Specialist independent financial advice

As a result of the Retail Distribution Review (RDR), advisers will fall into two distinct categories; they will either be ‘independent financial advisers’ or ‘restricted advisers’.

The latter will be the title for those who cannot confirm to their clients that they measure up to the new definition of independence laid down by the Financial Services Authority.

There is a debate going on though about whether restricted advisers might determine through their proposition to call themselves ‘specialists’.

The inference being that independent financial advisers will be ‘jacks of all trades’.

Whilst some IFAs will indeed offer a very wide range of advisory services, it is definitely not the case that only restricted advisers can refer to themselves as specialist (although some will do so simply as a marketing ploy).

Some IFAs have already determined that they will offer specialist services or alternatively (like us) have determined that there are certain things they won’t do – for example, we do not offer mortgage, equity release or any form of general insurance advice – but that does not prevent them from calling themselves independent.

The reality is that the description about whether an adviser calls themselves restricted or independent is more about their ability to choose financial products, when such a product is required as an advice or planning solution, than it is about specialism or otherwise.

Our view is that as a firm of Chartered Financial Planners we will remain as independent financial advisers.

Offering advice and financial planning in areas where we are competent to do so, referring to other competent specialists where that is appropriate for our clients and selecting any product solutions from the whole of market.

We believe that our clients want us to remain wholly impartial and wholly independent.