Financial Adviser
The job role
A Financial Adviser will normally be responsible for a portfolio of clients, either private or corporate, on whose behalf they undertake financial management as well as provide advice on the most suitable products and services according to their needs. All advice given must be in accordance with Financial Services Authority (FSA) guidelines and, as such, they should keep up to date with any relevant changes in legislation. Financial Advisers should also have an excellent knowledge of a wide range of products, whether they are independent or tied to the particular products of one company, including pensions, savings, investments and insurances. In general Financial Advisers manage their own appointments diary and therefore allocate the appropriate time to be spent on travelling and meeting with clients.
Relevant qualifications
FSA accreditation must be achieved in order to be qualified to provide financial advice. There are also a range of professional qualifications available through the Financial Service Skills Council (FSSC), the Institute of Financial Services (IFS), the Chartered Insurance Institute (CII), and the Securities and Investments Institute (SII). Further career development is possible through completion of a degree in Financial Services.
Skills requirements
A background in sales or customer services is advantageous as is the willingness to work unsociable hours in order to meet with clients at their request. Strong communication skills are essential not only to develop business opportunities but also to ensure that clients fully understand the financial advice that they are given. A Financial Adviser must have high standards of personal integrity, handling confidential information with discretion and providing accurate and impartial advice.
Career development
Financial Advisers are employed within all high street banks and building societies, and by insurance companies. This is a highly competitive and target-driven role which usually offers a relatively average salary with excellent performance-related bonuses and entitlements. There are less opportunities to gain promotion to a more senior role within this industry but it is possible to achieve a higher salary or to operate in a self-employed capacity.
