Paid by you, not by products: what independent advice means
By
Marta Lozano
26 June 2026
4 min read
An independent adviser cannot keep commissions from the products they recommend. What that changes in the advice you get and in what you pay.
When you pay an adviser directly, the advice does not depend on which product pays the most. In the EU and the UK the rules call this independent advice, and they set out what it means.
What the rules say
An independent adviser looks at a wide range of products from different providers, and cannot keep commissions or retrocessions paid by them. If a fund pays one, it goes back to the client. Restricted advice is allowed, but it has to be described as such.
What you pay instead
A fee agreed in writing: usually a percentage of the assets advised on, or a fixed fee for a plan. You see it once a year, in euros or pounds, together with the costs of the funds themselves.
What to ask any adviser
Are you independent? Who pays you, and how much in total? What do the products you recommend cost each year? A clear answer to all three is a good sign.
We are independent in Spain and the UK and keep no commissions from any product; our fees are on the Fees page. Investments can fall as well as rise, and past performance is not a guide to future returns.
General information, correct at the date of publication. It is not advice for your situation; talk to us before you act on it.
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