Need advice on a career in financial advise

[fraserstirling]

Good evening,

My name is Fraser and I need some impartial advice on pursueing a career in financial advice.

I am currently studying with the Open University - I am doing a Diploma in Financial Services. I also currently work for a bank (just in customer services).

I really want advice on how to get the right training and where to obtain this training to be a financial advisor.

I don't have a Degree (I left uni to be self employed which didn't turn out for the best in the end but hey!) which is why I have started with the Open University.

Can anyone offer advice? I was going to contact the IFS, but I don't want to be hounded by sales agents to buy a course I may not even benefit from yet!

Many thanks

 

[TotallySport]

could you not ask your employer? or ring the local chamber of commerce.

 

[marioncritard]

A "financial advisor" is just a salesman who sells a company's products. If you sell insurance, pensions for XYZ, they will call you a "financial advisor."

If you sell a range of products (work for a broker), then it's more or less the same thing.

You're really going to be advising based on commission and its variants.

It's been a little tighter since FSA regs but still really the same thing.

This is a different thing from working in an investment bank etc.

What type of "financial advisor" you are depends on the exact firm you work for.

The FS industry has created a lot of euphemisms and "financial advisor" is one of them.

 

[vvaannmmaann]

There are lots of companies like this
http://www.unbiased.co.uk/ifa-qualifications

 

[businessfunding]

As suggested by TotallySport, you should first ask your current employer. Assuming they are a High Street bank they will have a Financial Services subsiduary (or partner) and might be in a position to offer you paid training.

 

[bayzoo]

Hi,

Thank you for the replies - my apologies I hadn't set the email response setting when I get replies to threads.

Yes I checked with my employer - they are offering positions, but the prospective candidates need to posses the basic CeFA qualifaction, which I gather the IFS offer.

In reponse to [FONT=verdana,geneva,lucida,arial]marioncritard[/FONT], yes I understand that having a strong ability to sell is the main goal of a financial advisor, whilst obviously ensuring the client gets the best value.

I only work in the contact centre, and have a good record of selling in the business (I have only been there now for 9 months).

I am just keeping my options open at the moment, as I want a career to purse since my previous business ventures didn't go quite as planned

I think I will continue as planned with the Open Uni course whilst looking at options before spending money on a course(s) with the IFS. I get funding from the Open Uni so this works well for the moment.

Fraser

p.s. I replied under a different username as I forgot I had two accounts!

 

[TotallySport]

so have you asked your employee if they are willing to put you through the CeF? or asked for a conversation with the relevant person to progress your career?

 

[bayzoo]

Hi

I have spoke to my manager and they advise me to speak to HR which I will do after Xmas - I was also advised to look at our internal jobs section. There are positions for FA's who will put you through the rest of the DipFA if you already hold a CeFA

Fraser

 

[Greg_Thomson]

Hi Fraser

Getting your current employer to do your training is a really good idea. As you may be aware with RDR coming into place a financial advisor will need to be qualified to diploma level rather than the previous CeFA.

I did my CeFa exams a few years ago. As with most things in financial services there is a massive gap between the theory and the pratical side. I run my own business at the moment and specialise in mortgage and protection advice. Even thought I have the CeFA exams I wouldnt dream of offering Financial Advice without some hands on experiance with an experianced advisor.

This is just my opinion but if I was you I would get the relevent qualification where you work, get some experiance doing the job. Then you would want to go and work for a broker who has access to the whole market so you are clued up with more than just 1 companies products. From there you could then set up on your own.

Good Luck

 

[tony84]

Your studying towards your DipFA which is great.
Presumably the bank you work for is paying for it? You are in the best place to learn the basics there - i wouldnt say banks are best for customers but you will get a good grounding.

Once you get your exams and CAS (Competant Advisor Status) you should then look at joining a "Network" as an appointed representative - this means you dont have all the FSAs paperwork to deal with which is a nightmare!

The mistake i made was not being prepared for being self employed. I was expecting to have an income after 2 months max - but its been closer to 4.
The other hand thing is getting clients - everyone thinks oh friends family and referrals or buying in leads, from experience it isnt that simple.

Stick with the bank until you have everything, then do your research. Get everything ready before you hand in your notice and go self employed.