The role of the Independent Financial Advisor


Authored by Mike Caffyn, APFS

As part of the initial meeting, the clients will normally meet jointly with an Independent Financial Advisor (IFA).

This meeting will give both clients the opportunity of discussing matters that relate to the financial side of their situation, with a professional who will offer guidance and information on the options available.

For some people, this will be the first time that they have had to deal with ‘money’ as one party often deals with the family finances. The IFA will explain in simple terms what is involved, and will suggest what initial steps are needed to prepare for the process ahead.

This may be getting values of the pensions that have been built up. It may also involve asking how much each party may be able to borrow, if they need to raise a mortgage.

Existing life cover and savings can be discussed, and also it is possible to look at budget plans for both parties, to see how they will cope in the future.

Following the initial meeting, the IFA may be involved further, depending on the situation. Some people’s circumstances are such that no further contact is required, and others need more involvement in suggesting how the pensions, investments or other capital can be shared in the most cost effective manner.