Financial adviser Independent financial adviser
Financial advisers help people and organisations to choose investments, savings, pensions, mortgages or insurance products.
1. Entry requirements
To get a trainee financial adviser job, you'll need:
- GCSEs at grades 9 to 4 (A* to C) in English and maths
- work experience in customer service, sales or finance
You could get into this job through an apprenticeship.
You could also start as a paraplanner, providing research and administrative support to a financial adviser.
With a degree you could get onto a graduate training scheme with a bank or firm of financial advisers.
You'll also need a qualification in financial advice that's approved by the Financial Conduct Authority (FCA), though you can usually get this while working.
For this, you'll have:
- a credit check to confirm you don’t have outstanding debts
- a background check from the Disclosure and Barring Service (DBS).
2. Skills required
- excellent maths, computer and communication skills
- the ability to analyse and research financial information
- sales negotiation and report-writing skills
3. What you'll do
You could work for any UK organisation that sells financial products, or for a specialist investment or pension consultancy.
You could work as a tied, multi-tied or independent financial adviser (IFA):
- tied - usually working for banks, building societies or insurance companies, and only offering your own company's financial products
- multi-tied - dealing with a number of companies and only selling their products
- IFA - offering products and giving advice on all financial products on the market
Your day-to-day tasks will include:
- talking to clients about their finances and plans
- researching financial products and explaining them simply and clearly
- negotiating with providers of financial products
- producing financial reports
- updating clients about their investments
- meeting performance and sales targets
- keeping up to date with new products and law changes
Starter: £25,000 to £30,000
Experienced: £30,000 to £50,000
Highly Experienced: £70,000 to £90,000
As an IFA, you'll charge clients a fee. This can be around £150 an hour or a fixed fee that depends on the amount of work and value of the investment.
These figures are a guide.
5. Working hours, patterns and environment
As a financial adviser at a high street bank or estate agency, you'll usually work around 35 to 40 hours a week including some Saturday mornings.
You could work in an office or a contact centre. Evening and weekend work is common in contact centres.
As an IFA you could work from home or travel to meet clients in their own homes. You'll usually need a full driving licence.
6. Career path and progression
If you work for a large financial organisation, you could specialise in one area of work like retirement planning. You could also move into management, recruiting and training new staff.
With further specialised professional qualifications, you could become a director or partner in your firm.
Another option is to move into compliance work, making sure your company is following industry guidelines.
You may be interested in:
Last updated: 14 September 2017