Who is financial advisor

They must provide clients with unbiased and unrestricted advice. Restricted advisers only offer limited advice, focusing on a particular range of products or on products from one, or a limited number, of providers. All advisers must inform their clients, before providing advice, whether they provide independent or restricted advice. Financial advisers may also earn bonuses and commission and have additional benefits on top of their salary. Salaries vary considerably depending on your employer and location, as well as on your level of qualifications and experience.

Some jobs, for example a tied adviser in a high street bank, offer regular office hours. However, flexibility is required if working for a banking contact centre or as an independent financial adviser IFA , as clients may require evening and weekend meetings. Although this area of work is open to graduates and diplomates of any discipline, the following subjects may improve your chances:. Entry without a degree is possible and employers often regard personal qualities as just as important as academic qualifications.

Relevant experience in a customer service, sales or financial services setting is also viewed positively. New entrants often start in a bank and study part time, learning alongside experienced advisers. It's possible to enter the financial advice sector as a paraplanner, providing research and administrative support to a financial adviser.

Some retail banks offer graduate training schemes, whereas private banks often recruit graduates directly into the business.

It's possible to move into financial advice from other areas of the banking and insurance sector. A full driving licence is useful, particularly for independent financial advisers IFAs who may have to travel to visit clients in their own homes. Evidence of commercial awareness acquired through part-time or vacation work or a longer work placement is useful.

Experience in sales, advisory or customer service work is also valuable. Talk to a financial adviser for a greater insight into this area of work. Others are employed by estate agencies, specialist pension consultancies, law firms and by a number of retailers who have developed financial services as a part of their business. Some work as self-employed advisers. Independent financial advisers IFAs may work for an organisation or may be self-employed, providing advice on products across the market.

You can also check the local and national press, and recruitment agencies commonly handle vacancies. In order to become a qualified financial adviser you must take specific professional qualifications. Employers often provide internal training and support to employees in gaining the minimum Level 4 qualifications needed to deliver financial advice.

These include:. Financial advisers who want to provide advice on mortgages or equity, stocks and shares, or long-term care protection will need to take additional examinations. All financial advisers working in retail investment must have a Statement of Professional Standing SPS , which confirms that they have successfully completed a Level 4 qualification approved by the FCA.

They must also complete an annual programme of continuing professional development CPD of 35 hours and adhere to the FCA code of practice. Many trainee advisers begin as tied advisers, gaining basic training in a range of financial products. For many of us, however, it's not always clear what we have to do to make these dreams come true. And that's when it might be a good idea to enlist some professional help.

A financial advisor can be a valuable asset if you have financial goals you want to reach, but aren't sure how to make that happen. They can also educate you about financial products, tax advantages and insurance options you may not have known could help you build and protect wealth. Here's a closer look at what a financial advisor is and what they can offer you.

A financial advisor is a professional who provides their clients with guidance pertaining to financial goals, mortgages, insurance, retirement, investing, and general financial management. The term is often used interchangeably with "financial planner" and can cover a very broad scope of expertise.

While some financial advisors offer a variety of services, many specialize only in making and managing investments. These days, you'll find a variety of types of financial advisors available to you. Some of the most common include:. Financial advisors can offer a wide array of services. Others provide comprehensive services for everything from saving for college and retirement to tax strategies and budgeting.

A good financial advisor should be able to answer any questions you have about your finances. There are no specific licenses or certifications that make one a financial advisor.

They will usually have some kind of background related to finance, such as a degree in business, economics, or accounting. If they want to sell insurance and other financial products, they may have to hold additional licenses to comply with regulations.

If you're in the market for a financial advisor, it's a good idea to shop around to find someone who offers services that are the right fit for your situation.

Also take note of how they make money. These financial advisors usually have a fee-only business model, which means they charge clients directly for their services and don't receive any kind of commission. On the other hand, financial advisors may work on a commission basis. Just about anyone can benefit from working with a financial advisor.

Some of the more common services they offer include the following:. Portfolio building is all about ensuring you have a balance of investment assets that are growing efficiently with minimal risk. Financial advisors can help you understand what you already own in assets, what your options may be for making further investments, and what kinds of risks you may face with your investment choices.

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