The complete guide to becoming a financial adviser
We support you in your first step to become a Financial Adviser, helping people and organisations to choose investments, savings and pension products.
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Is Financial Advice for me?
The world of financial advice offers great opportunities and job prospects:
Every day people make important decisions about what to do with their money. Most need guidance from someone who is qualified to advise on these decisions… and that highly valued professional could be you.
- Potential to earn a fantastic salary
- Advance your prospects through ongoing training
- Help people with your valued, professional skills
- Work independently or for a company
- Options to specialise within your field
If you want to work as a financial adviser in the UK, you must hold a qualification recognised by the Financial Conduct Authority (FCA), The Diploma for Financial Advisers (DipFA) is FCA approved and the perfect first step along your new career path. It prepares you with the skills required to begin advising clients on retail investment.
What do you need to become a financial adviser?
Do you have these five essential skills?
Once you have completed your DipFA training you are technically ready to begin offering professional financial advice on retail investment. However, great advisers also have the following five skills which truly set them apart…
Trust is extremely important between client and adviser. It is essential that you offer honest advice for each individual client based on your professional opinion. If a client believes you’re working in their best interest, they are more likely to take your advice and recommend your service to others.
As with anything, if you’re passionate about what you do, you will be better at it. Your genuine interest and drive to offer an exceptional service will come through in your work and clients will recognise this. Enthusiastic people make great financial advisers.
Clients will approach you for advice and then act upon it. They must be able to trust its accuracy and therefore you must ensure you carefully check your calculations every time. You should have an eye for detail and never rush your work.
As a financial adviser, the really important part of your job is presenting your work to your clients. You must be able to effectively communicate and engage with your clients, persuading them to trust your judgement and listen to your professional opinion.
Great financial advisers are really interested in what they do. They are motivated to keep themselves up to date with changes in the financial industry and new products that become available. In this way, they always offer the best, current advice.
Where could my career take me?
The industry offers a variety of financial adviser jobs.
Financial advisers are employed by banks, building societies and wealth management firms, advising on products specific to their employer.
You could alternatively be employed by an insurance firm, specialist pension consultancy or law firm who have developed financial services as part of their business.
What could I earn?
Your earning potential depends on which path you choose. If you are employed by a company you could be working full time: 35-40 hours per week, Monday to Saturday. Your starting salary would be between £25,000 and £35,000 per year, with the potential for more with commission. You may also enjoy other benefits including pension, car allowance and bonuses.
If you’d rather set your own hours and avoid the office environment, you could become an independent financial adviser. You’d work from home and travel to visit your clients. This type of work allows you the flexibility to suit you and your clients, but you may find yourself working at evenings and weekends.
Should you choose this route you may become Directly Authorised, however, many advisers prefer to work under the umbrella of a network, many of which provide access to products across the market and other benefits, especially around compliance and regulatory changes.
What could I earn?
As an independent financial adviser there are different ways you could be paid, but you will charge your clients directly. You could charge an hourly rate of between £75 and £350, depending on experience. Alternatively, you may arrange an agreed set payment; a monthly fee of either a set amount or based on value of that investment; or an ongoing fee.
You could also increase your earning potential by diversifying your skills with further learning and becoming qualified to advise on a wider range of financial products.
*FCA Data Bulletin – The retail intermediary sector in 2017. **Financial Reporter Sept 2018 .
Finding the Right Course
At Simply Academy you’ll discover a range of financial adviser courses which include the CeMAP qualification. We’re an industry leading mortgage adviser training school and are experienced in helping people just like you reach their career goals. If you’ve just decided to become a mortgage adviser both our CeMAP and our AdviserSkills courses are tailored for you. If you are already working in the industry and want to enhance your product range we offer a range of courses to boost your CV and propel your career.
Whichever stage you’re at our experienced friendly staff are on hand to help you at every step.