How to retrain for a new career in financial advice

Thinking about a career change? You’re not alone. Thousands of people in the UK choose to retrain every year, and financial advice is one of the most popular routes to explore. It offers strong earning potential, genuine job satisfaction, and the chance to make a real difference in people’s lives. 

In this guide, we cover everything you need to know about retraining as a financial adviser – from the qualifications required to how long it takes to get there. If you’ve been wondering whether it could be the right move for you, read on.

Is financial advice a good career change?

In short, yes. Financial advice is a career that rewards people who enjoy working with others and want a role with real purpose. As a financial adviser, you help clients make important decisions about their money – from pensions and investments to protecting their family’s future. It’s meaningful work, and it’s in high demand.

Whatever happens in the wider economy, people still need expert financial guidance. That makes this a career with strong job security. On top of that, your earning potential grows as your experience and client base build up over time. Many advisers also enjoy a great deal of flexibility, whether that’s working within a firm, joining a network, or eventually running their own practice.

Who can retrain as a financial adviser?

The good news is that financial advice is open to people from all kinds of backgrounds. You don’t need to have worked in finance before. In fact, many of the skills you’ve built in other careers – such as communication, problem-solving, or customer service – translate really well into this role.

What matters most is a genuine interest in helping people and a willingness to learn. If you’re organised, good at listening, and comfortable working with numbers, you could have a bright future in financial advice.

What qualifications do you need?

To give regulated financial advice in the UK, you must hold a Level 4 qualification that is recognised by the Financial Conduct Authority (FCA). There are two main routes:

The Diploma for Financial Advisers (DipFA) and the Diploma in Regulated Financial Planning (DipPFS), awarded by the Chartered Insurance Institute (CII).

Both qualifications cover the core areas you need to know, including regulation, investments, pensions, and how to give advice to clients. They’re designed for people who are new to the industry, so you don’t need prior knowledge to get started.

Once qualified, you can continue to develop your career further. With experience and additional study, you could work towards becoming a Chartered Financial Planner – a prestigious status that can open even more doors.

Am I too old for a career in financial advice?

Not at all. There is no upper age limit for retraining as a financial adviser. In fact, life experience is often seen as an asset in this role. Clients tend to trust advisers who understand what it means to plan for the future, manage finances, and navigate major life decisions. Whatever stage of your career you’re at, it’s never too late to make the switch.

How long does it take to retrain in financial advice?

The time it takes will depend on how you study and how much time you can dedicate each week. Most people complete their Diploma qualification within 6 to 12 months, though some learners progress more quickly with focused effort.

The flexibility of modern study options means you can fit your learning around your existing work and personal commitments. You don’t need to give up your current job to get started, which makes the transition far less daunting.

How can I change my career path with no experience?

Starting fresh in a new industry can feel overwhelming, but you really don’t need financial services experience to begin. Your Diploma qualification gives you everything you need to start on your new career path with confidence.

Many people find it helpful to look for entry-level roles or junior adviser positions alongside their studies. This lets you build your practical knowledge while you’re working towards your qualification. Some employers will even support you through your training, which is well worth exploring.

The key is to take that first step. Once you start studying, you’ll quickly find that the content is accessible and that your confidence grows with every module you complete.

How can Simply Academy help?

At Simply Academy, we’ve been helping people launch careers in financial services for over 19 years. More than 25,000 students have studied with us, and our expert team is with you every step of the way.

We offer dedicated training for both the DipFA and the DipPFS, with flexible study options designed to fit around your life. Our training consultants are among the most knowledgeable in the industry, and our Student Support team is always on hand to answer your questions.

Ready to take the first step? Get in touch with Simply Academy today – we’d love to help you get started.