Becoming a financial advisor?

[CaptainDelphineAngua]

Long term poster here was just overdue a discworld user name change.

I've hit the mid-life career point where im feeling very drained by corporate senior leadership, politics and the overwhelming plates spinning and no longer desire to progress to Board level responsibility.

I enjoy maintaining long-term client relationships, have high EQ, great active listening and influencing skills. I also have a personal interest finance, money management and planning to deliver future goals and mitigating risks.

I've noticed several career change programmes targeted to encourage women to consider becoming a financial advisors. I've read that there's an industry shortage of qualified folks on the horizon and would appreciate some real world insight on this career path.

I have some operational background in financial services but only hold a broad ICA Diploma only so would need to retrain from scratch.

Has anyone switched career into financial advice and can offer a perspective on the pros and cons?

I'd also love to hear any real world opinions around the options of going down the whole of market IFA self employed route versus training and working in a restricted advice firm like Quilter or SJP.

If anyone is prepared to share rough earnings and how flexible the role is that would also be hugely appreciated!

That was longer than I expected, thank you if you've read this far!

@CaptainDelphineAngua

I read this post yesterday but have only just had the time to respond.
I heard an interesting interview on the Today programme yesterday. The link is here. The section starts at 2:43:30 (approx) with a general talk about AI but stick with it and you will find that it morphs in the effect of AI on jobs.

I'd also love to hear any real world opinions around the options of going down the whole of market IFA self employed route versus training and working in a restricted advice firm like Quilter or SJP.
I have no experience of Financial Advice but generally I think it's a good idea to start with the Quilter etc of this world. Basically you cut your teeth, get your training and make your mistakes on somebody else's Professional Indemnity Insurance. After a while you will get fed up of being a tick-the-box saleswoman with targets to hit and that is when you move out to partnership or self-employment. You will then have the experience and contacts which will enable you to make the jump.

However, I'm increasingly of the mind-set that I would not encourage DGC to go into a highly regulated industry. I'm not sure that the stress of compliance and the cost of compliance (or, alternatively, fines!) is worth it. Professional qualifications - medics, law, financial, etc - used to be 'a meal ticket for life' but in these litigious times they now feel more like 'a stick to beat you with' (you live in constant fear of a claim on your PPI or a visit from the Regulator).
Maybe I'm just old and jaded.

@senua thanks so much for taking the time to read and respond. I'll certainly give that chunk of the today show a listen! It's an interesting point your raise around regulatory burden and the cost and stress of compliance. Perhaps ive worked in regulated sectors so long I'd not.really thought to hard about that element.

My other leftfield idea/pipedream is to sack off corporate for ever and run a cattery instead. At least AI couldnt come for that role!🤣

Perhaps I've worked in regulated sectors so long I'd not really thought too hard about that element.
Have a think about what type/size of sector you've worked in, too. When I first started, the High Street local firm was very much a thing but gradually the Big Boys have taken over - similar to how the High St used to have the butcher, the baker and the candlestickmaker but now groceries are dominated by a handful of Big Supermarkets.
It's very obvious that, these days, my Regulator doesn't like the small businesses that used to be its bread&butter.. It especially doesn't like one-man-bands because of the risk: after all, how does a system (for checking probity and competence) work if you are marking your own homework!?
What is the FA professional body like. Is it a support to small businesses (like yours will be) or a policeman (in fact judge, jury and executioner).

My other leftfield idea/pipedream is to sack off corporate for ever and run a cattery instead. At least AI couldn't come for that role.
The sad thing is, you are not really joking. You have come to the same conclusion as the radio interview: major on the things that you can do that AI can't i.e. "high EQ, great active listening and influencing skills".

Good luck with your career change!

My daughter is a lawyer. If she wins a lot on the lottery she is going to run a cattery into her old age. ,🤣