Steps to Become a Financial Adviser

27 December 2018

A Black male financial adviser studies his laptop while writing on a notepad. He is smartly dressed and focused on his work.

If you’re considering a career as a financial adviser it’s a good idea to understand the steps you must take to achieve your goal.

Step 1 – Understanding the role of a financial adviser

The role of a financial adviser revolves around helping people decide what to do with their money. You will be expected to talk to clients and understand what they want to achieve and then use your industry knowledge to advise which products might suit them.

As a respected professional it will be your duty to ensure your knowledge is up to date and your advice is sound: always keeping the client at the forefront of your mind. Your day-to-day tasks will include researching products, record-keeping, producing reports, liaising with clients and keeping up to date with new legislation.

Step 2 – Do you want to become a financial adviser?

If you like the sound of offering professional advice to clients which could help them make big life decisions, it may be time for you to become a financial adviser.

The role of a financial adviser is highly rewarding but you must be driven and prepared to work diligently. Your clients will rely on you to offer accurate, considered advice. If you’re prepared to do this then it’s a real privilege to know you’ve helped someone with your professional skills.

As you decide whether or not you want to become a financial adviser, you might also be wondering what you can expect as a financial adviser salary. Newly qualified, you can look forward to £22,000 – £30,000 p/a. This goes up to £40,000 with experience and £70,000 once you hold a management role. If you work independently your financial adviser salary will be made up of commission and fees which range from £75 – £250 per hour.

In a nutshell; you have real prospects to make a great salary.

Step 3 – Get qualified

In order to offer financial advice you must hold a recognised qualification such as the DipFA (Diploma in Financial Advice). This prepares you with the skills and knowledge to begin your new career and is respected throughout the industry. Passing your exams is an essential step on your path to becoming a financial adviser.

Step 4 – Start advising clients

With your qualification, you’re ready to start advising your first clients! You can seek employment at banks, building societies or insurance companies where you will offer products from your employer’s portfolio.

Alternatively, you could represent several companies and advise on a wider range of products, or work independently with access to the whole market. There are many exciting job opportunities waiting for you once you become a financial adviser.

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