How can i move into IFA (part-time/ home based)

Broadex · 21 September 2016 at 12:29AM

Sorry I’m new the forum so I may be posting this in the wrong category.
I’m thinking of running an evening IFA business from home just to hone my skills or being employed part-time working home (currently living/working in Isle of Man). However I’m not sure how I can go about it and would be helpful if you can help with ideas.
My background is in accountancy and I’m a Chartered accountant and also I’m knowledgeable in UK tax. My day to day job is mainly dealing with accounting and tax matters for companies with minimum financial advice to individuals/ retail.

I’m passionate about investments and being an IFA. I have self-studied MSc in Finance, qualified as a Chartered Financial Analyst (CFA), and I passed the CISI diploma with Chartered Institute for Securities & Investment (ie Chartered Wealth Manager) – all done in the past 5 years with the desire to move into investment advisory /IFA business.
Could someone please advise how I can work online supporting IFAs or perhaps get started with my own evening IFA business for a start?.

Pincher · 21 September 2016 at 1:35PM

Broadex wrote: »

I’m thinking of running an evening IFA business from home just to horn my skills or being employed part-time working home (currently living/working in Isle of Man). However I’m not sure how I can go about it and would be helpful if you can help with ideas.
My background is that I’m a Chartered accountant and I’m knowledgeable on UK tax. My day to day is mainly dealing with accounting and tax matters for companies with minimum financial advice to individuals/ retail.

I’m passionate about investments and being an IFA. I have self-studied MSc in Finance, qualified as a Chartered Financial Analyst (CFA), and I passed the CISI diploma with Chartered Institute for Securities & Investment (ie Chartered Wealth Manager) – all done in the past 5 years with the desire to move into investment advisory /IFA business.
Could someone please advice how I can work online supporting IFAs or perhaps get started with my own evening IFA business for a start?.

Are you a Nigerian prince?

DrSyn · 21 September 2016 at 2:38PM

Does not exactly inspire confidence in the advice the person might provide either does it. Nigerian or otherwise.

Is this post for real?

Maybe dunston might like to comment. His are at least real!

badger09 · 21 September 2016 at 4:30PM

In case a google search (other search engines are available;)) didn't cross your mind, try this for starters:

https://nationalcareersservice.direct.gov.uk/advice/planning/jobprofiles/Pages/financialadviser.aspx

http://www.moneywise.co.uk/forum/forum/general-moneywise-chat/how-to-become-financial-advisor

bigadaj · 21 September 2016 at 6:38PM

Well if you have the qualifications you presumably need to notify and be accepted by the regulator, get some PI cover and build up your business.

As dunstonh has said before the advice market, certainly for smaller ifa businesses, is shrinking or more correctly not expanding with less demand from new customers.

I don't think it's the sort of business you do as a hobby in the evenings anyway.

bigfreddiel · 21 September 2016 at 7:55PM

I thought the bit about "horning his skills" sounded a bit dodgy, but funny nevertheless.

Come on dunstonh, let's have your take on this.

And I'm not too sure if he is Nigerian, sounds a tad bit racist to me!

Cheers fj

Pincher · 21 September 2016 at 8:17PM

bigfreddiel wrote: »

I thought the bit about "horning his skills" sounded a bit dodgy, but funny nevertheless.

Come on dunstonh, let's have your take on this.

And I'm not too sure if he is Nigerian, sounds a tad bit racist to me!

Cheers fj

So, you have never had an e-mail from a Nigerian needing your help to transfer £20million out of his country. Your spam filter must be really good!

Broadex · 21 September 2016 at 9:15PM

Sorry - posted this in a hurry. Anyway thanks for the advice.

eskbanker · 22 September 2016 at 12:15AM

Broadex wrote: »

thanks for the advice

It may seem pedantic but in the strict financial services terminology that you'll need to get used to, advice is a regulated activity carried out by those qualified to do so and often involving money changing hands. The posts above may involve some woolier guidance in amongst more general banter, but no advice as such!

badger09 · 22 September 2016 at 12:50PM

Pincher wrote: »

So, you have never had an e-mail from a Nigerian needing your help to transfer £20million out of his country. Your spam filter must be really good!

I haven't. Now I'm feeling not only neglected, but also discriminated against :rotfl:

eskbanker wrote: »

It may seem pedantic but in the strict financial services terminology that you'll need to get used to, advice is a regulated activity carried out by those qualified to do so and often involving money changing hands. The posts above may involve some woolier guidance in amongst more general banter, but no advice as such!

Mine wasn't guidance - it was a suggestion

EdGasket · 22 September 2016 at 2:09PM

How are you going to attract customers? i.e. why would anyone pay you for your advice as you would have no track record and presumably, as you say part-time/evening, you'd be working as a self-employed and have no company name behind you either?

How can i move into IFA (part-time/ home based)

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