perfect day financial consultants

yaacov81

i have got an interview for a job working for a company called perfect day - they are a financial consultant.

i applied through a graduate job website.

problem is cant find anything about them on the web

what makes it weirder is that the site says the job is for 28k/year so you would assume it would require a great cv. mine is [pretty rubbish (bdd at a level virtually no work experience) - in fact i get suspicious every time someone tells me they have my cv and they think it's great. (usually turns out to me a training company)

so does anyone know anything about them?

thanks in advance

dunstonh

Perfect Day Specialist Services Ltd
Current Status:Appointed Representative
Effective Date:31/12/2004
Address:Clerkenwell House
67 Clerkenwell Road
London
Post Code:EC1R 5BL


According to the FSA website, they have only one designated investments advisor who is actually a trainee. That address does not appear to belong to Perfect Day either but 20Twenty Independent Ltd who Perfect day is an appointed rep of.

They are a member of 20Twenty Independent Limited who has a small number of members. I am guessing here that they are a small network or more likely a sub network (like a club). However, their website is down and there is hardly any reference to them on google.

So, in summary, it is an individual that would be employing you, in a start up company belonging to a very small network. Small networks should be looked at carefully because if they go under, you lose all your commission and pipeline commission. Plus their website is down!

If you have no experience (i.e. dont have FPC1, 2 & 3 and no work experience), I would be very surprised if you were applying to be an IFA. However, a protection, general insurance, tied agent or mortgage advisor wouldnt require any past experience or qualifications (although you would usually need a good CV).

As for Perfect Day, a single trader or small firm would have none or very little web presence and that should not concern you.

GraduatePodcast

Hi,

Im trying to do some research into Perfect day and similar firms as im currently writing a piece for students and graduates on the perils of working for these type of firms. If anyone was a former employer at perfect day and you'd like to help others ensure they don't end up in similar bucket shop organisations i'd love to interview you. Just drop me an IM

Thanks
Graduate Podcast

dunstonh

Im trying to do some research into Perfect day and similar firms as im currently writing a piece for students and graduates on the perils of working for these type of firms.

Can you clarify what you mean by working for these type of firms? Are you referring to the IFA firms, multi tied firms (as I believe Perfect day were before they went into administration), Networks, sales forces, compliance companies or what?

GraduatePodcast

Apologies I should have been clearer. Im focussing my attention on IFA's for the time being. Many graduates are lured into the IFA industry with slick sales pitches and promise of high commissions - I'm doing an expose of what to look out for when entering the indusry

Daneel

GraduatePodcast wrote: »

Apologies I should have been clearer. Im focussing my attention on IFA's for the time being. Many graduates are lured into the IFA industry with slick sales pitches and promise of high commissions - I'm doing an expose of what to look out for when entering the indusry

In that case you are barking up the wrong tree with Perfect Day. A good friend of mine joined them in 2002 and has done very well for himself.

They tried to recruit me at the time, but my understanding was, at least to begin with, it's like a sales job initially as you have to go out and find your own clients. I would imagine the first six months would be very hard and it all depends on your personality. I'm no salesman so didn't go for it. I would suggest that like most sales jobs, your basic salary will be low, but you can make good money if you bring in clients.

Perfect Day rebranded as Ablestoke some time ago. You can find their website here: http://www.ablestoke.com/

dunstonh

Many graduates are lured into the IFA industry with slick sales pitches and promise of high commissions

Bit silly as Commissions wont exist in 18 months. Indeed, most have gone already. Although an experienced IFA on fee basis will typically earn in excess of £100k a year. New recruits tend to earn significantly less as it takes years to build experience and clients. Indeed, over half of trainee advisers go on to leave the industry within 2 years having failed to succeed. Most common reason being lack of clients.

I'm doing an expose of what to look out for when entering the indusry

Probably a good idea not to accuse IFAs of being bucket shop organisations. There are around 30,000 IFAs out there (although closer to 20,000 are active in advice roles with others being support/training/compliance etc). IFAs have the lowest number of complaints despite handling the majority of transactions. The figures for complaints have been falling year on year for many years and the ove-rule rate has fallen as well.

To accuse 30,000 people of working for bucket shop organisations isn't a good basis to start your research.

The reason graduates are being lured to the IFA industry is that there is little in the way of a career path anymore. There used to be a progression from the lower levels with an aspiration to become independent (although some of the old insurance company agents earned too much and had it too easy and wouldnt consider leaving). The regulation changes make it harder to take unqualified people on. For example, from this year new recruits will have to sit 3 mortgage exams, 5 certificate level exams and then four level 4 exams just to get to the required standard. Whilst the old way could train people up on the job or get them doing other roles whilst learning, the new way makes it hard for that to be cost effective. So aiming to get graduates in from the start is logical.

Whilst most IFA firms are perfectly fine, like any profession you get good and bad. Typically the bad are the tied firms or multi-tied (like the one on this thread who were not IFAs). They operate a salesforce model. Whereas most IFAs are small local firms with 1-5 IFAs in house. Indeed, IFAs are still regarded as a cottage industry. Although that is starting to change. Independent IFAs are financially liable for the advice they give.

Really, its better to avoid the salesforces (irrespective of adviser type) as that is where most of the issues are. They tend to be transactional rather than servicing. They are almost factory line style where they do one thing, get paid for it and move on to the next. They tend to have the highest complaints, the worst reputation and also where most of the lower skilled, inexperienced advisers are.

Working for a local "independent" IFA firm is not dissimilar to working for a local solicitor or accountant. More so from 2012 with the rule changes. You are looking after what you have and naturally growing the business. Working for a salesforce is more akin to being an insurance agent from the 80s or any sales job. Its sell, sell, sell or you are sacked.

What may tie in with your perception is that it does tend to be the sales companies that are more pro-active on recruitment. The smaller firms tend to focus on experience.

Jonbvn

Daneel wrote: »

In that case you are barking up the wrong tree with Perfect Day. A good friend of mine joined them in 2002 and has done very well for himself.

We believe you honestly!;)

Seriously, you came across like you are promoting this company.

Daneel

Jonbvn wrote: »

We believe you honestly!;)

Seriously, you came across like you are promoting this company.

I think you need to re-read what I wrote then.

Also, given I joined here over five years ago and this is the first time I've mentioned them, it doesn't seem likely that I'm a plant does it?

dunstonh

Also, given I joined here over five years ago and this is the first time I've mentioned them, it doesn't seem likely that I'm a plant does it?

You are like a Russian sleeper agent

Jonbvn

Daneel wrote: »

I think you need to re-read what I wrote then.

Also, given I joined here over five years ago and this is the first time I've mentioned them, it doesn't seem likely that I'm a plant does it?

But your original post certainly read like you have a vested interest, at least to help your friend?