Becoming a Financial Advisor

Let’s look at the obvious points first: you’re going to be working with people and with people’s finances: - so you’re going to need strong communication skills (a ‘people person’), as well as strong maths/accounting skills.

If you can get over those first hurdles, it’s definitely worth looking at whether this is the right career move for you.

What do Financial Advisers do?

A Financial Advisers principle role is to assist people in planning for the future.  Some advisors specialise in one of the following: savings and investments, pensions and retirement planning, mortgages, insurance products, estate and tax planning, while others offer a broader service across some or all of those fields.

What will I be expected to do as a Financial Adviser?

  • Discuss clients’ current financial and employment situation, plus their plans for the future.

  • Research and learn about new financial products, and keep abreast of the financial services marketplace.

  • Keep your qualifications and continuous professional development (known as CDP) up to date.

  • Explain complex ideas and products information to clients, and make clear recommendations to them based on the needs and criteria that you’ve discussed.

  • Keep detailed, clear, and up-to-date records

  • Produce financial reports and updates for your clients.

  • Update your clients regularly about the performance of their investment portfolios.

  • Keep up-to-date on developments in the financial industry, including compliance and regulatory changes.

What skills do I need as a Financial Adviser?

  • Communication skills, both written and oral - you’re going to be talking to and making presentations to clients, both verbally and in written reports, right from the outset in this career. You’ll need to be comfortable talking to people from all walks of life and a fluent communicator whether addressing someone verbally or in writing.

  • Listening skills - your job will entail a lot of listening to your clients to fully understand their potential complex requirements and circumstances.

  • Computer Literacy - you’ll need to be able to use the internet to do research, to use spreadsheets, word documents and databases; in fact, a lot of your work will be computer based.

  • Numeracy - there’s no point being good at all of the above if you’re not good with numbers, maths and accounting. It’s going to be an integral part of your role as a Financial Adviser.

  • Organisational skills - you’re going to be managing multiple clients simultaneously, you’ll need to be organised to keep on top of your workload.

What hours will I works as a Financial Adviser?

Typically this would be considered a 9-5pm job. However, an ability and willingness to work flexible to suit the needs of your clients is a must.

What salary can I earn as a Financial Adviser?

Depending on whether you’re newly qualified or more experienced, you can expect to earn between £20,000 and £40,000 p.a. Very experienced Financial Advisers, with large pool of high net worth clients, can reasonably expect to earn in excess of £70,000 p.a.

What qualifications will I need to have as a Financial Adviser?

Starting with the basics, you’ll need Maths, English and IT/Computer Science at GCSE and A level (or diploma level). You could then look for a Trainee Financial Advisers opportunity. All Financial Advisers must hold an FCA (Financial Conduct Authority) recognised qualification, to a minimum of Level 4. Recognised qualifications can be studied via distance learning institutions as well as at Colleges and Universities, and include courses such as:

  • CII (Chartered Insurance Institute) Diploma Regulated Financial Planning Level 4

  • CISI (Chartered Institute for Securities & Investment) Investment Advice Diploma Level 4

  • IFS Diploma for Financial Advisers and Professional Certificate in Banking Level 4

  • Financial Advisory Management Level 4 course

What checks do I have to go through to become a Financial Adviser?

You’ll need to have a credit check to ensure you’re not currently bankrupt, and you’ll also need a clean DBS check before the FCA will offer you any form of authorisation.

What will I need from the FCA to become a Financial Adviser?

On top of your qualifications and checks, the Financial Conduct Authority will need to issue you an annual Statement of Professional Standing (SPS). As this is an annual check, you’ll need to continually keep your professional knowledge and development up-to-date in accordance with FCA guidelines.

If you’re genuinely interested in a career as a Financial Adviser and you believe you meet all the key criteria and requirements, then most of the major internet job sites will have categories suitable for you to consider.

Good luck, and happy job hunting!

Start planning your future. Speak to us today.

Contact Us

Seventy Financial Planning
The Apple Store, Haggs Farm,
Haggs Road, Follifoot, Harrogate,

01423 611004

[email protected]

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