FSA Approval with a criminal record

Pachira

It would be a real shame for all the work you have done on your diploma to go to waste. Have you considered working in the administrative side of the profession instead (rather then client facing) and working your way through to becoming a Paraplanner? You'll be able to put your qualifications to use, without requiring to be FSA registered.

Credit-Crunched

" I'm about half way through the CII Diploma in Regulated Financial Planning, and am really enjoying it, but I don't know much about the array of job opportunities, or lack of, that exist for people with this qualification. Are things really that tough? Are jobs for 'new' entrants into the sector that hard to come by? And, what are the options for someone with the diploma starting out? Any info/advice would be very much appreciated."

Without sounding harsh is this not a question that should have been asked before embarking on an expensive and time consuming qualification?

Bonam25

That's a good point! I did do some research, but not enough. I've always believed that you should pursue what you enjoy, what you're interested in, and what have an aptitude for. That's the main reason I decided to start the diploma. I looked on the internet at job adverts and there seems to be a lot out there, but this is contrary to what I'm hearing on websites like this. Is the job market that tough at the moment? And why? Apart from the the recession that is. Have the regulatory changes forced so many people to leave the industry?

dunstonh

Are things really that tough

Only tough in that the historical context. There are a third of the advisers compared to not too many years ago. The historical career paths have gone. So, its not so easy to get up and running as it once was. The mortgage adviser route and then training on the job to full designated investment adviser is the main model now. Some do the paraplanner/assistant route to adviser.

All I can say, as an employer of advisers, is what do you bring to the party that would want me to take on extra cost and risk of employing a new recruit (who will make mistakes, will take more of my time and will cost more to my company)?

I looked on the internet at job adverts and there seems to be a lot out there, but this is contrary to what I'm hearing on websites like this.

How long ago did you look? You have banks and building societies pulling out of advice in the last year and now only taking on industry experienced advisers. Those that run job articles are not looking for professional "independent" advisers. They are looking for sales people.

Have the regulatory changes forced so many people to leave the industry?

Dropped from over 100,000 to 28,000 before the RDR hit. RDR is expected to wipe out another 30%.

Is the job market that tough at the moment? And why? Apart from the the recession that is.

Recession has little to do with it. They come and go but advice is still needed irrespective. The regulator is the main problem and the cost of doing business. Very shortly, it will be to is too expensive to cater for the bottom end of the market. Pre RDR is a cross subsidy model where the larger investors/premiums cross subsidise the smaller ones. Post RDR will see most of that cross subsidy vanish.

Around 1/3rd of your income will go on compliance and regulation. Licences for software/research are monthly/annually and not one off. Now, if you are an employee, you have to write business that is going to not only pay more than you are paid but also cover all the costs as well. So, if you want to be paid £30k, then you have to be writing income of over £100k. If you average new business fee is say £1200, that is 84 clients you need to get. Depending on your enquiry to business rate. you probably need double that to begin with. How are you going to get over 160 clients?

Do you have 84 people willing to make a new adviser with no experience their adviser?

However, it doesnt stop there. Lets move into year two. You need another 84 people. Some of those people from the previous year would buy ongoing servicing but many wont. So, you may need only 65 people in year two. Where are they coming from? Keep that going into year 3, 4, 5 etc.

one area that may be an opportunity going forward is to become a runaround IFA for an experienced IFA who is too busy. A lot of experienced IFAs are going to be in heavy demand and will be able to cherry pick their clients even more than they currently do. So, having someone who is able to do the smaller ones or be part paraplanner/part adviser is likely to be more in demand.