IFA Opportunities at Home and Abroad

What is an Independent Financial Advisor?

Purely Banking has gained a reputation as the UK’s top jobs board for careers in the banking and financial sector. Purely Banking should be your first stop if you are new to the financial jobs market or you are looking for a change of career. With over 1,000 live jobs in banking and finance, our site has many opportunities available for Independent Financial Advisors, but what is an Independent Financial Advisor? What is the difference between an IFA and the financial advisors you would find at your bank? What opportunities exist for Independent Financial Advisors abroad?

Unsurprisingly, an Independent Financial Advisor, or IFA, offers independent financial advice; they are able to give unbiased advice and recommendations on a range of products available across the financial market because they are not actually employed by the provider of the financial product, whereas an advisor at your high street bank will offer advice based solely on that bank’s products, thus offering fewer options.

The three main types of financial advisor are: The tied advisor is working for just one institution; the multi-tied advisor offers products from a selection of the market and works on a commission basis; the independent financial advisor will usually work for a fee from the customer.

The Independent Financial Advisor will offer advice and recommend products for loans and mortgages, investments, insurance, retirement plans and sometimes they will advise on tax and legal matters.

Visiting Purelybanking.co.uk will open up a number of opportunities for anyone wishing to become an Independent Financial Advisor, but it is not just in the UK where there is a need for sound financial advice for British citizens. 

Overseas Opportunities for IFAs

In a recent survey by YouGov for AXA Wealth, around one third of so-called “baby boomers” are planning to move house when they retire, many of those are looking overseas.

With millions of British citizens already living abroad and needing financial advice, plus the many thousands who will be joining them, there are a great number of opportunities for Independent Financial Advisors overseas.

Spain, France, the U.S. and Canada are favourites along with Australia and New Zealand, but more and more Brits are heading for the Middle East, especially the United Arab Emirates. A fellow British citizen who is expert in U.A.E. finance and tax laws can be invaluable to the expat living in, or moving to, one of the Emirates.

As AXA Wealth points out, there are several factors to be taken into consideration when moving abroad; for instance the European Court ruling that states that expat pensioners can expect entitlement to increases in the state pension in line with inflation if they have gone to live in a country that has reciprocal arrangements, pensioners need to discuss with their financial advisor how best to make their pension inflation-proof.

They need to consider whether there will be a need for capital or income. What if they return to the UK? This will make a difference to how they manage finances and tax expectations. AXA advises people moving abroad to: “Seek professional tax advice. Tax treaties with some countries could mean a risk of double taxation and a lower-than-expected income from a UK pension. Professional tax advice is a must when thinking about retiring overseas.”

Finally they should consider the legal implications of a move to a country with different property ownership laws concerning buying, selling and passing on property to family. It is imperative that they seek sound advice from an Independent Financial Advisor who knows the local law and customs.