Returning to the Advisor ranks?

DSB72

Hi

I worked in financial planning in a previous life, starting as a mortgage advisor in 1991 eventually becoming an IFA in 1996 (at Nationwide, when they had an independent arm) then after this with HSBC up until 2005. I then moved out because of a fantastic job offer from Barclays that took me into something different, namely Commercial Banking.

For the last 9 years I have been working in my own business I started in 2009 in a completely different field and that is doing okay and at 46 I am looking at the next 20 odd years of my career and I want to return to Financial Planning. I have the old FPC and CeMAP and am currently working through R01-R06 (completed RO1-3 so far) to get myself up to date from a qualification point of view.

The end game for me is to have my own IFA business but I appreciate it will be tricky to go straight into that from cold after a long time away.

I know the likes of SJP offer routes in but ultimately it's the IFA route I want to go. I was lucky enough to work for a company like Nationwide where we didn't have the worst of 90's salesforce excesses but I remember training with the likes of Allied Dunbar *shudders*

So, for anyone in the industry, what would be a good way back for a very keen re-entrant to this market in the current climate who is honest enough to know he is almost in the position of a new starter?

eskbanker

According to most prejudices on here, the first thing to do is to buy the outfit:


Sorry, entirely unhelpful post, hopefully someone will turn up with something more constructive shortly....

dmelife

Try and find a firm to take you on as a paraplanner whilst you finish the exams and get CAS with them. Maybe someone 5yrs from retiring? Look to buy the practice from them?

HappyHarry

DSB72 wrote: »

Hi

I worked in financial planning in a previous life, starting as a mortgage advisor in 1991 eventually becoming an IFA in 1996 (at Nationwide, when they had an independent arm) then after this with HSBC up until 2005. I then moved out because of a fantastic job offer from Barclays that took me into something different, namely Commercial Banking.

For the last 9 years I have been working in my own business I started in 2009 in a completely different field and that is doing okay and at 46 I am looking at the next 20 odd years of my career and I want to return to Financial Planning. I have the old FPC and CeMAP and am currently working through R01-R06 (completed RO1-3 so far) to get myself up to date from a qualification point of view.

The end game for me is to have my own IFA business but I appreciate it will be tricky to go straight into that from cold after a long time away.

I know the likes of SJP offer routes in but ultimately it's the IFA route I want to go. I was lucky enough to work for a company like Nationwide where we didn't have the worst of 90's salesforce excesses but I remember training with the likes of Allied Dunbar *shudders*

So, for anyone in the industry, what would be a good way back for a very keen re-entrant to this market in the current climate who is honest enough to know he is almost in the position of a new starter?

Find some local IFA firms, look to join as a paraplanner or trainee adviser, be honest with them about your intentions.


One man business are virtually impossible to run nowadays, due to the compliance overhead.

DSB72

@eskbanker, love that!

Thanks for the replies, all views are welcome. It is actually quite a hard industry to get into, quite the change from a few years ago and so it should be.

I think finding a local firm is a good way to go IF they don't see it as training up a competitor! One card I have to play is I am prepared to work for free to help me get back in, I have income from the business I have built over the last 10 years so that may encourage someone to give me a shot!

HappyHarry

DSB72 wrote: »

@eskbanker, love that!

Thanks for the replies, all views are welcome. It is actually quite a hard industry to get into, quite the change from a few years ago and so it should be.

I think finding a local firm is a good way to go IF they don't see it as training up a competitor! One card I have to play is I am prepared to work for free to help me get back in, I have income from the business I have built over the last 10 years so that may encourage someone to give me a shot!

I don't think it's a hard industry to get into, if you've most of the qualifications and a lot of experience. Experience in the industry from an advice perspective is very difficult to find at present. Certainly in our locaility, a lot of IFAs would be interested in meeting you.

Personally, I don't see other IFAs as competition, which may sound strange, but there are not enough good IFAs to go round at present. There are more clients wanting IFAs than IFAs with available time, and all the IFAs I know are stretched at present or are turning down clients as too small, that ten years ago would not have been considered so.

Your main issue may be agreeing a restrictive covenenat that ensures that the clients you deal with now are not allowed to be taken with you when you depart to set up your own business.

I don't like the "work for free" idea. If I was taking on a paraplanner/trainee adviser, I would be looking for someone to produce good quality work and be dependable. I would need convincing I could get this from someone working for free. And that's without even considering the minimum wage legislation.

Wildsound

Might be worth contacting the CII to see if any of your previous exams give you exemption or free credits towards the diploma. If they do, then that might help you get to diploma quicker.

DSB72

HappyHarry wrote: »

I don't think it's a hard industry to get into, if you've most of the qualifications and a lot of experience. Experience in the industry from an advice perspective is very difficult to find at present. Certainly in our locaility, a lot of IFAs would be interested in meeting you.

Personally, I don't see other IFAs as competition, which may sound strange, but there are not enough good IFAs to go round at present. There are more clients wanting IFAs than IFAs with available time, and all the IFAs I know are stretched at present or are turning down clients as too small, that ten years ago would not have been considered so.

Your main issue may be agreeing a restrictive covenenat that ensures that the clients you deal with now are not allowed to be taken with you when you depart to set up your own business.

I don't like the "work for free" idea. If I was taking on a paraplanner/trainee adviser, I would be looking for someone to produce good quality work and be dependable. I would need convincing I could get this from someone working for free. And that's without even considering the minimum wage legislation.

Thank you Harry, maybe I should move where you are! I was being a bit flippant about the work for free thing but I'm not looking to steal anyone's clients, I'm just looking for a way back in, ideally into the IFA world and am happy to pay my dues again, I've been out a while and I don't really want to fall for an easy SJP type way back in. If I'm going to do this, I'd rather stick to my IFA guns but for that I will need help and a plan to combat the one man band issue you highlight.

Wildsound wrote: »

Might be worth contacting the CII to see if any of your previous exams give you exemption or free credits towards the diploma. If they do, then that might help you get to diploma quicker.

I have spoken to the CII, I can do 70 credits (60 at Diploma level) and get there but considering I have been out for a while I have decided to do the full R01-R06 route, which gives me 100 credits. I've decided to do this mainly to satisfy myself I'm back up to speed on a knowledge basis and show commitment to the process to anyone who wants to help me get back in.