Are there any qualified Financial Advisers on here?

Soldato
Joined
23 Dec 2009
Posts
18,294
Location
RG8 9
Not looking for any regulated advice, just more of how the current market is for an adviser, as I am mulling over doing the exams in my free time.

ta
 
I looked into it, you can earn good money but takes a few years to build up your clients.

The whole industry is still sorting itself out from the change in required qualifications with FA's who've been in the industry for years having to take the new exams.

The recent changes means its harder to get started but should filter out the guys who shouldn't really be doing it.
 
I'm not qualified, but I'd advise you to put it all on Red.

Probably at the same risk as the high return products. An FA in your bracket (lets assume you won't be able to join Barclays wealth) are either going to pimp you their **** products or give you advice you can get freely online.

Unless you are very wealthy you're better off putting your money into a managed fund.
 
Yes, qualified but no longer authorised for advice - I gave it up a few years ago and went to work for a provider instead. If you're serious about it and are prepared to study, I would suggest you consider paraplanning to get into the profession and gain experience. That'll soon tell you if you have the aptitude for the industry and the profession whilst earning a wage, and you and your peers / employers will soon work out if you have the required skill set to transition to being an adviser.
 
The market for IFA's is considerable at the moment, largely down to the fact that most of the high street banks removed their face to face financial planning for mass market customers when the RDR came in, too much risk for compensation in the future for mis-selling etc, so the costs vs return on equity was seen as pointless for some of the big banks, although some have started to return now.

There are some larger firms, for example St James' Place (plenty of others out there too), who have a good network of self employed IFA's who all work under their brand, so there is potential out there for new advisers to enter the market but with the backing of an established name.

Where you say you work in financial services already in non-reg advice, can you be more specific? Depending on your experience would depend on the route you could take (and who you currently work for). I agree with The Abyss that paraplanning would be an excellent start for you to "learn" the job. You will earn a reasonable above national average income and most company's who take on a paraplanner do so expecting that they will move onto advising.

It's not just about passing an exam. Also you really need to understand what you are letting yourself in for with all the exams - They are not at all easy and require A LOT of dedication from you in your own time. That will mean the support of your wife/husband/partner if applicable, you giving up a lot of your leisure activity. Its not something you can just do for an hour or two a night and expect to pass.


Grimm - On what basis do you say "It's not a good idea" - You didn't qualify your two pence with any kind of justification? Now is an excellent time for such a career, given the massive gap the banks left in the mass affluent market and the fact that all the baby boomers are now getting to a point where their mortgages are paid off and they have the retirement cash and need IHT planning. LOADS of opportunity out there at the moment.
 
Make sure you use the Transact wrap platform when you do get going, get the admin stuff out of the way.
 
Grimm - On what basis do you say "It's not a good idea" - You didn't qualify your two pence with any kind of justification? Now is an excellent time for such a career, given the massive gap the banks left in the mass affluent market and the fact that all the baby boomers are now getting to a point where their mortgages are paid off and they have the retirement cash and need IHT planning. LOADS of opportunity out there at the moment.

I stand by my comment. I don't believe that what you have suggested is necessarily true. I think that currently there are too many financial advisers out there and not enough genuine clients, which is why we see a lot of "churning" and the continuation of what is essentially adviser led sales. I think in terms of regulation the industry is in a pretty bad place and I can see it getting worse for advisers both in terms of costs/overheads and in terms of hoops to jump through.

I don't agree with the notion that the banks closing their financial advice arms means that there are more genuine clients out there. If there was continued profit to be made the banks would still be doing it.

Just doing the exams in his spare time isn't going to give the OP the tools he needs to survive as a financial adviser (this is a common misconception). The comment above about working as a paraplanner/administrator and then working out whether stepping up to adviser level is feasible is much more sensible. The amount of "advisers" I have seen that actually have no idea what they are doing and give quite poor financial advice is scary, and some of them have been in the industry for 30+ years.

There are some decent advisers out there, but they are few and far between.

I don't intend to qualify it because I don't want to disclose my credentials or job title on these forums. The OP is free to ignore my comment if he wants to though :)
 
The whole industry is still sorting itself out from the change in required qualifications with FA's who've been in the industry for years having to take the new exams.

The recent changes means its harder to get started but should filter out the guys who shouldn't really be doing it.

Unless the qualifications bodies have made a huge mistake the previous exams were at a level equivalent to A-Levels (level 3)and the current ones at a level equivalent to 1st year uni(level 4). AFAIK there isn't anything particularly complicated though I can see why some of the previous dubious sales types might struggle.
 
Back
Top Bottom