To quit my cushy but frustrating job to be a financial advisor!?

Well I don’t find it pressured, but that’s me.

Same here with a cushy 4 days a week job in an engineering firm but I am approaching 50. I assume you have done a proper review of your finances and the implications of your choice? If the result of that is not putting you off then go for it!!

Agreed, but a I always say

Compliance are our friends!

Not always a popular opinion!

If you think being an ifa is cushy you're sadly mistaken. Its highly pressured and with compulsory ongoing compliance training and scrutiny

@Hoppinggreen every IFA is fee based

So you taught what to who.

I'm massively proud that my industry went from sales people to advisors.

No sales needed, just good ongoing advice with an agreed fee.

You sound like an IFA from years gone by! Those days are long gone!

@greenpolarbear Chartered IFA and if you think they're trying to be a sales person, then disengage.

Use this

register.fca.org.uk/s/

As explained, I don't know how to decide who to trust. I definitely don't want to do it myself. But there are too many scams.

I trained people to Network and to use Sales Skills to get people to sit down with them and listen to their advice. I don't know how to "churn" so it would be impossible for me to teach it.
You are not the only IFA who is fee based and it may come as a surprise to you to know that other IFA's are just as ethical as you.
You seem to have a very negative view of your profession in general whereas I have been lucky enough to know some lovely IFA's both professionally and personally who help people plan for their futures.

@Hoppinggreen but if a client is on track, what are you going to sell them?

Nothing I hope, because otherwise you're a sales person not an advisor.

But we all know those advisers that just "churn", did you train people to do that, to justify your fee?

Salaried actually (so FA not IFA) and also trained IFA's around 5 years ago.
The Sales Skills come in getting clients in the first place rather than sorting out their finances but I am sure you know this

@Hoppinggreen it's not a sales role....

It's a fee based advisory role, the advice may be do nothing, it's all fine, you're on track.

No need to sell a thing!

You sound like a dinosaur IFA from the mid eighties who needed to sell something to get a commission.

I think we actually agree with what you do, its just what its called.
Sales isn't scamming or making people do anything, its influencing and being the expert in an area.
When I was a FA and the IFA's I worked with have all used skills I would describe as Sales Skills to get potential clients to sit down with them and also to steer them in the direction of what products suit their circumstances best.
Its not a negative that its Sales, I love Sales and have done it myself and trained people but anyone client facing who influences does need Sales Skills. Not in the same way someone selling fridges, cars or similar does but they do need listening and problem solving skills for example

Yep

Getting advice from an IFA is a fee paying arrangement, including an ongoing service.

I just realised, the reason we’re seeing financial “coaches” is because presumably those people don’t have qualifications?

@greenpolarbear I think you'll be safe with a chartered IFA, or do it yourself and make a mess.

@Hoppinggreen have I done it.....

Only for the past 30 years!

I'm not sure how you relate a paraplanner to a mechanic?

It's a fee based advisory role.

Problem is I don't trust anyone to give me advice because there are so many scammers. How do you know who actually knows what they're talking about? It seems like a lot of the financial regulators are always being sued or fined for something as well, so I don't trust that someone is backed by xyz company because they usually turn out to have been misselling or worse.

Have you done it?
I have and so has the other poster who says its a Sales role.
I have also worked with many many Financial Advisors in several capacities and I am very confident about what skills are needed.
It IS possible to be a Paraplanner, which is I suppose your equivalent mechanic but thats not an IFA

Yes it's now pretty much all fee based which is good and bad. It means that only people who can afford the fees can get access to personalised advice and good advice is expensive. I was charging £250 per hour 10 years ago.

At least with commission, it did mean that the less wealthy could have access to qualified advisers. One of the reasons I left was having to turn away people with modest savings or pension pots because I was required to charge them fees which they couldn't afford. Even 5 minutes basic guidance which would have helped was not allowed due to compliance and insurance conditions.

Even now, if you go online for help, the websites all say they do not offer individual advice even if you think they should. I am now considering whether to take my own pension benefits and the sites you are directed to to help with decision making all carry this disclaimer.

People are effectively being forced to make their own decisions about their financial affairs for which many are badly equipped. I'm not the least bit surprised with the recent press reports that people are running out of money in retirement thanks to drawdown. It was entirely foreseeable.

Total rubbish 😂

I solve problems, I don’t have to be pushy as I have never ever sold anything to anyone that didn’t recognise something as a solution to an issue they had.

I am fee only. People pay for my time so I get paid for the work I do NOT the products.

"It used to be a great job but no more. Nearly all IFAs are no longer "IFA"s due to regulatory and liability issues. I used to really enjoy selecting the right funds and tax wrappers for clients but gradually my autonomy was eroded and we were only allowed to choose from a selection of pre-approved funds or put the clients directly into set fund models."

That doesn't sound like a true IFA though...if you can only pick from certain pre-approved platforms, provider, wraps and/or funds, you sound as though you were more a 'tied' agent.

I'm a para planner but IFA qualified. I pick funds, platforms, providers etc after completing individual research for our clients.

OP how will you start out? As a tied agent whereby you can only recommend products from one (or limited few) providers? Or as a self employed, one man band IFA? The fees for the latter are eye wateringly extortionate!! Tens of thousands of £££ need to be spent just so you can 'open the door' to your office. You'll need the minimum of a diploma (level 4 qual) to get started and that will cos a few thousand, depending if you use the CII or slightly less for other governing bodies recognised qualifications.

The horrible, time consuming red tape that goes with the job is pain staking. The FCA decide to change things on a whim (it seems). The latest emporers new clothes is 'consumer duty' which, a lot (not all) is just the same as 'treating customers fairly regurgated.

Good luck with it if you choose to go ahead but it'll cost you a lot, it takes a long time to build a client bank (that will end up being your annual income from their servicing fees), and the stress of upkeeping an office is tough!! Sorry if I sound negative but I've been in the business 40 years and seen so many IFAs fold.

@Hoppinggreen it's not a sales role....

You are engaging of a service, like a mechanic, it's not sales!

@

You are talking about a tied sales rep's job not an IFA's.

Just bear in mind that there are a shed load of exams to pass.