Investment Advisor (FSA CF 21)

KS64

Hello

Does anyone know the procress to become an investment advisor - a sort of private banker or wealth manager. In particular, what is a suitable career path and what qualifications does a person need.
I have little experience in this area but its an area I wish to enter.

thanks.

dunstonh

CF21 covers your packaged investments advisers like tied agents and IFAs.

In particular, what is a suitable career path and what qualifications does a person need.

The old career path was to find an insurance company or bank and persuade them in the interview that you were a salesperson. They would then train you up, get you through the exams and then spending a number of years building up clients and actually learning the job some would look to move on to become IFAs. Others that liked the sales environment or didnt have the guts to go self employed stayed put.

Nowadays, with most of the insurance companies no longer giving advice, that just leaves the banks. You may get lucky and find a few local IFA firms that may consider you but you would have to have something worthwhile for them to take you on. You would also need some pretty large savings as you will earn virtually nothing for the first 6 months or so.

The only firms that usually pay the costs and give you a wage whilst training are the heavy sales outfits. The banks and national salesforces. They will initially look for your sales ability and background rather than qualifications. They are also the types of firms we tell consumers to keep away from on this site as they also account for most mis-sales and have heavy staff turnover and pressure tactics.

private banker or wealth manager (which suggests you mean investment manager) can often take a different route and have further qualifications than the standard level. Chrismaths can answer that bit as he is an investment manager.

Whatever you decide, you must understand that half of individuals joining the industry fail in the first two years and usually end up in debt. Getting qualified and being the most knowledgeable person possible won't earn you a penny. You have to have client's and that is what most forget. It is the single biggest problem all new individuals have and where most will fail. Get it right and you are set up for life. Get it wrong and it can be a very costly experience.