Ms Walford, who is an honorary IFP member, is set to join the board on 22 May.
She has worked in the financial media for over 40 years, including 25 years as editor of Money Management, before she retired this month.
She also worked with the IFP on the prestigious annual Financial Planner of the Year awards.
On the board she will be joining Richard Antrum as a second independent director to bring the perspective of a consumer to the board.
Nick Cann, chief executive of the IFP, said: “Janet is tremendously well respected all around the financial services world. She has strong views and will be able to contribute to and challenge the strategic thinking of the board at a time of significant change in the profession.
“The view of the consumer is continually overlooked in financial services and we need to redress this balance.”
Ms Walford said: “I have watched the progress of the IFP since its early days as it has grown into a hugely well respected organisation, offering first class qualifications to professional advisers who want to provide the best service to their clients.
“I have always been impressed by their total commitment to quality, further evidenced by their recent recognition by the FSA as an accredited body.
“I am honoured to have been asked to play a part in their future and that of the profession.”