WHY SHOULD I WORK WITH AN INVESTMENT EXPERT AND ADVISOR?

Financial advisers provide clients with specialist advice on how to manage their money. The role involves researching the marketplace and recommending the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs, and then securing a sale.

In order to give financial advice, advisers must have professional qualifications and follow strict financial industry rules.

Financial advisers are also known as financial planners or wealth managers.

Investment Advisor

The best investment advisors are those who make the same decisions their clients would have made if they had the advisor’s level of experience and enough time to dedicate to research. Investment advisors are experts in understanding securities, like stocks, bonds and exchange-traded funds (ETFs). Their job is to analyze market movements and find the best investment options for each client’s unique goals.

Responsibilities

There are two types of financial adviser and advice — independent and restricted.

Independent advisers, also called independent financial advisers (IFAs), research and consider all retail investment products or providers available to meet the client’s needs. 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.

Your tasks will vary depending on your role but will typically involve:

• contacting clients and setting up meetings, either within an office environment or in clients’ homes or business premises
• conducting in-depth reviews of clients’ financial circumstances, current provision and future aims
• analyzing information and preparing plans best suited to individual clients’ requirements
• completing risk analyses
• researching the marketplace and providing clients with information on new and existing products and services
• designing financial strategies
• assisting clients to make informed decisions
• researching information from various sources, including providers of financial products
• reviewing and responding to clients changing needs and financial circumstances
• promoting and selling financial products to meet given or negotiated sales targets
• negotiating with product suppliers for the best possible rates
• liaising with head office and financial services providers
• keeping up to date with financial products and legislation
• contacting clients with news of new financial products or changes to legislation that may affect their savings and investments
• meeting the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and also the advised products.

Salary

• Salaries at trainee adviser level range from £22,000 to £30,000.
• Qualified financial advisers can earn between £30,000 and £45,000.
• Senior financial advisers working with an average-wealth client base can earn in the region of £60,000.
• Wealth managers or private client advisers who are based in the wealth division of major retail and private banks can earn more than £100,000.

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.

Income figures are intended as a guide only.

What to expect

• Working can be office based although IFAs may work from home or meet clients in their own homes.
• Self-employment is common.
• There are openings for tied, multi-tied and independent advisers throughout the UK. However, private banking positions tend to be based in the City of London and other key financial areas such as Belfast, Edinburgh and Manchester.
• Travel within a working day is common for IFAs, but overnight stays away from home are unusual.
• Due to the regulatory nature of financial advice, overseas work is uncommon and most jobs are UK-based, serving UK customers. However, there are some opportunities for experienced advisers to work abroad for offshore financial advisory groups and international banks.

Skills

You’ll need to show evidence of the following:

• excellent communication, interpersonal and listening skills
• the capability to explain complex information simply and clearly
• the ability to network and establish relationships with clients
• research and analytical skills
• negotiation and influencing skills as well as determination and tenacity
• the ability to work in a team
• time management skills
• customer service skills
• self-motivation and organisation
• a good level of numeracy and IT skills
• a target-driven mindset
• a flexible approach to work
• decision-making skills
• discretion and an understanding of the need for client confidentiality
• an ethical and professional approach to work.

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