What does an IFA administrator do?

26 February 2020

An IFA administrator working alongside a financial adviser.

If you’re interested in starting a career in finance, you may find that working as an independent financial adviser (IFA) administrator will give you the necessary experience and knowledge before possibly moving into different areas of the finance sector.

You’ll find masses of information around becoming a financial adviser and other related job roles, including what it entails and where to start, but there’s less information available concerning what’s involved in becoming an IFA admin. In this blog, we explain what an IFA administrator is, the typical duties associated with the job and how you can train to become one yourself.

What is an IFA administrator?

The job of an IFA administrator is often recognised as being the starting point in the career of people looking to work in finance. An IFA administrator deals with a number of administrative tasks and assists independent financial advisers and other established professionals in the finance industry.

Effective communication, organisation and timekeeping are crucial for an IFA administrator, as they’re in charge of ensuring that every task is carried out as instructed, all while maintaining contact with the relevant people.

General duties and responsibilities of an IFA admin can include:

  • Keeping close contact between clients and colleagues
  • Retrieving new and historic information about individual clients
  • Holding records of every verbal, written or electronic communication with colleagues, clients and third parties
  • Working alongside financial advisers to obtain information as part of the process of creating financial reports
  • Assessing objectives for individual clients to target the necessary solution
  • Creating and presenting suitability letters to financial advisers, with a focus on the specific company policy and current regulations
  • Supporting additional needs on behalf of financial advisers such as acquiring information on processes in business, tax and any other fields that could benefit the client
  • Carrying out duties in accordance with the rules and regulations set out by the Financial Conduct Authority
  • Keeping a close eye on changes and developments in the world of finance to benefit the needs of clients.

How to become an IFA administrator

Many independent financial advisers will have started their career as an IFA administrator. This is due to the level at which you start this role and the potential opportunities you have for progression over future years.

To make the first step towards becoming an IFA administrator, you will at least need some experience of working within the financial industry. But if you want to stand out from the crowd during the application process or simply want more knowledge on how the role works, you should consider a financial service apprenticeship.

Several courses are applicable to people who have aspirations of becoming an IFA admin, with courses such as Level 3 Financial Services Administrator, Level 4 Paraplanner and Level 4 Financial Adviser all providing training relevant to the role.

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