Career Advice - Progressing to full IFA

76cathy

Hi,

I am not sure if this is best section to post on but have noticed a few IFA's posting great comments here and was wondering if anyone could help with some career advice.

I have 10 years experience in financial services initially working for an insurer, but for the past 8 years working in admin/paraplanner roles in the IFA sector. I am a university graduate with full FPC and Diploma in Financial Planning, including G60 Pensions, but am finding it very difficult to make transition from paraplanning to full advice role.

My current employer did initially express an interest in helping me get full CAS status i.e. get signed off as a full IFA, but 2 years further down the line my position has not really changed and I think it is unlikely to materialise.

I appreciate the job is a lot more than technical skills and qualification and I do feel I need to work on my soft skills and client relationships to have any chance of succeeding in the long term. All job adverts seem to state CAS as essential, so I not sure how to proceed from here.

I worry that part of the issue is male-dominated nature of the sector, few older generation IFA's seem to consider that their well-qualified and mainly female admin staff would be able to move to advice!

Should I go to a bank and take a massive paycut and give sometimes morally dubious advice to get CAS status, are there any networks/large IFA's you are aware of that would consider taking on trainees in my situation or should I give up on the whole idea and go into freelance paraplanning?

Really at a careers crossroads and am getting very frustated with lack of progress in my current role. Any and all advice would be very gratefully received!

dunstonh

I worry that part of the issue is male-dominated nature of the sector, few older generation IFA's seem to consider that their well-qualified and mainly female admin staff would be able to move to advice!

That may be a local thing but not one I have seen around here. I know a number of female advisers. Although they are in the minority but not treated or considered any different.

are there any networks/large IFA's you are aware of that would consider taking on trainees in my situation or should I give up on the whole idea and go into freelance paraplanning?

You really only need CAS status if you want to work on a self employed basis with you having owner/partner control functions. You should be able to join any firm without any problems regarding CAS.

I am an employer of advisers and I know how you will be viewed. You have no track record and you will be an instant cost to them the minute you are taken on, even on self employed but attached. You will have FSA, FOS, FSCS etc levies, potential increase in PI cover, network charges (assuming network is used) and extra licences in software. Even if you had CAS status, you would initially be classed as a trainee and that means more supervision (and cost).

So, the employer would be looking to see how you can cover the costs for them, make them a profit and also provide yourself with an income. You have no track record so it will be down to personality and how you present yourself.

In the back of the mind of the employer will be the knowledge that over 50% of new advisers leave the industry within two years having failed to make a go of it. Most of those will be in debt. The most common reason is not able to get enough clients.

If you can persuade a potential employer that you have the ability to get clients then you will be fine. If you cant or you know its not realistic then unfortunately, you are looking at probably having to do time at a salesforce rather than going into a professional adviser role to begin with. Either that or you may get lucky and find an IFA that has too much work and is able to pass some your way.