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Financial Adviser/Planner

Do you want to become a Financial Adviser/Planner? Here is some information to help point you in the right direction:

Job Description - Print Page

Financial advisers and planners help and advise people about financial matters and recommend the best way to make use of their money. Some advisers specialise in a product area, such as mortgages or pensions. Financial planners usually take a broader view, giving general advice on many financial areas.

There are three types of financial adviser:

• tied advisers advise on and sell their organisation's own financial products
• multi-tied advisers work for organisations and have links to financial providers
• independent financial advisers (IFAs) give advice on the financial products of a number of different organisations.

All financial advisers are responsible for:

• meeting clients
• asking questions about clients' finances and individual needs
• giving ethical advice that is appropriate for each client's needs.

Working hours vary to fit in with the availability of clients. Many work 9am to 5pm, Monday to Friday. Some work Saturdays and call centre advisers often work shifts. IFAs visit clients at their work or home, and may work evenings and weekends.

Earnings range from £14,000 to £70,000, or more.

Financial advisers should:

• have excellent listening and communication skills
• be trustworthy and have a clear understanding of financial products
• have strong record-keeping skills
• be interested in investments and the financial services market.

Approximately 75,000 financial advisers work in the UK, 36,000 of whom are IFAs. They can be employed or self-employed. Employed advisers work for banks, building societies, insurance companies and firms of financial advisers.

Entry requirements vary considerably, from no formal academic qualifications to degrees. Personality and communication skills are very important. In most roles, financial advisors are required to complete industry training and pass appropriate examinations before they can give advice to clients. Mature entrants are welcomed.

Financial advisers must be committed to ongoing training in order to meet tighter industry and compliance controls. Training is usually a combination of courses and on-the-job supervision from experienced advisers. Qualifications are available from Level 2 to degree level.

They may progress to a supervisory or management position, or move into a specialist role, such as mortgage or inheritance tax planning. Self-employment is common.

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