Becoming an IFA

scap_uk

Thank you for your honest reply! Until I posted my first message on this board I had received rather negative information from a careers advisor which annoyed me as I realised she knew nothing of what she was talking about and wished she'd said so! However, I have found your information very enlightening. I am determined to get into FA and your suggestions are a big help.
Any ideas on which banks would be suitable to approach? Again this is something I don't know anything about so if you could suggest a few which would give me some of the independence which you mentioned then at least that would give me a starting point.
Another question which you might be able to answer is when would be an appropriate time to approach firms about work? I graduate in June so should I start making enquiries now or leave it til I actually graduate?

Many Thanks

dunstonh

As for banks, I'm getting a little out of date now.  I did my stint with Lloyds.   That was total freedom and a separate company and line management to the banking side.   A few of the others approached me over the years.  Woolwich (before barclays bought them) wanted clerks doing the job. Barclays IFA arm was interesting.   they were getting their IFAs to travel the country doing awful hours.  They had massive targets and awful pay.   The person interviewing me was so stressed it was unbelievable.  

If you are around the North Suffolk/Norfolk area let me know and I will let know what its like to work as an IFA.  I'm also recruiting so you never know    It would be nice to have someone who hasnt been jaded by the sales environment or been taught bad habits by a bad sales manager who is only interested in the bottom line.

I would start to make enquiries now. It can take 2-3 months to get your authorisation with the FSA sorted out just to get you to training standard.

scap_uk

Thanks for the reply (again ) I live in North London so not that far from Norfolk lol!
I will try and find a bit more about Lloyds as I really like them. Is there a site which lists all the IFA companies in an area?
How do I know which banks offer what Lloyds did for you or will I know from whether the FA area is seperate etc?
Thank you for taking the time to explain all this stuff to me - I really appreciate it

dunstonh

http://www.unbiased.co.uk/ you can do a search by postcode. Its not 100% but by far the biggest list of IFAs.

How do I know which banks offer what Lloyds did for you or will I know from whether the FA area is seperate etc?

You don't without trying a few i'm afraid.

Robert_Sterling_3

I notice that you have not taken the Mock interview so far.

webmasterpolo

Hi Robert,

Sorry l wasn't getting the emails telling this post was updated.

Would you please tell us why you have decided upon this career change?
I spend a lot of my spare time looking at my finances making them as good as possible and l enjoy it. I have helped others to do the same and l enjoyed that.

Why exactly do you wish to be an IFA?
I enjoy helping others with money, and l enjoy working with money. Plus it is long term career that l think l would really enjoy.

Is it because you wish to help people to make the best use they can of their money?
Yes

Do you think that it a cushy number or a very stressful undertaking?
Pretty stressful l would imagine, but l thrive on that.

What Qualities should we look for in an IFA.
Ability to work on your own.
Ability and willingness to learn.
Ability to follow company and legal guidelines
Can deal with stress and the work load
Wants in for more than the money.

Why did you leave your previous job.
To pursue a life time career that l will enjoy and will reward me for my dedication and hard work.

Robert_Sterling_3

FUll marks

payless

Missing question on interview list for a Trainee IFA..

"can you make a good cup of coffee ? "

webmasterpolo

I know how to order in Starbucks  ;)

Are there any takers for a Trainee IFA in the North East?

Jockie_2

My experience is that all IFA's require similar attributes rather than qualifications viz:
*Thick skin
*Commission without results - currently returns have been crap for the last 3 years but they still get their commission irrespective
*Non decisive - because the only one that makes decisions is you
*Risk averse - because the only one at risk is you
*Independent - beware that they actually are

So if you've got these you're well set >:(