Re-training as a Financial Planner/Financial Adviser - has anyone done this?

ElleWoods

My background is marketing, admin and customer services but I have a huge interest in finance, money, budgeting and so on, so I'm looking into re-training as a Financial Planner/Adviser with a view to starting my own business. From what I can see there are two training courses that are required before you can trade as an FA/FP and you can do one or the other; either the CII Level 4 Diploma in Regulated Financial Planning or the LIBF Level 4 Diploma for Financial Advisers. But would I also need to do Levels 2 & 3 first? I assume I would, but is that the case? There's also the CFP Certificate with the CISI but I've read that's not as respected as the first two options.

Has anyone here re-trained as an FA? If so, which route did you take and would you recommend both the course and the career? Thank you.

middleclassbutpoor

You definitely don't need level 2 or 3 for the CII exams. I hold these.

Im pretty sure its the same for the LIBF exams also.

My take on this would be to get a job where you can get support for the exams as you may find it difficult to get a job as an adviser/planner with just the qualifications. Firms usually want you to have some practical background and understanding/experience of working in this area (even in support type roles).

The qualifications also do not mean you will be a successful or like this role so by working in a firm that offers this as a service would allow you to ensure that the role is for you before committing to a lot of hard work and cost.

CISI is less well known in the UK retail advice space but I think it is more well known globally and still would allow you to operate here in the UK. The ability to secure a job will not be down to the qualification - yes you need it but you need a lot of other skills to be successful and of a certain personality.

ACG

I went down the CII route and have done some of the exams to become a financial advisor but stopped half way through and stuck to mortgages as I enjoyed them more.

Realistically your job as a financial advisor will not really be about budgeting etc, it is to some extent a glorified sales role (and I include mortgage brokers in that too). You only earn money if people take sign up for or take advice on certain products.

So pensions, investments, insurance and possibly mortgages are where you will earn money. Helping people switch utility providers etc is unlikely to earn you any money or certainly not enough to live on unless you do it on a scale like gocompare etc.

You probably need to see the job in action to see if it is what you think it is.

ElleWoods

ACG wrote: »

Realistically your job as a financial advisor will not really be about budgeting etc, it is to some extent a glorified sales role (and I include mortgage brokers in that too). You only earn money if people take sign up for or take advice on certain products.

Thank you both for your replies, I really appreciate it. The above point has made me re-look at this with a new insight, because I'd much rather help people sort out their finances than sell them financial products! With that in mind, this might not be the career for me. Again, many thanks.

Marcon

ACG wrote: »

Realistically your job as a financial advisor will not really be about budgeting etc, it is to some extent a glorified sales role (and I include mortgage brokers in that too). You only earn money if people take sign up for or take advice on certain products.

Not if you're working on a time cost basis.

OP, see https://www.moneyadviceservice.org.uk/en/articles/Guide-to-financial-adviser-fees

Pension_Geek

ElleWoods wrote: »

Thank you both for your replies, I really appreciate it. The above point has made me re-look at this with a new insight, because I'd much rather help people sort out their finances than sell them financial products! With that in mind, this might not be the career for me. Again, many thanks.

The big issue with that is going to be, that those that need help probably cant afford to pay someone, and those that can afford to pay someone probably don't need help. Perhaps Citizens Advice Bureau is a field that you could work in?

ElleWoods

Pension_Geek wrote: »

The big issue with that is going to be, that those that need help probably cant afford to pay someone, and those that can afford to pay someone probably don't need help. Perhaps Citizens Advice Bureau is a field that you could work in?

That's a great idea, thank you! I'll look into it.