8 reasons why you should become a financial adviser

22 March 2024

A financial adviser helps an older couple to plan their investments.

Thinking of starting a career as a financial adviser but don’t know where to start? In this article, we go through what a financial adviser does, how to become one and why you should consider it as a career.

What is a financial adviser?

A financial adviser is an investment professional who offers expert advice to clients on money matters. As a financial adviser, you will look at your client’s personal circumstances and develop a financial plan for them that will aim to build their savings and reduce their debts. Their financial goals could range from retirement planning and budget assistance to higher education preparation.

The responsibilities of a financial adviser include:

  • Setting up meetings with clients
  • Completing in-depth reviews of a client’s financial situation
  • Staying up to date with financial products and legislation
  • Negotiating for the best rates with financial product suppliers
  • Producing financial reports.


How to become a financial adviser

If you’re thinking about becoming a financial adviser, you will need to have at least a Level 4 qualification in financial advice, such as the Diploma for Financial Advisers (DipFA), an accredited course offered by Simply Academy. After this, you can find employment with a financial services firm that is registered by the Financial Conduct Authority (FCA). You can work in either an employed or self-employed capacity.

The majority of financial services positions require you to complete a training period where you learn from a more experienced financial adviser and build up your client list.


Why become a financial adviser

There are many reasons why you should consider becoming a financial adviser. Below we discuss eight top benefits of the job.


1. Help people financially

Becoming a financial adviser can be a very meaningful and rewarding career. You could be helping someone to achieve their goals, whether it’s building a solid retirement fund or ensuring a stable financial future for their children. Alternatively, you could be supporting someone struggling with debt by offering them a sustainable, long-term financial plan. You can really make a difference in someone’s life as you help them to make good financial decisions.

That’s why being a financial adviser is a perfect career for those who can relate to people and build relationships. You can even complete a soft skills course tailored specifically to mortgage and financial advisers. It’s CPD-accredited and focuses on developing skills such as active listening and empathy.


2. Flexible work schedule

Once you’ve established a client base as a financial adviser, your working schedule can be very flexible, especially if you work independently. As you gain experience, you can schedule your time to work when you’re most productive, whether that’s 5am or 5pm. Of course, any meetings with clients need to be scheduled during regular hours.


3. High earning potential

Perhaps the most attractive part of becoming a financial adviser is the unlimited earning potential. Financial advisers are often either:

  • Fee-based – this is when you charge a flat fee or hourly rate
  • Commission-based – this is when your income depends entirely on how many products you sell or accounts you open
  • A combination of the two.

Whether you choose to be fee or commission-based though, the amount of income will depend on how many clients you take on. This gives you freedom to earn as much as you are able to. However, it is worth noting that you should never take on more than you can manage.


4. Develop a niche

An exciting part of being a financial adviser is that you can tailor your practice to specific client bases and develop a niche. Not only does this make it more interesting, as you can specialise in something you’re interested in, it also helps you to build your client base and become an expert in one particular area.

There are many different areas or groups of people you can focus on such as:

  • A specific career, e.g. doctors, lawyers, teachers
  • A generation, e.g. millennials, baby boomers
  • A type of financial advice, e.g. retirement planning, investment management.


5. Ongoing growth and learning

There are many opportunities for growth in a career as a financial adviser, as the industry continues to evolve. You will be exposed to changes in tax laws and regulations, financial products and investment strategies. The ever-evolving nature of financial services makes it essential to stay on top of the latest industry trends and changes. This means you are consistently developing your skills and knowledge of the industry, and therefore moving forward in your career.


6. Job security

No matter the economic landscape, the demand for financial advisers remains consistent. There is always a need for financial advice from both individuals and businesses, as they need support to plan for retirement, invest wisely, or understand changes in financial laws and regulations. The expertise and knowledge of financial advisers is highly valued, making it a very secure career choice.


7. Opportunities for entrepreneurship

Many financial advisers choose to work as self-employed or start their own business, giving them more autonomy over how and when they work. If you’re someone who works well independently and has creative business ideas you’d like to put into practice, this could be a great option for you.

Through owning your own financial advice business, you can develop your business management, marketing and problem-solving skills, as well as your knowledge of the financial sector. You don’t even need to pay for office space or travel fees to see clients, as long as you’ve got a good set-up at home in a quiet space with high-speed internet.


8. Understand your own finances better

As you’ll be spending time offering financial advice and becoming an expert in the field, you can use that knowledge to your personal advantage. The more experience you gain, the more you’ll understand how best to manage and optimise your income, as well as how to invest smartly. It’s a unique perk of the job that should definitely not be underestimated.

If becoming a financial adviser is something you’re interested in, why not check out our DipFA courses and take that first step into financial advising? For more information, don’t hesitate to get in touch.

Simply Academy is accredited as a trusted partner by The London Institute of Banking & Finance
Simply Academy is trusted by the Education & Skills Funding Agency
Simply Academy awarded the Highest Rated Courses Brilliance Award 2019 from CourseCheck
Simply Academy is FSQS (Financial Services Qualification System) registered

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