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

[Useruser1]

Has anyone done similar and can share their experiences?

I currently do 4 days in an engineering firm, it's OK but now I'm 40 it's increasingly boring and frustrating work.

I love the idea of being an IFA, helping clients and being my own boss... where my reward is an outcome of my efforts.

But I have stability, decent income and sick cover etc.

Aaah!
AIBU: You have a nice job you should stick with
AINBU: Take the plunge and set out on a new journey

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

Yep

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

@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.

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 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?

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.

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.

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

Use this

register.fca.org.uk/s/

@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!

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

Agreed, but a I always say

Compliance are our friends!

Not always a popular opinion!

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!!

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