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What is Restricted Financial Advice

There are two types of financial advice available; independent financial advice, and advice which is not independent – most often known as restricted advice.

An adviser or firm giving restricted advice will only be able to offer or recommend specific products or providers. They will not provide a “whole of market” service, but this service does tend to vary between advisers.

For example, they may have chosen to only offer advice within the pension market, or they may only deal in insurance products. They would not be able to provide you with an extensive range of solutions to completely secure your finances, but would instead be a great option for tailored advice relating to the speciality.

Other examples of restricted advice are:

Adviser works with a single provider and only offers their products

Adviser offers products from more than one provider, but not all providers

Adviser can advise on a variety of financial products, but not all financial products

Restricted Adviser Checklist:

  • Only focuses on one area or particular market
  • Only considers products from a specific provider
  • Has to make it clear what advice they offer
  • Receives incentives to recommend certain products


It should be noted that advisers not offering independent advice, have exactly the same qualifications as those that do. All advisers will need to be authorised to operate within their jurisdiction, regardless of the type of advice they offer.

The type of advice offered will always be laid out before you enter into any kind of business with an adviser, but if you are still unsure you should ask for more information.