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I am looking to pursue a career in the financial advice sector

mich_85
mich_85 Posts: 1 Newbie
edited 12 September 2019 at 12:40AM in Savings & investments
I have a couple of questions regarding the financial advice industry and I was wondering if you could guide me on them.
I am looking to pursue a career in the financial advice sector, with the long-term goal of become an IFA. I am currently studying towards the Level 4 Diploma.
Considering you certainly have a broader knowledge and experience of this industry, if you were me where would you be looking to develop your career as an independent financial adviser in order to get the highest possible income (salary+commission or salary+fee)? Would you go for
Pension advise.
Protection advise
Investment advise
Mortgage advise?

Also, as my previous experience and studies do not include modules or learning related to Maths, Financial English or Financial Maths, I was wondering

a) which type of courses to take
b) which type of RQF Level should they be and
c) which academy, institution, school would you suggest me to go

to sharpen my numeracy-maths skills and verbal and written financial communication?

Thanks in advance!

Comments

  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    Considering you certainly have a broader knowledge and experience of this industry, if you were me where would you be looking to develop your career as an independent financial adviser in order to get the highest possible income (salary+commission or salary+fee)?

    Commission has gone from the IFA side. It's all fee now. Mortgage and insurance is still commission-based but you tend to find IFAs do less of those things nowadays and leave it to the mortgage brokers they employ. You really can't be a jack of all trades any more.
    Would you go for
    Pension advise.
    Protection advise
    Investment advise
    Mortgage advise?

    No point being an IFA if you are going to focus on mortgage and insurance. Costs are far too high and you should stick to being mortage/insurance only.

    Pension and investments go together as a pension is just a tax wrapper for investments.
    Also, as my previous experience and studies do not include modules or learning related to Maths, Financial English or Financial Maths, I was wondering

    a) which type of courses to take
    b) which type of RQF Level should they be and
    c) which academy/institution/school would you suggest me to go

    to sharpen my numeracy/maths skills and verbal and written financial communication?

    Communication skills are vital for being an IFA. Some of the most qualified and knowledgeable IFAs I know have an inability to communicate with clients and effectively it curtailed their advice career and they moved into compliance and back office roles instead. If you are dealing with clients, they would expect you to have a good grasp of maths. You would look very silly if you cant do routine math calculations in your head. However, in reality, many of the calculations are done on a calculator or using software as you would be creating an audit trail to show your workings.

    You dont need to go beyond routine maths as the adviser exams are full of calculations you need to learn to memory.
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