Becoming an IFA and joining family business

pipninja

Hello,
Wonder if anyone could help me and perhaps offer some advice?
My father runs his own IFA business which has been going for many years (probably about 20 years now) but he is around 8-10 years from retirement and has asked me whether I would like to join?
I am a 42 years old and have not worked in the financial services industry before. I have always had a great interest in finance but took the decision to work in a mature sector of the manufacturing industry.

I haven't really discussed it in depth at all but he has told me that when he retires I would be able to carry on and take over his client bank and run the business.

I have a degree and studying (even at my age!) doesn't faze me at all. However, it's a big leap into the unknown so I feel slightly unsure.

Does anyone have any advice on this? It would definitely be a mid life career change that's for sure!

Thank you.

xylophone

Is your father willing to employ you now in his company as a graduate trainee and pay for your training?

Pincher

Just think about all the poor souls without a guiding hand to administer to their financial needs. Do it for their sake.
You can always refund the commission or donate it to charity.

kidmugsy

It may be easier for your father to keep the biz flourishing if he can assure customers that the biz will survive his retirement.

PeacefulWaters

Pincher wrote: »

Just think about all the poor souls without a guiding hand to administer to their financial needs. Do it for their sake.
You can always refund the commission or donate it to charity.

What commission?

dunstonh

I think the ideal person to discuss this with is your father.

At 42, its still fine. If you said 22, I would perhaps steer away but not at 42.

sharpe106

Surely part of the decision must be on your current job if you like it or not and what potential the difference in money at the end of the day will be, i.e how much does the company currently make.

Also with the way technology changes a lot of what some IFA is becoming more automated so what effect would that have in say 10 years time.

BananaRepublic

Whilst I and others do not think it is rocket science, it is a profession, and you do need to be trained, and qualify, as there are legal aspects to working as an IFA. And I assume that social skills are very important, not just being pleasant, but along the lines of salesmanship, the product being you. As said, your father can fill you in on those issues. In your shoes I might jump at this chance, although work is not just about salary, but whether you enjoy what you do on a day to day basis, and the people you meet. I like the fact that I meet lots of people each day, and get to know them. Being an IFA might be a bit isolating for me. I wonder if you could shadow your father for a while, take some days off work, and then follow him as he goes about his work. He could tell clients you are a trainee and would they mind if he sat in on the conversations.

dunstonh wrote: »

I think the ideal person to discuss this with is your father.

At 42, its still fine. If you said 22, I would perhaps steer away but not at 42.

Would that be because no-one would trust someone that young, as impressions matter, or because someone so young might not have the detached and calm temperament required, or the social skills?

dunstonh

Would that be because no-one would trust someone that young, as impressions matter, or because someone so young might not have the detached and calm temperament required, or the social skills?

Because the industry is in a combination of decline and buy out and you wouldnt want someone young starting out into that. Bread and butter stuff will go robo-advice and that just leaves a smaller number doing the wealth side. Advisers that are 40+ with existing clients can see the older generations through. Those that are 20+ may find themselves having to retrain later in life.

BookerTee

Just think of all those pension funds you can scam for thousands for doing nothing, its a licenses to print money....

dunstonh

BookerTee wrote: »

Just think of all those pension funds you can scam for thousands for doing nothing, its a licenses to print money....

Stupid comments like that are not beneficial to the OP. So, take your ignorance elsewhere.