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- Advise people on how to manage their money, advising on products like savings, pensions and investments
- You'll need strong financial skills, analytical skills and good judgement
- Progress into financial services management or running your own advisory service
As financial adviser 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 products from those companies. IFA - offering products and giving advice on all financial products on the market.
DAY-TO-DAY DUTIES
- Talk to clients about their finances and plans
- Research financial products and explain them simply and clearly
- Negotiate with providers of financial products
- Produce financial reports
- Update clients about their investments
- Meet performance and sales targets
- Keep up to date with new products and law changes
DAY-TO-DAY ENVIRONMENT
As a financial adviser at a high street bank, you'll usually work around 35 to 40 hours a week including some Saturday mornings. You could work in an office, from home, at a client's home or in 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 need
This role would be ideal for someone with excellent communication skills, the ability to explain complex information simply and clearly, the ability to analyse and research financial information, sales negotiation and report-writing skills, and excellent maths and computer skills.
You'll need to pass enhanced background checks for this role.
You could start as a financial services administrator or customer services adviser in a bank and work your way up. To do this, you'll need to study for a level 4 qualification in financial advice recognised by the Financial Conduct Authority. These include: Chartered Insurance Institute Diploma in Regulated Financial Planning, The London Institute of Banking & Finance Diploma for Financial Advisers and Chartered Institute for Securities & Investment Investment Advice Diploma.
You could also do a financial adviser higher apprenticeship or a financial services professional degree apprenticeship or you could start by doing a degree in financial services, business management or accountancy and once you finish your course you could apply to join a financial services company or bank as a trainee adviser.
You'll need to be registered as an 'approved person' by the Financial Conduct Authority.
CAREER PROSPECTS
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.