We are all facing financial problems no matter of our income, spending habits or location. More often than not, we wish it was simple to handle all of our financial planning for the future. With our busy lives, it is not that easy. That is where independent financial advisors (IFAs) come into play.

Who are IFAs and what is Their Role?

Independent financial advisors can be your go-to guys for anything related to managing your finances. The IFAs can handle money problems in variety of ways and by outsourcing finance worries one can relax. Advisors listen to clients, conduct investigation and research to suggest the most suitable financial advice. Though the name only suggests they advise, the scope of IFAs duties ranges across all fields like compliance, advisory and selling financial products. They:

• can file tax returns
• are able to provide insurance policies
• represent their clients in the case of debt problems and solutions
• suggest investment plans to make one self-reliant for retirement
• maintain accounts, advise and suggest on legal matters

How Can One Become an IFA?

Independent financial advisors require a qualification of level 4 or above of the Qualifications and Credit Framework which is equivalent to year one of college or university in the UK. Not just solely reliant on education, the IFAs require registration to begin practicing from the Financial Services Authority (FSA), an independent body regulating the financial market of the country. FSA also regulates the code of ethics and the charging of fees and practices.

What are the fees of IFAs?

IFA's fees are not exorbitant but generally depend on the services provided by them. They receive fees for the advice they provide calculated on hours worked, costs involved and seriousness of the finance situation. On the other side, commission is received from the financial companies on the sale of their financial products like insurance policies, loans and credit cards to the client. FSA has regulated the commission incomes received from such companies to make the suggestions from independent financial advisors more honest and not based on the percentage of commission.