances on track. Having someone to rely on and trust when it comes to money truly is invaluable.   

Peace of Mind 

Working with an independent financial advisor can ease some of the worries you may have surrounding your money. They’ll conduct regular reviews of your portfolio to ensure you keep on track over the course of your relationship. With someone keeping a watchful eye on your investments, you can focus on the more important things in life.