Cefa or FPC?

lcharm · 19 December 2008 at 1:30AM

Not that bad actually, I consider it an investment in myself as I'm only 25 and I really needed a career change and that useless piece of paper people call a degree hasn't helped me one bit!!!
I'd be then working for myself as a registered individual and then hopefully Appointed Rep. afterwards.

Aegis · 20 December 2008 at 1:50PM

lcharm wrote: »

Not that bad actually, I consider it an investment in myself as I'm only 25 and I really needed a career change and that useless piece of paper people call a degree hasn't helped me one bit!!!
I'd be then working for myself as a registered individual and then hopefully Appointed Rep. afterwards.

Can I ask why you picked all of the exams rather than, say, doing CeFA/CeMAP 1 and applying for tied or multi-tied roles?

Lokolo · 20 December 2008 at 4:50PM

Aegis hows your advisor status getting along?

Aegis · 20 December 2008 at 11:11PM

Lokolo wrote: »

Aegis hows your advisor status getting along?

Looking to move into a multi-tied adviser role early next year if possible. Shouldn't be too tricky to get the position once they become available.

lcharm · 21 December 2008 at 6:44PM

Aegis wrote: »

Can I ask why you picked all of the exams rather than, say, doing CeFA/CeMAP 1 and applying for tied or multi-tied roles?

Well I have my heart set on becoming an IFA to tell you the truth working for a company doesn't appeal to me, i'm better of self employed and join a network as a registered individual. They look after my traning and competency etc... for the FSA so it's almost like working for a company except you work for yourself.

So in answer to your question. I have given myself (assuming I pass them all) a diverse range of products/services I can potentially supply clients so that they truly become clients for life!!

Aegis · 22 December 2008 at 11:04PM

Which company gives you that sort of training? I looked for ages to find a company that would allow training straight to IFA level, but almost all of them require you to have a proven track record in financial sales already before they'll put any money into your training and sign-off.

If you'd prefer to PM it to me (or even not reply at all), then I can appreciate that.

GjrBartlett · 23 December 2008 at 5:44PM

Afternoon all,

Just thought I'd bump this thread back to the top,

Just got a few questions for Icharm, as Aegis said that must have cost you a small fortune, not wanting to ask how much, Could I ask through whom your going to do these courses?

Also, how you join a network & become a registered individual?

This is an area that really interests me.

Thanks in advance.

dunstonh · 23 December 2008 at 10:16PM

Well I have my heart set on becoming an IFA to tell you the truth working for a company doesn't appeal to me, i'm better of self employed and join a network as a registered individual. They look after my traning and competency etc... for the FSA so it's almost like working for a company except you work for yourself.

Most, if not all, IFA networks will want you to have obtained competent adviser status elsewhere and have at least 12 months experience if you want to be on self employed basis. Otherwise you will be looking at joining an existing firm.

Also, how you join a network & become a registered individual?

The natural career path nowadays is to do time with a salesforce. Mostly the banks. Whilst that can be a living hell to many people, it does serve the purpose of seeing whether you can survive the role in the real world and allow you to make mistakes on customers without any personal liability. Also, their training tends to be free.

The other way is to get cemap and become a mortgage adviser with an existing IFA and then do the certificate and diploma exams whilst you do the mortgage advice role.

Remember that from 2010, you will need to have the diploma qualifications before you can become an RI. Currently its certificate.

CMAP = 3 exams
Cert = 5 exams
Dip = 4 exams

So, if you plan on starting, you really have to do it soon otherwise you will be looking at 12 exams before you can give advice.

lcharm · 24 December 2008 at 4:51PM

dunstonh wrote: »

Most, if not all, IFA networks will want you to have obtained competent adviser status elsewhere and have at least 12 months experience if you want to be on self employed basis. Otherwise you will be looking at joining an existing firm.

The natural career path nowadays is to do time with a salesforce. Mostly the banks. Whilst that can be a living hell to many people, it does serve the purpose of seeing whether you can survive the role in the real world and allow you to make mistakes on customers without any personal liability. Also, their training tends to be free.

The other way is to get cemap and become a mortgage adviser with an existing IFA and then do the certificate and diploma exams whilst you do the mortgage advice role.

Remember that from 2010, you will need to have the diploma qualifications before you can become an RI. Currently its certificate.

CMAP = 3 exams
Cert = 5 exams
Dip = 4 exams

So, if you plan on starting, you really have to do it soon otherwise you will be looking at 12 exams before you can give advice.

I must add you are looking at all those exams regardless, the FSA are making it compulsory for all IFAs to have the diploma. After 2010 newcomers will have to complete it to advise and all practising IFAs will need this qualification by 2012 otherwise they'll lose their license. The benefit of starting now is you can start trading as an IFA with the certificate before 2010 then you have 2 more years to get the DipFA

CeFA is only 4 exams btw

The way I'm doing it is the network i'm joining will provide all the training etc... including competency at a cost. I'll be multi-tied with protections to start of with to gain experience for a minimum of 6 months then hopefully if i'm competant then i'll progress

dunstonh · 26 December 2008 at 2:51PM

CeFA is only 4 exams btw

Didnt know that. Thought it was the same as the CII CFP which is 5.

the FSA are making it compulsory for all IFAs to have the diploma.

Not just IFAs now. They have decided to make all advisers have the diploma. That appears to be the consequence of salesforces allowed to retain the adviser tag and not have a sales tag. That will be interesting for a number of salesforces.

The way I'm doing it is the network i'm joining will provide all the training etc

This is where the "network" tag has become watered down over the years and you cant really say what a network is anymore. Networks in the true sense are back office service suppliers to IFAs. However, some have moved away from that model or operated a combination of models.

Any new person should really take their time to review networks not just on cost but on the service they want and the service offered. Some are cheap, some are more expensive. Some focus on compliance issues only and leave you to run your business. Others are intrusive (how I would put but some people like that). Some effectively remove all the business bits away from you and you are effectively run like salesforces.

Cefa or FPC?

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