If the answer is yes, then you should read our financial advisor career guide below! It’s full of great insight into how to use specialist financial knowledge and implement it into the lives of customers. If you’re good with numbers and want to work in the finance industry then what harm could it do?
What is a financial consultant?
A financial advisor will hold specialist knowledge surrounding savings, money management and investments, as well as possessing excellent communication and people skills. The financial advisor career will involve you providing clients with advice on how to manage their money.
A financial consultant role includes researching the marketplace and recommending the best option considering the services and products available, whilst ensuring your clients are aware of how they meet their needs. The final step is then securing the sale.
Financial advisors may specialise in particular services or products, but this is based on their clientele, like mortgage, pension, or investment advice to private clients, or employee pension schemes for companies.
The financial advisor job description also extends to general knowledge in all of the areas, as well as insurance and saving plans. These jobs, as well as those researching the financial planner job description, require professional qualifications, and individuals will need to follow strict financial industry rules.
The role of a financial advisor and an independent advisor
Someone in a financial advisor job, or working on becoming a financial advisor in the UK, should decide if they want to work as an independent advisor or as a restricted advisor. Independents, also independent financial advisor (FIAs), will research all investment products or providers to meet the client’s needs and abilities and should give unrestricted and unbiased advice.
At the same time, restricted advisors offer limited guidance, focused on a selection of products or services of providers. Financial advisors have to inform their clients whether they are independent or restricted before providing their advice.
The financial advisor salary in the UK usually begins from £22,000 to £30,000 at the trainee advisor level.
What does a financial advisor do?
As explained above the roles of a financial advisor and an independent advisor can vary, but some responsibilities cross over to both. You’ll contact clients, review their financial circumstances and future aims and analyse information and design pans for their requirements. Financial consultants will analyse risks, research the industry, design financial strategy and assist in decision making.
It’s common to review the needs of the clients and how they may be changing in various economic circumstances, as well as promote and sell products. You might negotiate for the best possible rates with product suppliers, write financial reports and contact clients regarding products or changes which may affect investments or savings.
Financial advisors must liaise with head office and financial services and keep up to date with legislation. Also, you may communicate with estate agents, valuers, solicitors or other professionals as part of the role. This position requires you to meet regulatory standards, like the cost of services, disclosure and advised products. Some employers may ask you to have a full UK driving license.
How to become a financial advisor?
There are financial advisor qualifications in the UK for anyone looking to start in this career. Financial planning jobs require individuals to complete financial advisor courses, although the sector is open to graduates of any subject or discipline. Students can search for financial advisor courses after their studies, but having a degree in one of the below subjects may improve chances of securing the position:
- Financial studies
- usiness management
However, if you don’t hold a degree, it is still possible to be hired in this sector, as employers often seek out personal qualities that are just as vital.
Firstly, customer service experience, sales or financial services is beneficial. Another option is to work in the finance industry, like a bank, whilst studying part-time.
The same can be said for independent financial advisor qualifications; they will benefit your job search but are not strictly mandatory. Although having relevant experience, or working your way up through a company or organisation will be more achievable.
Similar roles include paraplanners, who provide research and administrative support to a financial advisor, as well as graduate training schemes through retail banks. Private banks often recruit graduates directly into the business.
The financial advisor career will involve you providing clients with advice on how to manage their money.
What skills are useful for a financial advisor?
How to be a financial advisor? Financial advisor jobs require excellent listening, communication and interpersonal skills, as well as the ability to network and establish a relationship with clients.
A graduate financial advisor will need to be able to work within a team, have research and analytical skills, and be able to explain complex information coherently and in simple terms. Prospect wealth management roles require the same skills, as well as, self-motivation, time management and organisation skills, holding an adequate level of IT and numeracy skills, and be target-driven.
Negotiating and influencing skills are essential, alongside customer service, decision-making and understanding client confidentiality. Additionally, being flexible to the work, target-driven, determined and having tenacity is vital. You should approach work ethically and professionally and have discretion.
Can you work as a financial advisor remotely?
Some areas of the work can be completed at home, like financial reports, phoning clients and contacting clients. Also, keeping up to date with legislation, procedures and conducting research can be done remotely.
However, meeting with clients and presenting information is usually done face-to-face and in an office environment. Most of the role can be at home, but this depends on your employer on whether this is an option.
How much do financial advisors make?
So, how much do financial advisors earn? The financial advisor salary in the UK usually begins from £22,000 to £30,000 at the trainee advisor level. From there financial planner salary in the UK can move up to £30,000 and reach £45,000 for qualified financial advisors, this would be the average financial advisor salary.
Senior financial advisors, whether that be a wealth advisor salary, chartered financial planner salary or an independent financial advisor salary, can expect to earn in the region of £60,000 at the senior level. Wealth managers or those who deal with private clients based in significant retail and private banks can earn £100,000 or more.
Similar roles include paraplanners, who provide research and administrative support to a financial advisor.
But how much does a financial advisor make? The salary is just the first step, as financial advisors may earn bonuses and commission, depending on their contract and what company they work for. The organisation may offer additional benefits on top of their primary earnings. Salaries will vary on the employer, location, and the qualifications and experience candidates hold.
What are the prospects of a financial advisor?
Financial analyst prospects are available in several avenues for anyone researching this career. First, there are financial advisor graduate jobs for anyone holding a degree in a relevant subject or have great sales and personal skills experience. To become a financial advisor in the UK, applicants can search on particular retail and private banks or through individual companies.
After working as a successful financial advisor for some time, you could then work with more considerable sums of money for investment, a specialist in certain areas, move up within the company and manage a team, or venture into compliance, where you ensure advisors following company rules and regulations. Some choose to work on a self-employed basis, while others study advanced and specialised professional qualifications to enhance their career development.