Financial Advisor Careers

If you are interested in the financial services industry and you want to help people get the most from their money, you might be interested in becoming a financial advisor.

Make no mistake, this is a challenging role but it can also be very rewarding, because you will be helping many different people. Financial advisors can be found working in several different areas. For example some of them work with banks and other financial institutions. In this situation they will normally only offer the financial solutions that their own company provides.

Become a Financial Advisor

In other cases there are advisors who work for more than one company and thus provide services offered by them all.

A third option open to you if you decide to follow this route is to become an IFA – an independent financial advisor. This is usually recommended only if you have experience in one of the above roles. However in this situation you have the entire financial market at your disposal. When you help clients you will help them to find the best product for them, no matter who happens to supply it.

Financial Advisor Training

If you want to be a financial advisor you must first complete the appropriate financial advisor training. This can be done in a variety of ways depending on which path you want to take.

Financial Advisor

What is the minimum qualification needed to pass financial advisor training?

It was once enough to have a Certificate in Financial Planning if you wanted to be a financial advisor. However since the recent recession it has been decided that the qualifications must be much stricter and tougher.

A new law has been brought in that means that from 1st January 2013 a relevant diploma is now necessary as well. This is known as the Diploma in Financial Planning. This new requirement has virtually doubled the number of exams that a budding financial advisor would be expected to sit.

As such there is also a larger cost involved in the process of becoming an advisor, so this should be borne in mind when planning to enter this career.

Can some of the financial advisor training be provided by the institution you work for?

Yes it can indeed.

This is most often provided for tied advisors. This is the name given to those advisors who work with banks, insurance companies or building societies. In this situation they will only ever advise on those products that are provided by the company they work for. Indeed this can often be one of the best routes into the financial advisor career path.

You can apply for the job as a trainee and the company you work for will provide you with the in house training as well as the funding and opportunity to study for the required qualifications.

You will also be able to get an insight into how to handle clients by shadowing other more experienced advisors. In addition you can handle your own clients as a trainee by having an advisor shadow you.

This may change slightly as the Financial Services Authority changes come into effect next year. The three main types of advice available then will be independent, simplified or restricted. It is important to understand how these apply to the market, so you can seek the right job opening for your aims.

Where can you find appropriate training programs?

The best place to find out more about such programs is online.

Here you will be able to discover which universities and similar institutions offer the right courses that will enable you to become a financial advisor. Make sure the course you choose is accredited so you can be sure of ending up with the right qualification that will be recognised by employers. T

his career can be extremely rewarding, but as you can see you must first commit to the financial advisor training.

Once you do this you can work towards handling your first clients.

Financial Advisor Jobs

Are you considering working as a financial advisor?

If you are and you are about to start studying towards the required qualifications (or you are thinking of doing so) it might help to understand the different kinds of financial advisor jobs that are available to consider. By understanding the differences between them you can see which one would appeal to you the most.

Financial Advisor Jobs

Tied advisors

As the name might suggest, this type of advisor is tied to one institution in particular.

For example they might work for a particular bank or building society. In this situation they will offer advice and recommendations on the products offered by their employer. Because they are tied to that organisation they will not offer advice on products provided by anyone else.

While this has its limitations, it is also one of the best places for any new advisor to start. Indeed tied advisors are typically trained on all the financial products provided by their employer while they are on the job. Some will also take on trainees and provide them with the means and opportunity to study for the required exams.

Multi-tied advisors

If a tied advisor recommends products from just one company, it is obvious what a multi-tied advisor does. In this situation they are able to recommend products that are provided by more than one company. In this case they will still not advise on all products across the market though.

For example if the advisor works for an independent company, that company might give advice on three specific providers of financial products. It all depends on the nature of the company itself.

IFAs (independent financial advisors)

The name ‘independent’ should tell you a lot about what these advisors do.

They are independent of any financial institution around today.

This means they will provide advice based solely on what is best for the customer. They will analyse and look at all the different financial products on the market that might suit the customer.

They will then provide advice based on their research and knowledge, rather than limiting themselves to products provided by one or more providers.

How do most financial advisors start out?

In many cases the financial advisor jobs that are easiest to get are the tied advisor positions.

These enable advisors to get the experience they need within a controlled environment.

It is certainly much easier and less stressful learning the required skills if you learn in this way, rather than by striking out on your own. Clients are also much more likely to approach an independent financial advisor if they already have plentiful experience working for other institutions, so it can be a useful stepping stone into a productive and rewarding career.

Related Career – Mortgage Advisor

If you are considering a career as a Financial Advisor you may also be interested in finding out more about becoming a Mortgage Advisor. The skill set for both jobs is very similar and both offer a great standard of living. Click here to find out more about being a Mortgage advisor