Becoming a Financial Adviser

Dr0o

Hello,

I'm looking to pursue a career as a financial adviser. I've been working since I was 17, I'm now 30. For the last 10 years I've been working for the same employer, although I genuinely have great respect for the company I work for and have been promoted (and probably will be again in the future) it isn't a job I enjoy, my options are limited and as much as I don't like to frame it this way, it is a "dead end" job and I'd rather not be there in the next 5, 10, 20 years etc. I don't want to quit on myself and resign myself to my current job, I don't want to look back on my life and regret not taking a chance while I could. I've never had a "career" before and although I feel a little late to the party, I feel I'm still young enough to get educated and make a change. The problem is, I actually have no idea how to pursue this ambition. I've been researching online for qualifications that I need, my understanding so far is that I need at least a level 4 qualification before I can do anything, I have found 2 so far:

One provided by the "Chartered Insurance Institute" https://www.cii.co.uk/learning/qualifications/diploma-in-regulated-financial-planning-qualification
One provided by "The London Institue of Banking & Finance" https://www.libf.ac.uk/study/professional-qualifications/financial-advice/diploma-for-financial-advisers-dipfa

Assuming either of these are acceptable, how should I move forward? Do I get qualified then pursue a career with a firm? Should I seek out a firm first and work at a firm while I study? Is it even possible to get a job at a firm without any professional financial experience, despite how well I manage my own money? Is it possible to qualify then go out on my own? There's a lot for me to learn and figure out, I figured the MSE forum would be a great place for me to start. My wife, family and friends have faith in me and all believe a career as a financial adviser would be a good fit for me, I believe it too, I just need to know what to do to get there.

Thanks

Sandtree

Even the most regulated firms in the world still need office juniors etc so it is certainly possible to get a job in a larger advisory firm without qualifications, they may even consider sponsoring you for the qualifications after certain criteria are met etc but that will potentially tie you in for working for them post qualification for a couple of years if you dont want to have to pay them back.

Is there no one in your extended network of friends and family who has a friend/associate that works in the industry who wouldn't exchange some friendly words of advice for a few beers? 

You can qualify and go out "on your own" and depending on the model you want to follow there are varying degrees of being "on your own"... some FAs are tied agents and so whilst running their own business they have a reasonable amount of support from their principle including some leads. Obviously the challenge of being on your own is securing a steady stream of customers and so the potential for little/no income whereas the rewards are uncapped earning potential if you get it right.

Marcon

Dr0o said:

 Is it even possible to get a job at a firm without any professional financial experience, despite how well I manage my own money? Is it possible to qualify then go out on my own? 

Looking at your other recent thread https://forums.moneysavingexpert.com/discussion/6184529/paralyzed-with-indecision/p1, are you sure you're being objective about your competence with money?

Even if you are brilliant at managing your own finances, that's no basis for a successful career as an IFA. It's incredibly hard, with clients, press and regulators forever breathing down your neck in a world which moves at a speed to leave you breathless. Long hours, an exceptional eye for detail, sales ability, meticulous record keeping and organisation...do these all sound like you? If so, see if you can get yourself a work placement with a firm of IFAs (competition is red hot for that, never mind a job there) to give yourself a flavour of a world you've yet to actually experience. It's great that your wife and family have faith in you, but it'll take much more than that to make it in such a tough career.

Good luck!

AskAsk

here is a link that explains about FA
https://www.prospects.ac.uk/job-profiles/financial-adviser