In our review of different careers, we take a look at how to become a financial advisor, and at what skills and attributes are required to become a financial advisor.
What Does a Financial Advisor Do?
A financial advisor works with clients by advising them which financial products might be beneficial to them. The financial products that the advisor might recommend are things such as pensions, mortgages, insurance products, savings, and investments.
As a financial advisor, a typical day would involve meeting with new clients and establishing what their requirements are, liaising with and advising current clients on any new opportunities or changes in particular markets, researching financial products and explaining the details of these products to clients they may benefit, negotiating with the providers of the products, keeping clients updated about their investments, meeting sales targets and keeping up to date with all of the relevant changes in your industry.
Your working day, as a financial advisor, would be from 9am to 5pm on Monday to Friday. As a financial advisor you may work for one company, offering only their products, you might work for a number of different companies offering a wide range of all of their products, or you might work as an independent financial advisor offering advice on all of the products on the market.
Is Becoming a Financial Advisor Right For Me?
To become a financial advisor you would need the following skills and attributes:
- An excellent knowledge of the products you recommend
- Excellent communication skills
- Good inter-personal skills
- The ability to sell products
- Strong mathematical skills
- Attention to detail
- Have motivation to achieve targets
- The ability to explain complex information in a simple and easy to understand manner
How Much Can a Financial Advisor Earn?
As a trainee financial advisor, you would be earning between £22,000 and £30,000 a year. With more experience you could be earning up to £40,000 a year and may be on commission, earning additional income for every product you sell.
What Qualifications Do I Need To Become a Financial Advisor?
To become a financial advisor you need to have a qualification that is approved by the Financial Conduct Authority. You can often gain industry-recognised qualifications whilst you are working as a trainee You can also take a Level 4 Higher Apprenticeship in Providing Financial Advice.
