Wanting to be my own IFA

[NI_STG]

Hello,
I would like to become a independent financial advisor. I have literally no qualifications. For the past 2 years I have been a retail forex trader. As I am so interested in investing, i think it is the only job that would suit me. So my question is, if I get the IFA qualification would it be suitable once qualified to start my own business?

 

[tony84]

No.
Getting the Diploma is the first bit and probably the easiest.
You then have to get competant Advisor Status (CAS), that is where someone who is already qualified and able to sign you off as competant will monitor you and check over you files etc. Once you have done around 5-10 cases at the required level you will get signed off. At that point you are free to go on your own should you wish.

The hardest part will be finding the clients, I suspect that will get harder again following todays announcements of ISAs - if you were thinking of going after pension business. If you are looking at investments you could find this budget has helped you out.

 

[MikeJ]

My IFA doesn't do any investing. He places the money with other people that do the investing.

(they may be IFAs, but I don't think so).

 

[tony84]

Your IFA chooses the fund, the people who invest the money are the fund managers.
The IFA chooses the fund based on your risk profile, past performance etc.