IFA?
#3
take your Financial Planning Certificate so your qualified and then either join a national firm (who may put you through your exams anyway) or set up your own firm (not good if your new as you will be crap and your business will fold- thats assuming the FSA would authorise you in the first place! )
are you brand new to this or do you work for a life company or similar?
Tiggs (own IFA practice)
are you brand new to this or do you work for a life company or similar?
Tiggs (own IFA practice)
#4
Stevie- as for why- fun, interesting, HUGE earnings potential, large degree of flexability of hours. i have just spent the morning with a client sat overlooking the thames in their £2mill home...we drank coffee, chatted, had a nice morning, left and now done for the day. nice way of life.
T
T
#5
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Tiggs,
New to it. Looking for extra earnings. I have worked in life, general, re-insurance and loss adjusting so I know a little bit. Just curious as to how to go about it. I've now found the cii site and have been having a browse through at the exams and geneal structure.
Next question: How are are the exams assuming you are at least semi-literate and semi-numerate?
New to it. Looking for extra earnings. I have worked in life, general, re-insurance and loss adjusting so I know a little bit. Just curious as to how to go about it. I've now found the cii site and have been having a browse through at the exams and geneal structure.
Next question: How are are the exams assuming you are at least semi-literate and semi-numerate?
#7
RS- the exams are fine. they are 3 parts.
FPC 1 is passable by a retarded hamster- if you fail this give up!
FPC 2 is tougher- even with some general knowledge you'll still need a few weeks of study (few hrs a day)
FPC 3 is hard if you are not in the job- it relates to what advice you would offer as opposed to the workings of products and legislation. most big firms let you sit FPC 3 within say 9 months of joining.
In summary:
FPC 1 question- What is the FSA
FPC 2 question- How does a pension work
FPC 3 question- 200 words on how you would advice the client (case study provided)
Once you have FPC 3 the next step is the advanced stuff- not a requirement to work but may be within a few yrs and certainly if you want to work only in specific areas- ie IHT
FPC 1 is passable by a retarded hamster- if you fail this give up!
FPC 2 is tougher- even with some general knowledge you'll still need a few weeks of study (few hrs a day)
FPC 3 is hard if you are not in the job- it relates to what advice you would offer as opposed to the workings of products and legislation. most big firms let you sit FPC 3 within say 9 months of joining.
In summary:
FPC 1 question- What is the FSA
FPC 2 question- How does a pension work
FPC 3 question- 200 words on how you would advice the client (case study provided)
Once you have FPC 3 the next step is the advanced stuff- not a requirement to work but may be within a few yrs and certainly if you want to work only in specific areas- ie IHT
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#8
FPC is wee buns. 10 weeks from IT sales/operations manager to FPC 3 pass (with distinction) Cemap bridge is the ******. Once you get FPC you are free to go into the big world and make loads of money. The motivation to study goes right out the window
Tiggs - I am a strangled, oops, I mean tied agent. Is there much difference in earning potential for an IFA? (At the mo I work 10-15 hours a week for about 4-5k a month. I could do more but I am intrinsically a lazy barsteward)
Tiggs - I am a strangled, oops, I mean tied agent. Is there much difference in earning potential for an IFA? (At the mo I work 10-15 hours a week for about 4-5k a month. I could do more but I am intrinsically a lazy barsteward)
#11
Before you go into the business make sure that you are aware of all the costs and regulation involved.
For instance, my companies Investors Compensation Levy this year is £14000. The PI would be massive, as we do a lot of pension transfers, if we were not part of a network.
As from October 2004 mortgages and term assurance will be regulated. (can't wait for this as it gets rid of the cowboys).
As for a license to print money, this was more the case when endowments were still acceptable (thanks Government & Which) and pre stakeholder pensions.
Anyway, got to go to work now as I need to pay for this years car insurance. About £900, should manage it this morning.
For instance, my companies Investors Compensation Levy this year is £14000. The PI would be massive, as we do a lot of pension transfers, if we were not part of a network.
As from October 2004 mortgages and term assurance will be regulated. (can't wait for this as it gets rid of the cowboys).
As for a license to print money, this was more the case when endowments were still acceptable (thanks Government & Which) and pre stakeholder pensions.
Anyway, got to go to work now as I need to pay for this years car insurance. About £900, should manage it this morning.
#15
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LOL - if you divide the commission paid by the number of registered individuals (effectively qualified IFAs) the average earnings is under 20k!
Before allowing for how much the networks cream off!
As for PI - disaster zone!
Rannoch
PS Knows an IFa who drives around Glasgow in a Bentley Turbo
[Edited by Rannoch - 3/22/2003 9:30:29 AM]
Before allowing for how much the networks cream off!
As for PI - disaster zone!
Rannoch
PS Knows an IFa who drives around Glasgow in a Bentley Turbo
[Edited by Rannoch - 3/22/2003 9:30:29 AM]
#16
fast bloke- no is the answer. if you are happy that your ability to keep earning is not hampered by your status then carry on as you are.
i went IFA as i only deal in IHT planning and investment- this meant i spent 2/3rds of my time giving ppl advice on their wills and trusts etc for which i wouldnt earn- now my firm will charge a fee for my time in these cases so i know from the 1st meet if it is worth my while- if the client has no business to do and wont pay for advice then i wont work with them. Its also just cool to be the boss!
(as an aside- when i was tied i belived the client was not that much worse of than if i'd been an IFA- as i IFA i realise that thats crap. being tied is a massive limitation to the client HOWEVER, 99% of them dont know so if you dont care then crack on if your morals allow! after 5 years my morals took over.)
As for peoples comments about PI and low earnings accross the board.
PI- if you are part of a network the subsidy is massive- PI is not an issue for my firm.
Low earnings- you are right that MOST IFA's earn 20-30k, because most are scrapping the barrel for mortgage biz and stakeholders.
HOWEVER, if you focus on good areas and select your clients well there is a healthy living to be made. I work with complex IHT investments, Wills/Discretionary Will trusts, etc....my partner works on SASS's, FURB's and corporate advice- we work in one of the best locations for such advice in the country......like any biz- pic your area and pic your clients.
T
[Edited by Tiggs - 3/22/2003 10:55:10 AM]
i went IFA as i only deal in IHT planning and investment- this meant i spent 2/3rds of my time giving ppl advice on their wills and trusts etc for which i wouldnt earn- now my firm will charge a fee for my time in these cases so i know from the 1st meet if it is worth my while- if the client has no business to do and wont pay for advice then i wont work with them. Its also just cool to be the boss!
(as an aside- when i was tied i belived the client was not that much worse of than if i'd been an IFA- as i IFA i realise that thats crap. being tied is a massive limitation to the client HOWEVER, 99% of them dont know so if you dont care then crack on if your morals allow! after 5 years my morals took over.)
As for peoples comments about PI and low earnings accross the board.
PI- if you are part of a network the subsidy is massive- PI is not an issue for my firm.
Low earnings- you are right that MOST IFA's earn 20-30k, because most are scrapping the barrel for mortgage biz and stakeholders.
HOWEVER, if you focus on good areas and select your clients well there is a healthy living to be made. I work with complex IHT investments, Wills/Discretionary Will trusts, etc....my partner works on SASS's, FURB's and corporate advice- we work in one of the best locations for such advice in the country......like any biz- pic your area and pic your clients.
T
[Edited by Tiggs - 3/22/2003 10:55:10 AM]
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Tiggs,
not knocking IFAs - and the top end which is fee based is superb business - e.g. the Bentley owner. Indeed I rely on IFas as 70% of our business comes from them! So keep up the good work otherwise I won't get my bonus!
PI is a hugely contentious issue tho - as featured on a front page of Money Marketing near you most weeks ;-)
Rannoch
not knocking IFAs - and the top end which is fee based is superb business - e.g. the Bentley owner. Indeed I rely on IFas as 70% of our business comes from them! So keep up the good work otherwise I won't get my bonus!
PI is a hugely contentious issue tho - as featured on a front page of Money Marketing near you most weeks ;-)
Rannoch
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