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Financial adviser Independent financial adviser

Financial advisers help people and organisations to choose investments, savings, pensions, mortgages or insurance products.

Salary, a pound sign £22,000 to £70,000average per year

Hours, a clock face 35 to 40per week

You'll need GCSEs (A* to C) in English and maths, and work experience in customer service, sales or finance to get a trainee financial adviser job.

With a degree you could get onto a graduate training scheme with a bank or firm of financial advisers.

You'll also need a qualification in financial advice that's approved by the Financial Conduct Authority (FCA), though you can usually get this while working.

You'll need:

You could get into this job through an apprenticeship.

You could work as a tied, multi-tied or independent financial adviser (IFA):

  • tied – usually working for banks, building societies or insurance companies, and only offering your own company’s financial products
  • multi-tied – dealing with a number of companies and only selling products from those companies
  • IFA – offering products and giving advice on all financial products on the market

Your day-to-day tasks will include:

  • talking to clients about their finances and plans
  • researching financial products and explaining them to clients
  • negotiating

    with providers of financial products

  • producing financial reports
  • updating clients about their investments
  • meeting performance and sales targets
  • keeping up to date with new products and law changes

Starter: £22,000 to £30,000

Experienced: £30,000 to £40,000

Highly Experienced: £70,000

You could also earn extra (commission) for each mortgage or insurance policy you sell.

As an IFA, you'll charge clients a fee or earn commission from selling products. IFAs usually charge £75 to £250 an hour.

These figures are a guide.

As a financial adviser at a high street bank, you'll usually work around 35 to 40 hours a week including some Saturday mornings.

You could work in an office, a banking contact centre or an estate agency. Evening and weekend work is common in contact centres.

As an IFA you could work from home or travel to meet clients in their own homes.

If you work for a large financial organisation, you could move into management or compliance work, making sure your company is following industry guidelines.

You could work for any UK organisation that sells financial products, or a specialist investment or pension consultancy. You could also be a self-employed IFA or work for a firm of IFAs.

Last updated: 21 December 2016


Category: Advisor

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