What’s it like working as a financial advisor?

[Postmanbear]

Is anyone a financial advisor who could tell me what it’s like please?
I’m thinking of a career change and I think I would enjoy giving advice, I also enjoy working with faces and figures and writing reports. I am aware that I would need to do a level 4 diploma.
I would ideally like to work as an IFA but assume I would need to work for a company first? Is it a family friendly profession?
Thank you in advance.

It’s a sales role. You have to find your clients first , if you don’t feel comfortable selling then it’s not for you. I am not great with figures but I can sell so I was successful. I don’t mean that you have to be comfortable ripping people off (as that’s the perception of Sales a lot of people have) but you need to be able to promote yourself and your company and explain them in a way that the clients understand AND agree to. It’s not easy.
As for family friendly it wasn’t when I did it many years ago as I had to work most evenings to visit clients once they had finished work
Maybe look at becoming a Paraplanner if any of that puts you off

My DH is an IFA, he enjoys it and works pretty much office hours. I agree with the pp that it might be worth being a paraplanner first and seeing how you like it. You may be able to get into a firm doing this who will then put you through your exams. Good luck.

I’m a mortgage adviser and also deal in protection policies and home insurance.

As pp has said, it is a sales role, as much as it is dressed up. If you work for a company you are judged on your sales, if you are independent you get paid on your sales.

But it’s a regulated role so you’ll need to maintain your qualifications and fit and proper status

Thank you I’ll have a look at the paraplanner role, not sure how comfortable I would be in sales.

I disagree wholeheartedly with the pp who said that being an IFA is a sales based role. I’m a Chartered Financial Planner and run a directly authorised, fully independent firm. The sales culture of old may be true for network member & restricted firms, but for appropriately qualified, “true” Chartered Financial Planners, it’s not a case of selling anything as we charge on an hourly basis for our knowledge/expertise (in a similar manner to solicitors and accountants). For my firm, the bulk of our income comes from our existing, happy clients and our marketing budget is zero because we’re kept busy via word of mouth referrals from said happy clients alone. I’ve never once had to ‘flog my wares’ so to speak.

There is a huge shortage of women in this industry due to the horrible misconceptions about financial advice being salesy and macho; it really frustrates me. There are so many female-led firms which are doing amazing things, particularly those which are supporting successful female business owners and many planners are also becoming dually qualified as financial counsellors. And yes, the job CAN be family friendly if you’re at the right firm and are prepared to be flexible (as many working age clients actively want evening or weekend appointments).

My personal view is that the best way into the industry is to start off as an administrator, work through your exams to level 4 while on the job (the CII route is the most commonly followed) whilst getting paraplanner experience (& insight into how an advice firm works) and then move into a trainee adviser role from there. Practically speaking, the firms which advertise for entry level adviser roles tend to be the big restricted firms or the advice arms of wealth managers/accountants, both of which tend to be more old school and salesy. Normally the more boutique independent firms will seek to promote from within instead, so you may well have more luck by starting in a support role first.

Best of luck!