Advice on becoming a financial adviosr?
 

Recently finished my Economics degree and after being lazy for a couple of month, should really start looking into the carreer side of things, would like to know is there any particular path to become a fa or ifa? What sort of qs would I need to gain?

fpc1-3 as a minimum

Have you not considered working for somebody else first to get some real world experience and funds coming in while you get the required qualifications? This will also help you decide if you want to specialise or generalise and again which specific qualifications may be of benefit.

Yeah the logical approach would be work for a bank first while I studying for the qs, but not sure which type of bank job would be best to lead onto the fa side?

Maybe that's the better question to ask then?

years ago it was easy - join a bank or life company, they would train you and pay you.....within 6 months 99% had quit and the odd one stayed - after a year or so you could then consider staying with the bank/life company or going of and joining an IFA (or setting up your IFA firm as i did)

however.....that massive turnover off newbies was too expensive and one by one the banl/life co sales forces shut down (the one i was in shut 1 year after i left)

the prob now is that most positions are looking for experienced advisers (ie...the 1% and not the 99%)......certainly the case for IFA's. Which means lots of the support staff at banks/life offices seem to be doing admin roles while training with the hope that one day that can switch to adviser (or paraplanner which is like an advisers helper and then on to adviser themsleves).....which is grim because 10 years ago they would have 15k and a car to ponce about in a hotel for 6 weeks while they were trained to sell....now they have to work in an office photocopying crap for 2 years before making the attempt at selling.

the main thing to remember is why the 99% quit....its FAR from an ideal job for most people. The sales people cant embrace the boring subject matter and the financial geeks cant sell......its only that 1% that can do both. that said.....the sales people tend to find it easier to get the hang of the numbers than the geeks find they can sell - i have never met anyone that came into this from Uni with some economics degree or similar........although i have seen plenty try and fail (normally going to uni prevents you from having adult conversations with grown ups and thats the first hurdle)

having said all that, if you crack it its good.....after 10 years i have a lovely client bank in a great part of the country, run my own frm, work 3 days a week and never made less than 100k since year 2 (and always have the option to up it to 4/5 days a week if i'm a bit short!)

my back ground was a gym instructor and a few GCSES....the bloke that hired me liked the idea that i was already giving advice for a living and felt those communications skilld were more use than knowing what a pension was (i had no idea)......interestingly, there is prob no way i could get into the industry today from that same position (certainly not as quickly)

Cheers SR, just what I needed, someone from the industry saying it as it is, what you said about bank clerk doing admin role in the office are pretty much what I feared, I'm all willing to start at the bottom but don't want to be stuck at a dead end with no prospect, and that Uni prvent grads being unable to carry a adult conversation are pretty much spot on. ''hold my hands up smilie'':D

The problem the industry will face is that the sort of people who will be happy to work a few years in support roles arent going to make great sales people......when i joined i was out selling within weeks and getting 2/3k bonuses per month within my first few months.

if i'd had to do 2 years of support job first i would have quit within the first year.

cant you be like a investment banker or stock broker with your qualifications. It seems like very tom dick and haryy is becoming a financial adviser at the moment.

AC1- You'll go far, as spelling correctly clearly isn't a prerequisite in the land of SN's financial advisors. :thumb: :lol1:

Complete opposite, numbers of advsiers has crashed in recent years.

I adivse on finance, i need a calculator....thats it.

When is start to advise on Shakespear i'll buy a dicshonary :D

You've done well to be earning six figures at 32 then Rhino. I think your username needs a 'n' replacing with an 'm' ;)

not really, i was smug making £150k at 24 but i'm past all that now ;)