One who provides financial advice or guidance to customers for compensation. If you are interested in finance and you want to help people to get the best out of their money, this could be an ideal job for you. You can become a financial adviser by taking a qualification in financial planning that is approved by the Financial Conduct Authority (FCA). Independent financial adviser (IFA) – offering products and giving advice on all financial products on the market. Some financial advisers work with businesses and give advice to companies on benefits for their employees. These make sure that you act fairly and that you are properly qualified to give appropriate financial advice.
As a financial adviser at a high street bank, you will usually work standard office hours with some Saturday mornings. As a trainee or newly qualified adviser, your basic salary would be around £22,000 to £30,000 a year. As an independent financial adviser, you would charge your clients a fee, or you would earn commission from the products you sell them. As a general guide, independent financial advisers could charge their clients an hourly rate between £75 and £250 an hour. To become a financial adviser you will need to take a qualification in financial advice that is recognised by the Financial Conduct Authority (FCA).
If you were a tied adviser with a bank, you would also receive in-house training on the financial products that your bank offers. To work as a financial adviser, you would need to have a Statement of Professional Standing (SPS Certificate). You could work for any UK organisation that sells financial products, such as banks and building societies, or specialist investment or pension consultancies. You could also be an independent financial adviser (IFA) for a firm of IFAs, or on a self-employed basis. Jobs may be advertised in the local and national press, on employers’ own websites, in industry magazines and by financial recruitment agencies.
If you work for a large financial organisation, with experience you could move into management or compliance work, which involves making sure that your company is following regulatory guidelines. This section gives you an overview of the job area that this profile belongs to. You can use it to work out your next career move. The list of job vacancies under ‘Apply for jobs’ is from the Universal Jobmatch database. We can help you find out if you have the right skills for the job and help you take your next career step.
There are various compensation structures for financial advisers, but the following four are what you are most likely to see. Some financial planners charge a straight percentage of your total assets on an annual basis. This is the most common arrangement for paying an independent financial planner and has been increasing in popularity. They will often provide a very detailed write up about your financial details including recommendations for action.