Independent Financial Advisers (IFA) and the charges which they will take from you have always been something of a controversial issue with many looking to sort out their financial security. To many people they are just the gap between those who need a service and those who offer a service, but is there more to it?

Many people seem to be under the impression that IFAs are simply there to take you money and pass you on when this is certainly not the case. On the whole they offer an excellent service and a service which many people will ignore at their peril. The financial markets and the number of financial products on the market is a minefield for the general public, but when fees are mentioned many people suddenly become experts!

The problem for many people is the fact that the IFA industry has, and continues to (to a lesser extent than years gone by), attract rogue traders and those willing to cut corners to get the fee income in. At the end of the day you get what you pay for, so if you are looking to cut costs to the bone, but still expect a high level of service, then you are taking a chance.

The subject of commissions has always been a rather contentious area with some IFAs in the past concealing the fact that they were receiving commission when guiding you towards a certain products or a certain company. Those days have gone and under law each IFA is now required to confirm what commissions they will be receiving with regards to any transactions they organise for you.

The services offered in general are of a standard which is far higher than in years gone by, and one fact which many people seem to forget, if it all goes wrong and you lose money through “bad” advice, there are ways and means to claim compensation. Not only can you sue the IFA involved but there are also a variety of industry funded compensation schemes which may be available to those who have suffered financial loss.