At the chance of sounding facetious, an unbiased financial adviser is a person who gives independent suggestions about financial matters. Actually, stating the rather obvious in this manner put an important stress on the three vital the different parts of the independent financial adviser's role.
Independent
The independence of the adviser is crucial. When an unbiased financial adviser is consulted, it is very important know that he or she has no vested interest and will not be influenced in any way by selling an individual company's products. Independence implies that the client can expect the adviser to act completely impartially, entirely in the client's best interests, and not because there is a recognised dependent relationship between your adviser and one particular supplier. The significance of this independence can't be stressed enough. The adviser must be licensed by and is regulated by the Financial Services Authority, and independence is a thing that is central to such recognition. The client's faith and trust in the adviser stems largely from the latter's independence.
money needs to have expert professional knowledge of a huge selection of financial loans and services. Because it has the most highly developed financial services industries on the globe, the sheer selection of products available on the British market means that knowledge and professionalism should be of the highest order.
As a result of sheer selection of subjects with which an independent financial adviser needs to be familiar, there exists a correspondingly wide range of qualifications open to individual advisers. For example, the adviser may have professional qualifications awarded by the Chartered Financial Analysts (CFA) Institute, the Chartered Insurance Institute (CII), the Institute of Financial Planning (IFP), the non-public Finance Society (PFS), the Pensions Management Institute (PMI, the Securities and Investment Institute (SII), or others. Above all, however, the adviser knows that his is really a constantly changing market, with services and services emerging all the time. He or she will make it his or her business to remain completely up to date with these trends.
Adviser
As an adviser, the third and vital element of the independent financial adviser's role harks back again to the first of their qualities, independence. The financial advice given should be "best advice" when recommending any product or service. That is to say, the advice should be the advice that is genuinely in the client's best interest. It really is as though the adviser had stepped into the client's shoes and was giving advice entirely from the client's perspective. In this way, the client could be assured that the advice is actually independent, objective and impartial advice that will fulfill the interests that the client himself or herself has identified.
Summary
It is surprising the amount of meaning could be packed in to the three words that describe the role of the independent financial adviser. But as the above brief, thumb-nail sketchy shows, each of the three words encapsulates a fundamental and vital section of this professional's job. Each word describes the obligations that the adviser has towards each of his clients, in order that the clients, for his or her part, can rest absolutely assured that they receive genuinely independent, well-informed and expert financial advice that will serve their own best interests.