The notion of Independent Financial Advisor is centered around the United Kingdom as it originated from that country. The concept was introduced in the year 1988. The Independent Financial Advisors offer the most impartial financial advices and services to their clients.
Explanation of Independent Financial Advisor
The Independent Financial Advisors are financial advisors who provide their clients with the most impartial suggestions on various issues that are related to financial management. The Independent Financial Advisors also suggest their clients the most apt financial products and services that are available in the financial market of a specific geographic area.
Significance of Independent Financial Advisors
The importance of the Independent Financial Advisors lies in the fact that they are found mainly in the United Kingdom. The concept has grown in the recent years and has transformed into a regulatory position in the United Kingdom. The concept has lately been taken up by some other countries of the world.
Original Meaning of Independent Financial Advisor
The term Independent Financial Advisor was brought about initially in order to designate a certain group of financial advisors. These financial advisors operated on their own and were not associated with any firm that dealt in advisory financial services or insurance services to be specific.
Independent Financial Advisors in the United Kingdom
The concept of Independent Financial Advisor was initiated in the United Kingdom during 1988. At this point of time, the Government of the United Kingdom started a process of categorizing the financial advisors. The financial advisors who are attached to a particular company are differentiated from those who wanted to operate on their own.
The concept of Independent Financial Advisor is primarily a United Kingdom centric idea. It is used mainly in that geographical area and over there, the Financial Services Authority (FSA) is responsible for looking after the functioning of the Independent Financial Advisors.
Last Updated on : 1st August 2013