Financial advisers provide information and advice on products that align with your financial goals.
However, there are two types of financial advisers – independent and restricted.
Independent financial advisers, or IFAs, provide advice that is both unbiased and unrestrictive.
IFAs can offer a wide range of financial products from different companies across the market.
Independent advice is recommended in most cases as it allows you to access a broader range of advice and products.
Unlike IFAs, restricted advisers can only provide advice on a limited range of products.
A restricted adviser may only work with one product provider. For example, if they work for a bank, they may only be able to recommend products from that bank.