What Does an Independent Financial Adviser Actually Do?

And why it matters for professionals planning their financial future

You’ve likely heard the term “independent financial adviser” (IFA) – perhaps from a colleague, your accountant, or during a webinar. But unless you’ve worked closely with one, you might be wondering: What do they actually do? And more importantly, how can they help someone like me?

Whether you’re a dentist, doctor, pharmacist, or business owner, this article breaks down what an IFA does and how they can play a vital role in your financial future.

What is an Independent Financial Adviser?

An Independent Financial Adviser (IFA) is a qualified professional who provides unbiased advice on a wide range of financial matters, from pensions and investments to tax planning and protection.

The key word is independent. Unlike advisers tied to banks, product providers, or single platforms, an IFA isn’t restricted to a narrow set of options. They work for you, not a financial institution and they’re free to recommend any product from the whole of the market.

At FTA FWM we are not only independent but we are ‘whole of market’, so we can evolve to give our clients best in class investments on an ongoing basis. This is very important.

What Services Do IFAs Provide?

Here’s what you can typically expect from a good independent financial adviser:

1. Personalised Financial Planning

Your IFA will start by understanding your full financial picture – income, assets, liabilities, goals, and family circumstances. From there, they’ll build a plan tailored specifically to you.

2. Pension Advice & Retirement Planning

Whether you’re building a pension pot or approaching retirement, an IFA can advise on the most tax-efficient ways to save into and withdraw money, including NHS pensions, Personal Pensions, SIPPs, annuities, ISAs and other investments. We will also use specialist software to forecast a retirement financial plan for you, so you can see projections of your wealth and how this will work for you throughout retirement.

3. Investment Management

IFAs help design and manage investment portfolios aligned to your risk profile, time horizon, and personal goals – whether for growth, income, or both. By seeking expert input into investment strategy, you put yourself in the best position to grow your wealth and beat the markets.

4. Tax Planning

From Capital Gains Tax to Inheritance Tax, IFAs help you make smart decisions to minimise tax liabilities and retain more of your wealth.

5. Protection & Insurance

Advisers can assess your need for income protection, critical illness cover, life insurance, and shareholder protection and help you choose the right policies.

6. Estate & Legacy Planning

IFAs can help you pass on wealth efficiently, working with solicitors to set up trusts, wills, and long-term gifting strategies.

Why Healthcare Professionals in Particular Benefit from IFAs

As a healthcare professional, your financial world is often more complex than average:

• You may have irregular income, NHS/private mix, or dividends
• You might own a business or practice
• You likely have an NHS pension, which will need expert advice to get the most out of it
• You likely face high tax exposure, including CGT, pension tax charges, or lifetime allowances
• You’re often time-poor and value simplicity, clarity, and trust

An IFA understands these pressures and builds a plan that gives you peace of mind, not more paperwork.

What Makes a Good IFA?

Look for someone who is:

• Fully regulated by the Financial Conduct Authority (FCA)
• Independent and Whole of Market – Not tied to any single product or provider
• Transparent about fees and charges
• Experienced in working with healthcare professionals and business owners
• Willing to offer a free initial consultation to discuss your goals and make a plan

Final Thought: You Don’t Have to Do This Alone

Good financial planning isn’t about spreadsheets – it’s about confidence, freedom, and peace of mind.

At FTA Financial & Wealth Management, we work exclusively with professionals like you. Our independent, personalised approach ensures that every recommendation is made with one priority: your best interests.

Ready to take control of your financial future?

Start with a free, no-obligation chat with one of our advisers and see how independence makes all the difference.