Financial Advice in Cardiff

Looking for an Independent Financial Adviser (IFA) in Cardiff

There are many advantages of dealing with an independent financial advisor.

The role of Independent Financial Advisers (IFAs) has become increasingly important as the number of investment, mortgage, pension, protection and insurance products multiplies and financial decision-making becomes increasingly complicated. An independent financial adviser is able to help guide you through the personal finance maze.

What is an IFA?

An IFA is the only type of adviser that is able to select from all the products available in the marketplace - making sure you get the right product for your individual needs. IFAs are bound to the Financial Services Authority rules, which obliges them to provide advice most suited to your personal requirements and your risk outlook. When financial products are recommended they must take into account the benefits provided, charges, flexibility, service and financial strength.

All IFAs must be authorised and regulated by the Financial Services Authority and are obliged to offer what is termed 'suitable advice'. This means that they have to gain a full understanding of your circumstances and requirements before helping to choose any financial products.

New Proposals from 2013 for IFAs

A change coming into force from the end of 2012 is qualification standards. The current rules mean that financial advisers need to hold a qualification at QCF Level 3. With the world of financial advice becoming increasingly complex, the new requirements will mean advisers need to be qualified to QCF Level 4, which is Diploma standard. You should make sure that your adviser is qualified to this standard as it shows a comitment to the new standards already.

For a link to advisers who already have this level of qualifications click here. www.Cardiffifa.com

From the start of 2013, advisers will need to offer either independent or restricted advice. Those offering the latter will be required to explicitly disclose the limitations of their services and product range. It is likely that some advisers currently offering independent financial advice will revert to restricted advice under the new regime, so you will need to check carefully what is on offer from your existing adviser.

For unrestricted advisers in Cardiff click here. 

It is important to be aware of these proposed changes and start to measure your existing adviser against the new standards. Look at the way in which they are currently remunerated for providing their services, their current level of professional qualifications, the scope of advice they offer and any existing membership of a professional body, where they are signed up to a code of ethics.

Have the conversation today with your existing adviser and understand how they plan to operate under the proposed new rules. For a second opinion click here. 

IFA services can include the following:-