Switching career to become an FA and require starting steps... pls help.

dac1

Hi all,
I'm currently in my mid-thirties and making a career change to become an FA. Career to date has been in I.T. - not been enjoying it for a good while so time to change. I should add, I did attend the FPC1 course over ten years ago so I do have a familiarity of the subject (i.e. I know what to expect).
Spending much time googling (unfortunately I do not know a FA to pick their brains) I find myself lost as to which diploma (awarding body) to undertake, as well as many answers wanting.
I'm here to ask you guys if you can point me in the right direction and help me out with my below questions:

1) Which qualification (diploma) should I undertake? I know I need to become QCF Level 4 compliant. I do not know which area that I wish to specialise in down the road, but right now I would like to become grounded in all areas as I expect that will leave my options open to which area to specialise in (that's if I do decide to specialise).

2) What area of Financial Services (general FA, specialised, pensions, wealth, etc..) is in most demand and, more importantly, will provide job security? Which qualification will help to reach this position?

3) Would you suggest to stick in my current (higher paid) salary, become QCF Level 4 qualified and then make the switch, or would it be more beneficial to switch now, suffer the pay cut but it will help me become qualified quicker?

4) What type of entry role should look out for, or could expect to get, - would it be a Trainee position, Paraplanner, or simply an admin job in a Financial Services firm. Please remember that I am sharp and driven so I will achieve my compliant status asap (i.e. I won't doodle around).

5) Any good links/sites to answers these questions I'm answering? 8 times out of 10 the hits returned are about the RDR introduction and gaps fills, however this doesn't apply to me.

6) I understand being a FA is hugely sales based. I can understand closing a deal but do not feel comfortable with a numbers driven role (i.e. sell, sell, sell). I'm passionate about personal finance (i.e. pensions, ISAs, Mortgages..) and passionate about educating people on this. Is there a type of role/route that will allow me to do these things but isn't hugely sales based, again the role/area must be job secure?

7) Finally (for now), is this industry a job secure industry? The last thing I will to do is move to a role and, although I may enjoy the work, find myself struggling to bring money in. For me, I am glad to see commission gone as I expect the basic salary will increase as not you cannot expect your salary to come mainly from commission.

Any help guys will be much appreciated.
Thanks in advance.

TooManyQ's

I was on this forum asking questions of my own so it's only fair I try to help answer yours. I run my own business as an IFA so will give my advice. With many of the answers they are subjective so different IFA's will have differing opinions:

1. As correctly stated you will need to reach Level 4. One of the routes is coursework based (via the Personal Finance Society) and the other is exam based (Chartered Insurance Institute). I took the exams via the CII (check their website) as I found this easier.

2. Tricky question. Each of those areas can provide job security if you have sufficient clients to deal with in the areas concerned. The biggest thing for every IFA is having enough clients to work for/advise. This is the biggest hurdle for every IFA and therefore I wouldn't look for a niche until you have enough people to speak to generically.

3. I would try and get the exams whilst staying in your current job. This looks good that you have done it off of your own back from a prospective employer too. Taking the exams does NOT guarantee you a job as you need to become "competent" to advise as well as taking the exams. Therefore the best places to approach are ones with training departments - usually banks as they take people at entry level. (Or at least did at last look).

4. The roles you list are the best to start with. Paraplanner is a complex job and sometimes a good paraplanner with have better knowledge than an IFA - so I wouldn't expect this to be your first job.

5. Hopefully I've answered many of them.

6. I don't consider myself as "hugely sales based". Sales do happen and you need to be convincing and confident in what you are talking about. Being an IFA has developed over the years away from the huge salesy environment it used to be.

7. It is a very secure job, but only when you become qualified, earn your stripes and build a client base over time. It isn't an easy job and certainly for the first few years it will be tough. Many people who try don't last a couple of years because they aren't prepared to put the effort in or don't have what it takes.

Hope the above helps, good luck!