Are you the type that can go on a massive spending spree? That can spend a £1million in only a day? To prolong your wealth, you may want seek advice from a Financial Adviser. They provide expert advice to their clients, on ways they can manage their money better. This could be by advising them on mortgages, investments, insurance products and so forth. They’re a real treasure for businesses and individuals who are looking to use their money wisely.
There are two main types of Financial Advisers. On one hand you’ve got the Independent Financial Adviser (IFA), who will consider all investment products and services to recommend to the client, according to their needs. The Restricted Financial Adviser however, will focus on a particular range or limited number of products and providers. Both will have the following job responsibilities:
- Meeting clients to understand their current financial situation and their financial goals
- Developing and preparing financial plans that are best suited to clients’ requirements
- Negotiating the best rates with suppliers of financial products
- Producing financial reports and analysing the performance of financial products
- Regularly updating clients their progress with existing financial plans and products
- Promoting and selling new financial products
- Keeping up-to-date and monitoring financial markets, products and legislation
Key Skills & Characteristics
A Financial Adviser should:
- Have strong communication skills with the ability to explain complex financial information clearly
- Have excellent interpersonal skills, being able to connect and build trust
- Possess strong research and analytical skills
- Be a good negotiator whilst having a flexible approach
- Show great numerical ability whilst being accurate and having an attention to detail
So you like what you see and want to become a Financial Adviser. That’s brilliant! Although the career is open to all graduates, Employers prefer individuals who have completed relevant degrees, such as Accountancy, Business or Economics. Quite a bummer for all you other graduates out there, but don’t take this as a defining factor of becoming a Financial Adviser. No, no no!
To be a Financial Adviser you need at least a Chartered Insurance Institute (CII) Level 4 Diploma in Regulated Financial Planning or Chartered Institute for Securities & Investment (CISI) Level 4 Investment Advice Diploma. These are the two main bodies. Starting these qualifications early, will no doubt give you a head start, no matter the degree you’ve studied!
In terms of work experience, it would be useful to have a background in Sales. However, experience that relates to the job’s responsibilities and showing the key skills and characteristics, may be just as useful.
Trainee Financial Adviser
Chartered Financial Planner
Advice From Our Experts
- Money – You can earn a lot of commission selling new financial products
- Rewarding – It’s a good feeling helping individuals achieve their financial goals
- New People – You get to meet and work with new people all the time
- High Stress – It can be stressful, due to the low tolerance of errors
- Unpredictable – The market can be volatile and can effect the financial benefits you reap
- Difficult Clients – At times you’ll have clients not going to the plan that you have set for them, which can be frustrating