Ifa q

woolgar.c

Hello,

I realise this isn't directly related to asking for mortgage advice but thought there would be a lot of people who may be able to help :j....

I am looking at training as an IFA around my current job (unrelated). I would be looking to start up self-employed around current work & expanding as the client base builds.

The idea of this is to bring in some extra income & have a potential for earnings from home once I have children.

I would appreciate some advice on the best training routes, accreditations & people's opinions of working within this sector.

Thanks

(I posted this on the employment board to no avail but cannot seem to move or remove that post so apologies for duplication)

Let_Us_See

Stop there. All sorts of reasons why your opted route will prove difficult. In fact too many for me to expand. If you want to become an IFA pick another more simpler route.

woolgar.c

Let_Us_See wrote: »

Stop there. All sorts of reasons why your opted route will prove difficult. In fact too many for me to expand. If you want to become an IFA pick another more simpler route.

Thanks - what would the other routes be?

Dave_Ham

You also need to be a bit clearer, do you mean IFA or do you mean mortgage broker?

Starting from scratch from a different industry will require a lot more training/exams/time to be qualified for Pensions/Investments.

Apologies if you know exactly what you mean, just confirming

woolgar.c

Dave_Ham wrote: »

You also need to be a bit clearer, do you mean IFA or do you mean mortgage broker?

Hiya,

I meant mortgage broker initially- due to the vast extra training as you mentioned for some of the other sectors.
I have started to look at ifs & cii modules but haven't progessed any further in info gathering yet.

Dave_Ham

Then it is all about getting your Cemap and seeing if someone will bring you in under their company.

It is incredibly unlikely that a network is going to bring you in with no industry experience and initial part time aspirations.

Under your own steam, you will also not have the experience or contacts to add any sort of value to a client so really will need to convince someone to take a chance on you and chances are you will certainly in the early days be more of a drain on resource than commercially viable for the business.

Good luck

dunstonh

The idea of this is to bring in some extra income & have a potential for earnings from home once I have children.

Being an IFA isnt a part time job. Those days have long gone. The costs are too high. a mortgage adviser has lower costs but will still have costs.

How would you get clients? (you cant cold call)

woolgar.c

Dave_Ham wrote: »

Then it is all about getting your Cemap and seeing if someone will bring you in under their company.

Good luck

I have contact with someone who would take me in under their company, although technically I would be self-employed. I fully appreciate the fact that as a trainee I would likely be more hindrance than help to begin with.

Due to my personal circumstances it is likely that there would be a number of clients available from the start.
I assume at which point I would field the inital & basic queries, passing up the more complicated cases until I was qualified to deal with them myself.

I'm currently unsure of the costs I would need to put in and hence wanting to start up part-time so I can still have a secured income. I don't mind the extra study & exams.

I really appreciate the input from everyone - thank you

woolgar.c

dunstonh wrote: »

Being an IFA isnt a part time job. Those days have long gone. The costs are too high. a mortgage adviser has lower costs but will still have costs.

Can you elaborate on the costs please?
It seems so difficult to find family-friendly well paid jobs these days.

dunstonh

Can you elaborate on the costs please?

IFA will be something around £30k+ a year. Mine run around £70k. I will let the mortgage advisers give an indication on mortgage adviser only costs.

Being attached to a firm will reduce costs. However, they will want you to pay your way. So, you will likely have to pay your own levies, share of PI insurance, software, compliance etc.

ACG

I dont think being a mortgage advisor is a part time job - i tried that. Nipping out of the office to make phone calls to clients/lenders. On my dinner trying to do a mornings worth of work, calling account managers after 5pm. It was a nightmare, i lasted about 6 months before i decided to just leave my job and throw myself at it.

My costs are pretty static, 15% (give or take) of whatever i earn goes on compliance costs. The other costs for you will be travel costs if your going to visit clients as you will be under someone elses firm thats probably it.

My 15% is because i have my own company, if your under someone elses i imagine they will be taking anywhere from 25-50% depending on whether you are bringing business in/using their office/staff etc etc.