AN increasing number of our readers - especially younger ones - are interested in hiring fee-based independent advisers, who will theoretically be able to represent their interests without being influenced by the commission paid by the financial institution interested in securing their business.

Most life assurance savings policies and personal pension plans are sold either by direct sales agents of the life assurance companies, by their agents, who will sell a few different companies' policies or by brokers and independent financial advisers. Sales agents are clearly representing the interests of their firms and should not be expected to provide objective product advice.

Brokers sell the policies of the largest number of companies, and are usually paid an initial and an ongoing commission for the policies they sell. Many concentrate strictly on life assurance protection and savings contracts and pensions, but others sell general insurance, will arrange mortgages (and related insurances) and arrange other commissionbearing (or finder fee) investments and savings. There is no specific definition of an independent financial adviser, but the ones who frequently advise this column provide a wide range of services, from life assurance protection, home loans, debt management, pensions and investment options, inheritance and tax planning as well as providing corporate financial advice, especially to small family-run businesses or sole traders.

They are nearly always remunerated on a fee basis, or on a commission basis paid on products that are not investment-related. Because their areas of advice sometimes fall out of the strict life and pensions field, most of the independent financial advisers consulted by this column would also be regulated by the Investment Intermediary Act. They may or may not be members of a broker organisation.

The fees charged by independent financial advisers also vary. Large management consultants attached to the big accountancy practices may charge more than a single trader, but not necessarily. Experience, qualifications and reputation will determine a financial adviser's fee as much as the size of his or her practice. About £50 an hour would not be far off the going rate.

There is no list or register of fee-based advisers, but the Irish Brokers Association would be aware of which of its members have gone the fee-based route, or are in the process of switching from commissions to fees.