I'm 37 and haven't been happy with the field I've been working for the past 6 years. Today i spoke to a family friend who is a financial advisor and he offered to help me get into this. Thought id start researching because i don't have a clue and this was exactly what i was looking for. Thank you Sir !
Great! Welcome to the profession! 👍It's not easy but it's incredibly rewarding to help people improve their finances and get more out of life. Glad the video was useful.
I've just turned 20 and started at a firm last week as an IFA administrator. I'm going to study RO1 in the three months of my probation and my firm have agreed to pay for my first exam when I pass and the subsequent ones after that. Your video is really useful and encouraging so thank you so much :)
Thank you!! That means a lot and to hear it's offered some encouragement to someone starting their journey in the profession makes it all worthwhile! Appreciate you watching and commenting 🙌🙌
I'm in the UK but have followed Dave Ramsey's 7 Baby Steps for the past 4 years. He's managed to bridge that "Advice Gap" you mentioned. Free podcasts, TH-cam videos and fair priced books. I feel financial planners sometimes get a bad rep because they're not only advising, they're selling/recommending products. I'm in the British Army but just about to start my DipFA Level 4. Hopefully a new career awaits.
Thanks George, a really excellent, helpful video! I'm turning 30 October and recently re-evaluated where I'm at. I "fell" into my current line of work, as many do. The advising profession has always appealed to me on several levels, least of all making a difference and helping people. Looking to bite the bullet and self-fund my CII Lvl4... just the small matter of a home move to get out way first! All the best
Thank you for your kind words & great to hear you are joining the profession! It's not easy but it's well worth it. Wishing you the best for your studies. 👍
Hey how did it go for you? Sorry I know the comment is 2 years old but I was wondering if you had persued with your decision in becoming one and if not what was the reason for it. Thanks in advance!
Really appreciate the video mate. I work in healthcare myself, and it's interesting to see the perspective of someone working in another heavily regulated profession. My interest in the topic comes mainly from the personal finance / client side perspective I suppose. Thanks a lot.
No worries! 👍Been watching your content for a while and it's been really helpful on my journey. I'm sure it's the same for lots of other advisers and aspiring advisers
Really insightful video. I'm currently looking to change jobs as being a Transport Manager isn't working to my strengths. I've had many a conversation with family and friends regarding money and tried helping them avoid living pay check to pay check. It worries me how many people are scraping by and believe it's a normal way to live. This video was really helpful in giving me an idea on what to expect and what the industry needs from an Advisor. Thanks
Thanks, grateful for you watching and taking the time to comment. Wish you the very best if you decide to embark on this career, it's not easy, but well worth the work. Further details below of some of the best resources I've picked up 👇 www.principlespersonalfinance.co.uk/resources-for-financial-planners
This a really educational and informative video. I’m looking to get into the profession and have my first exam next week. Definitely given me some ideas and food for thought. x
Hi George, really liked this video. I've just achieved Lvl. 4 (CII, Regulated Diploma), but I now find myself at a bit of a crossroads (FYI skip till' the end if you want my actual question, as the next bit(s) are just context). I will become a Paraplanner (moving up from a trainee in my firm) from next month, in all likelihood, and would like to become client facing. Rather than go straight into advice following gaining Lvl. 4, I opted to move to become a Paraplanner and gain more technical/background knowledge (as well as start the Advanced Diploma), as I felt so completely ill-prepared' to start becoming client facing with just c. 2 years of industry experience. My main question is, though, 'How do you 'know' you're ready to become client facing'? I feel like I could perpetually put off this next career step, even with another 6-12 months of experience as a Paraplanner, and perhaps longer still, given how I feel. Perhaps I should take that feeling as a sign that sticking to Paraplanner (an excellent career, as you say) is for me, but I'm not sure that's entirely true, for me.
Hi Raffaele, thanks for watching and commenting. It's a great question and one that I'm sure all Advisers ask of themselves at some point. There are no hard and fast rules here sadly as it depends entirely on the individual and the opportunity! The best way you can 'test the waters' is to sit in as a Paraplanner on Adviser meetings, often firms will allow this so you can take notes so the Adviser can focus purely on communicating with the client. Depending on your firm they may even allow you to have some input into the meeting. That will give you a sense of the role and some client facing experience which you can use to gauge further. The good news is if you have been in the industry for 2 years there is plenty of time to make this choice and neither being an Adviser or a Paraplanner has to be a lifelong choice. I'd also suggest listening to 'The Adviser Gap' podcast which is on this topic. All the best!
Thank you for this video, I'm in my early 30s and looking for a career change. I have gained a keen interest in the financial planning field and want to get my foot in the door as an admin with a view to becoming qualified and progressing. Do you have any tips for getting an admin position? Thanks again
Thanks for watching. There is quite a demand for admin in the profession right now so as long as you have drive and a willingness to learn you should be able to get a chance with a few firms. There's always a preference for experience but it isn't necessarily a requirement. The challenge can sometimes be a drop in wages depending on your previous career, but it depends. An experienced admin is worth their weight in gold and some roles pay decent money as they are INCREDIBLY valuable to Financial Planning businesses. A great way to stand out is by completing this: www.cii.co.uk/learning/qualifications/award-in-financial-administration-qualification Also, feel free to message me directly if you are looking for an admin role. I'll put the details across to my professional network and do what I can to help! 👍
I currently work in business assurance was a paraplanner in the past and one of the biggest hurdles I'm facing is lack of face to face experience with clients which is what is demanded a lot nowadays. Another big thing I trip up on are role play interviews I'm not sure why because on a day to day basis I'm usually good at fact finding. Is this something you could potentially help with in a video with regards to role play interviews and hints and tips when it comes to preparing for interview tests / answers and techniques?
Hi Elyas, thanks for watching. I'll level with you, right now that would be a bit too specific for me to make content on as it would only really apply to aspiring advisers at a certain part of their career. I do actually think there is a real need for more content out there of that type and on the very long list of things to work on is perhaps getting some of the best advisers out there to help do a skillshare course on client meeting techniques and key skills. That way it's more accessible to those aspiring to be planners. As that won't help you right now. I'd suggest joining Next Gen Planners as they have a ton of content on that, training modules etc and a VERY supportive community so you can certainly find an answer there through their existing content or by asking around! All the best for your journey! George
Hi, thanks for the great video! I am considering a career change to become a Financial Advisor having worked in London in consulting for the last 7 years. I was thinking the best thing to do would be to do all exams whilst working in current job before trying to find work. Does that make sense do you think? Also any idea what sort of salary could be achieved in that position?
Thanks for watching and for your kind words! While I don't know enough about your position to say anything definitive. The general guidance I give is that having more exams is going to put you in a much better position to land a decent role. The salary question is impossible to answer sadly as I wouldn't know what role you'd get. The most important element here is the opportunity, whether you try and go straight into advice or are willing to work in different roles. I think based on the question, I'd suggest doing a lot of work to focus on your professional network in the adviser space. Exams themselves are only a step to becoming a decent candidate for an adviser role, a small part of a much bigger picture. This is great and I'd highly recommend giving it a watch. You can access via any email and don't have to be a CII member: 👇 pfspower.org/webinars/going-on-your-own-part-one/ Wish you the best!
Loving the video and the insight. I’m in my mid 30s, always enjoyed planning my own finances and wanted to explore becoming an IFA. I have project management experience in the banking sector but wondered whether if i did my diploma i could start my own practice and start working on getting clients or would i need to join a company to obtain the level of experience?
Thanks for watching and welcome to the profession! It sounds like you're in a great position to move quickly in the profession... but my personal suggestion would be to not rush into trying to run your own practice straight away. This is a profession which needs to be learnt like any other, and to get good, it's measured in decades, not months. You won't be able to do it practically as you'll need a track record if you go DA to authorised, or heavily supervised via a network. Of course, this is your decision but there are A LOT of areas to consider around the advice process. Most good advisers take about 10-15 years to get sufficient experience to go it alone. There are other options via networks, if you're happy to go restricted instead of IFA then the likes of SJP and Quilter I'm sure would be happy to try and fast-track you. Please don't take any of this as negative. I just want to be realistic as I've seen enough new starters get promised the world and then end up exiting early door. Wish you the best for your journey👍
@@PrinciplesPersonalFinance thank you for your prompt response and guidance. Really appreciate it. My concern is finding a role within that area and also the salary it comes with it. I will research SJP and Quilters for more information. Other than the lack of experience (which is pretty significant!) if I complete my diploma there is nothing that restricts me from opening my own firm from a regulatory perspective?
@@shameemc9340 I'd suggest giving this a watch. What Sam is doing with the Financial Planner Life is really interesting. That and Next Gen Planners would be good avenues to explore. 👇 th-cam.com/video/EQj4jU60iTQ/w-d-xo.html On the question - yes, you won't be able to open your own firm just with a diploma. My understanding is the regulator almost certainly wouldn't approve you as you can't demonstrate competent adviser status. There are different routes for becoming an adviser, through networks, employed or directly authorised. DA is the hardest to do from the outset and not to be taken lightly. Let alone that you'll need about £30/£50k in capital adequacy and a very strong business plan which would rightly get grilled by the FCA. It may sound a lot, but it's all to ensure new starters aren't a danger to the public. So it's a good thing. 👍 All the best
Hey, I have the opportunity to join a academy after I complete my business Management bachelors degree. The academy is usually 5 years long and you work full time and work your way up to be a Chartered financial Planner. Do you think this is a good idea and how would job prospects look internationally? Such as working in the US finance industry
Hi there i just watched your video and i am now interested in becoming a financial advisor and btw i love to help people reach their financial goals and love to communicate also btw do you know or have any recommendations what i should pick for my a levels if wanna be an financial advisor and btw how did you become one what a levels and grades did you get and what degree did you study at uni and do you recommend me going if yes what degree and if not like whats the best route thanks lmk as soon as possible thank you very much think this job is for me and right so really thanks pls reply to this and answer my questions that will make my day so thankss???
Thanks for watching, I prepared a bit of my site which goes over various questions you raise, so give that a read and have a look at the content mentioned there 👇 www.principlespersonalfinance.co.uk/resources-for-financial-planners
Hello George Great Video and has really opened my eyes. I was made redundant 18 months ago from a Luxury car retailer where I spent 16 years selling to HNW individuals and have since spent that time at two other car dealers,I, am The best route in..... Start my Diploma online or see if I can get a trainee position if such a thing at my age. At what stage do you think that I would become employable Please do not answer, your Mad for leaving your job at 52... Many thanks Paul
Hi Paul, thanks for watching and your kind words! 🙃 It is never too late to join the profession!! The great thing is, as you have extensive experience in dealing with HNW individuals that will stand you in good stead for moving to conversations around managing finance and general wealth management. The reality is the level 4 diploma is the minimum legal requirement, so to advise clients fully you'll need that. However, if you want to start quicker you can consider: - Starting as a mortgage or protection adviser where the qualifications aren't as onerous and see it as a stepping stone (and many of these roles have good earnings potential if you are good) - Join one of the Academies (which tend to be offered by restricted advisers such as SJP and Quilter) however still is a viable route for many into the profession and they can help get you qualified. - There is of course the other route and consider admin, paraplanning and beyond but it entirely depends on how quickly you want to move. Either way, wish you the very best for the career transition! George 👍
Hi George, Very informative and well put together video! I too am considering switching career to the world of financial planning, largely for similar reasons to those already mentioned by others. Whilst I get very little currently in the way of job satisfaction working as a commercial accountant, I do have some concerns naturally about the prospect of leaving a secure role so was curious if you had an opinion on the various Adviser academies that are available. I have looked at a few of these as they advertise as being suitable for 2nd jobbers and essentially wondered whether that would be a realistic and viable route into the profession, how are they viewed in general within the industry, are some perhaps looked on more favourably than other? Currently studying for the R05 exam as well just to get a feel for what they are like. So far a lot more enjoyable than accountancy ones ever were! Thanks.
Thank for your kind words! Yes, a change to a different profession is always a challenge. The biggest hurdle for many is starting again with a possible pay drop. I didn't go through an Academy so it's difficult for me to assess the experience sadly. The largest of which I believe are SJP and Quilter right now. Through I think Schroders Personal Wealth also launched one. I don't think there is a particular academy which is considered in a better light than the other but I'm sure if you speak to each they feel differently! :) The benefit is that it will give you experience and a taste for the job. The main things is, ultimately what you need to be a good adviser is time in front of REAL CLIENTS talking about their finances. No text book in the world can help with that. So I would make sure you check carefully on the career progression from these academies, how they are going to manage that transition and your skills. An alternative is work with a firm who may start you as admin or even Paraplanning and let you have exposure to clients firstly through meetings and latterly perhaps take the lead in meeting. With an Academy, I would say be careful if they put through a crash course and then expect high sales targets... it's a baptism of fire way to advise, for sure... but being an all-round good adviser takes many years so ideally you want your career path to be about the long-term. Some take to some side naturally and others do not. Your own personal strengths and weaknesses will impact what route you'll be better suited for. Listen to 'The Adviser Gap' podcast and also 'Financial Planner Life'. Both are very good and have various interviews from experienced advisers about their successes and failures in the profession. Wish you all the best! 👍 George
@@PrinciplesPersonalFinance Thanks very much for the detailed reply George. The SJP Academy was the first one I came across and their Academy looks great but I'm put off slightly by the negative reviews of SJP itself from clients and in particular the fees they charge. As you say, probably just a case of speaking to all of them to gauge which is the best fit and where I feel the most reassured regarding my longer term development. Financial Planner Life is one I've come across already and has some really useful information in there. I'll definitely check out your other recommendation. Thanks again for the advice and I look forward to continuing working my way though all the other great content on your channel!
I'm 38, been stuck in dead end Warehouse jobs. I have a keen interest in Finance. Invest what I can in Stocks, shares, pension, Forex. My money is limited and have a family that relies on me. Ideally I need to find a job in Finance that will train me up and can gain my qualifications as I earn. I've applied for a couple of jobs but was unsuccessful. Is 38 holding me back in getting my foot in the door?
Hi Craig, I'd like to think age isn't considered as part of it at all. Apart from being illegal, there are so many great planners and members of the profession who have joined as a 'second careerist' route. So it certainly is not closed off to those from different backgrounds.... what does hold some back is lack of relevant experience. That's just as often a financial administrator role can be one which requires a steep learning curve, so some firms can't afford to take what they may see as a risk of a new entrant. That said, there's huge demand for support staff so lots of opportunity once you get your foot in the door. I'd suggest following this and perhaps even get in contact with Sam or his team. I'm sure they can give some helpful feedback as a minimum and may even be able to open some doors - recruitukltd.co.uk/financial-planner-life-podcast/
Hi George I’m a US based Registered Advisor (state & SEC) & work for myself (have my own firm). I like to spend time in the UK and was considering cross border advisory. Any idea what i need to do to Register with FCA? Do i need to take exams? Any ideas or if you can direct me. BTW, good informative video. Thanks
Hey, thanks for your message and your kind words. I'm sorry to say I'm just not placed to be able to give a useful answer on this, as I have no idea from US to UK regulation and what would be required! My understanding is a company called The Fry Group in the UK (recently bought by Progeny) do a lot of international work. I'd suggest having a look at them and potentially contacting one of their international advisers via Linkedin to see if they can provide some guidance. Sorry I can't be more help here!
Hello George. Firstly thank you so much for your videos. I have found them very informative. I have tried to break into the finance industry since graduating , i have a few questions (Sorry if some are obvious, I find the finance industry a bit confusing) 1.) Is being good at maths a benefit in a financial advising Career 2.) Is there a difference between a financial planner and financial advisors? 3.) Can financial advisors provide commercial investment advice 4.) Broadly, what is the difference between a financial advisor and an investment banker Thanks so much!
Hi Ngozika, Thanks for watching the video, some great questions! 1. You don’t have to be a maths genius to be a Financial Adviser at all, most of the heavy lifting is done via software but a decent level of skills will always be required as part of the job involves managing people’s finances. It tends to be more investment management, investment banking or the CFA qualification where strong maths skills are essential. 2. YES! (I might do a video on this). Or at least there is in my mind however for the public those terms are likely to be fully interchangeable (or they might not know what a Financial Planner is). Here’s a good article on it..www.moneymarketing.co.uk/analysis/does-it-matter-what-advisers-are-called/ Long story short, Financial Advisers have been typically known to be more transactional and product-focused, Financial Planners focus on planning someone’s life first and the products follow if required. Personally, I think there is a huge difference in the service but it may take many years to get that communicated to the public. 3. That one starts to get a bit lost in semantics so there is no hard and fast definition here. Financial Planners can advise on business planning and there are also qualifications from the CISI which deal with Corporate Finance. It sounds like the question may be more geared towards the difference between Investment Banker and Financial Adviser. Typically Investment Banking will be more towards acquisitions, IPOs, mergers etc… Most Financial Planners/Advisers operate with clients who are predominately private wealth so generally details with pensions and private investments. That is a heavy oversimplification though and there are exceptions as always. 4. Investment Banker drives a nicer car and caused The Great Recession. :) (Only joking, answered the question above really) Good luck with your career, wish you all the best! George :)
@@PrinciplesPersonalFinance Thank you SO much for the time you took to answer my questions. Your answers were very thorough and extremely helpful and I really appreciate it! Thanks again and have a great day! :)
To Financial Advisors required to pass marketing exams or for example review financials to calculate ratios or to spot danger signals.. I understand why the Financial Ombudsman investigate many FA.I manage my investments without a FA as I am qualified as a Corporate Treasurer and as a Chartered Accountant . .
Appreciate you watching! You register via the Chartered Insurance Institute, then complete the qualification and experience requirements. All the best on your journey with it! 👍
The CII offers Chartered financial planner, while the CISI offers Certified financial planner? Please correct me if I am wrong. Which of the two is more relevant in UK?
@@cecedeo You're spot on! CII is for the title of Chartered Financial Planner and CISI is the Certified Financial Planner or 'CFP.' Different syllabuses but both are viable routes to be a regulated adviser. The CFP is better known internationally but Chartered status arguably is better known in the UK. You can have both and was I considering getting the CFP (which I may still do) but as they're different bodies you could end up paying a lot in professional fees to hold both titles without material benefit general professional development. I'm also personally a bit more interested in the CFA syllabuses. 🤓
What do you think about doing the certified financial planner qualification as an already qualified IFA with over 500,000 pounds of recurring income at 30? Do you think I can start an international firm with this qualification and it will provide me with more credibility. Interested to talk to you to get help Thank you in advance
Hey, I typed up a message on here but then TH-cam refreshed and deleted it so here’s a go the second time around! Firstly, congrats on your success. They are solid numbers and must have been a result of a lot of hard work. The CFP is a timely question as it’s been on my mind for some time. I went back and forth on whether I would start it this year. I can only really speak for myself on this, but when I passed Fellow with the CII, it was tempting to keep going on exams. There are some advisers I know who really obsess over exams and collect them like swimming badges. What I can’t speak to, and is worth checking based on your question is - how relevant will the CFP be for a prospective firm if you are going to do international advice? I’d start having conversations with your next firm about this as it could save a lot of time. The CFP is an international designation, but that does not necessarily mean it will be acceptable for CAS status (or the international equivalent.) I’d stress test that theory by speaking with international employers before embarking on the CFP as you could save a lot of time. As far as more exams. I’m a huge advocate of ‘being the best you can be’ and I feel exams do help you up your game. If you are not already at Chartered status, going for the CFP makes a lot of sense. As level 6 or above I think is the minimum requirement for an adviser who wants to future-proof their role in the profession. That said, I do feel there can be an over reliance on exams. There are more valuable skills for the modern financial adviser and for me personally, I asked myself the question - was this the best use of my time right now? Taking another exam with a different professional body when I’d already reached the top of the CII framework. Exams are only a small part of what makes a great financial adviser and the more I see hugely successful advisers. I notice how disparate skills can be worth their weight in gold, as opposed to ones through the narrow lens of exams. As in - learning a huge amount about marketing, operations of an FS firm, working in a niche area etc. These things in my view are more likely to take you to the next level professionally than prioritising going from Chartered to CFP. That was my view anyway! Wish you every success.
@@PrinciplesPersonalFinance thank you for your help, I am employed and I don't think my clients would really care if I did compete it, just wanted to future proof as you say.
Thanks for this George currently working in tax and accounting but looking into this as really like the more client focused approach, am I correct in thinking I would get this on this role? I was in banking previously and loved the client interaction. I also see the London Institute of banking and finance do a qualification for Financial advising which seems to get you to the same end result? Have you heard anything about their offering for these exams? Thanks Jonathan.
Hi Jonathan, thanks for watching. I can't compare it to the tax and accounting experience but being an adviser does involve a lot of human interaction. You manage people more than you manage money. I didn't go down the LIBF route but from what I hear it is more coursework than exam based than the CII route. 👍
I'm just about to start my Level 4 with the London Institute as well. From the research I've done George is right. CII is compared to A Levels, getting your head stuck in the books and taking exams. London Institute is compared to a BTEC, more coursework and real life scenarios. CII is thought to be more difficult but personally I think the more interactive approach of the LI is more suited for me. Plus it's quicker to get and cheaper!
Hello, just came across your channel and find everything very informative, thank you! I wanted to ask about the types of financial advisors. I have seen different types of financial advisor positions, ranging from investment/trading only (transactional - more like a broker i reckon) and full on financial advisor including retirement plans, taxes, estate etc. However, I am 16 and I started studying trading and practicing, and would like to know your opinion on what would suit me best, given your knowledge and experience.
Hi, thanks for watching. There are different descriptions for sure, so it does depend on the type of work that you want to do. Some advisers aren't regulated roles at all, for example, sometimes insurance companies or even some general sales companies will call their salespeople 'financial advisers.' Even within the regulated space, there are advisers out there who are just transactional. Nothing wrong with that fundamentally, sometimes it is required. Such as in protection sales or certain specific advice. However, my choice and aim were also about having the long-term and relational aspect of being an adviser. It's difficult for me to suggest a route for you based on limited information but below there are some great resources for you to find out more as far as what I do and what I've found helpful on my journey: www.principlespersonalfinance.co.uk/resources-for-financial-planners Best of luck!
Hi George, Thank you for this very useful video. I am thinking about studying part-time for the CII Level 4 Diploma in Regulated Financial Planning. A few questions: 1. Essentially, is buying membership worth it to help with studying for the exams? 2. I would complete the course one unit at a time as I'm not sure how long each unit will take me, would you recommend buying a CII membership (considering I may only complete two units per year)? 3. Is there much cost saving with the membership (or is everything you need to study included with a non-member enrolment)? Many thanks, Sam
Hi Sam Had a read of the 3 questions but they all seemed to me to be around the same topic so it's easier to answer together. You don't have to be a member but it is typically tax deductible for professionals, you get a discount on the study text and other perks. I've only ever been a member though when studying so I can't really say what it's like from the other side! 🙃 www.cii.co.uk/about-us/faqs/membership/ One thing I can say is as part of exam prep I found the revisionmate questions very useful. I can't say I did any lengthy research into the cost differences between member and non-member options as for my first few years I was supported with membership costs from my employer. If you are coming at it from outside of the profession then I'd suggest working out the costs for you and seeing if you think it is worthwhile. All the costs for member discounts against non-member costs are on the CII website. The perks and extras are pretty basic so nothing to feel you're missing out on if you decide to not go for it. Good luck with the exams and thanks for watching! 👍 George
Very informative, thank you for making this. I have recently accepted a job as an associate financial planner, moving over from a more corporate finance and compliance role. I believe I will be undertaking CII but if given the choice, which do you recommend? CISI has peaked my interest as it seems to be developing into a very mainstream route, I notice you didn't mention the LIBF route, I'm assuming that is because from what I can tell most people don't think highly of it? Some firms in my area offer both retail/personal and company financial planning, is it possible to offer both and if so which qualification would you recommend for both?
Hi James, thanks for watching and congrats on the new role! 👍 I’d say there are a few things to consider. 1) With your new role is there an expectation from your employer to pass certain exams? As that could guide which route to go down. One thing that can be quite valuable is to work with colleagues who have done the exams (as they can help and guide you). So don’t underestimate that before you commit. I’d definitely have a career chat with your employer first as I’d suggest you want your exams to be moving your career forward as much as possible. 2) This is purely anecdotal (so take that for what it is) but sometimes the interaction between qualification frameworks such as CII and CISI isn’t great, requiring various bits of ‘gap-fills’ etc. So just be wary that if you do go and do a mixture that you are aware in advance exactly how you’re going to get to the level you want to get at. On the retail and corporate planning. It is quite common for an adviser to find a speciality in a certain area of planning. Similar to the first point, I’d suggest have a good chat with your employer if you want to go a certain route. Going between corporate and retail is not unheard of but they are quite different so if you are starting out then you may need to have an initial focus on one area to build on. On LIBF, the perception you mention is something I’ve heard as well but it could be completely unfair as I’ve had no experience with so I’ll have to reserve my judgement! 🤐 Hope that was helpful!
@@PrinciplesPersonalFinance Thank you so much for your reply! :) You have given me some things to think about in the future and some good questions to ask my employer going forward. All the best!
Potentially but I think you'd be better looking at qualifications specific to that profession if that is what you are wanting to do. They are different professions at the end of the day. I believe the LIBF qualifications may be a good place to start looking but career paths for investment banking isn't an area I have expertise in sadly!
I do see a lot of people say you need a degree for it on other channels. For someone looking at a career change in there 30s, a 3-4 yr degree might not be a good move. Thanks for your reply and putting the links to the chartered finance qualifications. Great video 👏
It depends - Independent Financial Adviser/IFA & Financial Planner CAN on rare occasions be interchangeable with Financial Consultant but generally that term is more used for jobs which are more typically around corporate work consulting on financial efficiency and projects. As opposed to regulated advising of clients.... so I'd say it's more likely not to be same route as described in the video. Easiest way to check is the job description and qualification requirements.. Thanks for watching! 👍
Hi I did my CeMAP in 2008 from the then IFS ( Institute of Financial Studies) , I practiced as a mortgage advisor for a year or so but then went into Healthcare, over the years I also completed CFA level 1 but didn’t have the motivation ( due to working in healthcare ) to take on the other levels , I am now 40 and thinking of taking up some finance qualifications for my own learning and maybe change of career ( as my heart has always been in finance and I think I am good at the advising role ) , what would you suggestion be in terms up of what course to take ? During the old days we had some modules exemption from Cemap to Cefa ( certificate in financial advising )
Thanks for your message and watching! It's a good question. I took the CII route but CISI and LIBF are equally viable routes. Either way, to advise fully you will need to get either the Level 4 Diploma or an equivalent qualification. Generally differing professional bodies don't integrate either other qualifications particularly well for a 'mix and match approach as far as taking some exams with CII and then trying the LIBF route so it may be best to commit to one professional body and get to the required level through them. There may be some credits you can 'carry over/exemptions' from your CeMAP and CFA Level 1, although I'm not 100% sure on this though, so I'd suggest you check with the professional bodies you are considering before embarking on the qualification route. Here is a useful link to some routes into the profession: www.moneymarketing.co.uk/analysis/adviser-academies-and-training-courses-which-is-right-for-you/
I'm currently looking at going for my dipfa level 4. I work in personal training and have and am doing well but I am looking to broaden my horizons. I have no experience in the financial industry but am a long term investor myself. Do you think I can make a career in the financial sector with my background?
Of course you can! It's not about your background, it's about your willingness and ability to learn. I would strongly suggest though that you consider getting nearly ANY job in the profession before trying to become an adviser. The qualifications are only a small part of the role; if you come in without understanding the day-to-day, you will probably struggle. Wish you all the best! 🙌
Hi watching your channel and i have a problem i am with a pension company and i retired in June 22 and after many phone calls and emails i can't collect any pension is this something you cover cheers David
Hi David, thanks for watching the channel, appreciated it. I'm afraid this isn't something I could be any help with. It sounds like it's an administrative issue which must be very frustrating. In this instance, all I could suggest is to keep following up with the scheme and consider escalating into a complaint if they are not responding within reasonable timeframes. Wish you the best.
Just one question. How remote can this job be? Like if I was to live a month or two in Spain, can I still run my business or does it require meeting clients face to face on a weekly basis?
Sorry for the delay here, that is something you'd really have to speak with prospective employers. For me, every role I've had has the requirement that advice has to be given on 'UK soil' as a compliance requirement. So I think for UK-based advice that could potentially be a stumbling block for living overseas. That is just my experience though and there may be other firms with different permissions who can be more flexible. Thanks for watching and taking the time to comment 🙌
@@PrinciplesPersonalFinance Thanks for responding. I'm still living in the UK. That situation doesn't change in this scenario. But I do go away for 2-3 months during the Winter so curious if this career can be done remotely in the balance of things.
Hey George, just want a career advice. Is doing Introduction to UK Financial Regulation & Professional Integrity (Unit 1 of Financial Advisor Course) helpful in getting job in UK as an international student? Apart from my degree Msc Investment Banking and Finance, should I really do this course ?. Also is CIFA a good institute do this course?
Hi, thanks for watching. I'm not fully sure if that is the same as R01 which is financial services, regulation and ethics through the CII. So if it isn't, then I can't comment sadly as I don't know. If you do wish to become an adviser and decide to study through the CII, then yes, R01 is an essential. As you already have a finance-related degree I would speak with the professional body you want to get qualified through in the UK FIRST and ask them for some advice. There may be gap fill options to consider which means R01 may or may not be required. Thanks for watching.
Hi, have a look at Institute for Apprenticeships with the CII, the New Model Business Academy and also listen to the ‘Financial Planner Life Podcast’ episode that went live on 6th May ‘Using Apprenticeships to Grow Your Financial Planning Business.’ It’s aimed at business owners BUT you may find when trying to get into a firm using that angle to map out your development makes you a better proposition. Next Gen Planners Training Course also worth a look into (although you’d need to pay for it). 👍
Hi, can I check is CA the abbreviation for Chartered Accountant? If you're interested in advice then you'll need at least level 4, which you'll breeze if you're a Chartered Accountant already. It will be a new area of expertise though and take time. The main bodies are CII, CISI and LIBF. CFA can offer a route to advice but tends to be better suited for those who wish to go into investment management. As opposed to client-facing. Although that is a generalisation and not a rule. As you can imagine, a lot of the highly technical areas of investment management have little relevance to advising clients. My understanding (again I don't know all courses so can't say this is definitive) is that an MBA wouldn't cover the required syllabus for qualifying you to be a regulated adviser. Wish you the best!
Good evening sir. I love your videos and I subscribed as well. May I ask that do you need to possess a degree in order to become chartered financial planner or can i become chartered after diploma ?
Hi, thanks for your message and kind words! Being Chartered is considered a degree-level qualification. However, to answer your question directly, there is no interaction between the 2 unless you are doing a finance or perhaps economics-related degree separately. In that instance, you may be able to carry over some credits to count towards getting Chartered! You certainly can get Chartered before starting a separate Diploma and vice-versa. 👍
@@PrinciplesPersonalFinance Thank you for your answer sir. Unfo, I am not educated to a degree level. Do you recommend taking the CII financial planning diploma route. I have heard that CII is a great professional body. What do you think sir ? Is it a good idea to complete their course and will I be able to secure a job after that ?
@@Andromedaxterr yes, I found the CII route a good option and generally if you are Level 4 Diploma qualified you have good prospects of landing a role. Although it may not be an adviser role. You will still need real-life experience in the profession so I'd strongly suggest going through the admin/paraplanning or technical support position I mentioned in the video. 👍
Hi, there isn't any specific GCSE or A level requirements but decent results in maths would help. Same with business and economics. That is NOT to say that you have to excel at those areas to become a great Financial Planner. It's a people role more than anything so great communication, empathy and a desire to learn is more important than any classroom skill. The Uni angle is as much personal as it is career decision. You could start in a FP firm from school/college. It's entirely your choice as there are lots of routes! For me I started in the profession in my mid-twenties so there is not set route! A list or uni degrees in this area below and an interesting link: Bachelor degrees Edinburgh Napier University - BA Financial Services Glasgow Caledonian University - BA Finance, Investment and Risk University of Bradford - BSc Financial Planning University of Northampton - BSc Financial Services Management www.thepfs.org/media/3937961/professional_direction_life_after_chartered_no_6.pdf Cheers for watching to vid 👍
Just wanted to ask I’m 18 years of age currently what is your best advice into becoming a financial adviser, am I able to buy this course and complete will that be smart though I am really young does it matter?
Hi, age is no barrier to getting into the profession and we really need more people coming through who are younger so definitely don't be discouraged by that! What you will inevitably need is, drive to succeed, prove your expertise via qualifications and then show you can do the job in real life with clients. If you are just starting out I would suggest getting working in the profession. It could be just opening post for an Independent Financial Adviser firm! Once you have a foothold they (often) provide financial support for those who are motivated.
I am in my mid fifty and have no experience in financial advisor. Do I have any chance to make a living after gaining the relevant qualifications? Regards
Absolutely. There is so much that someone with more life experience can bring to the role. It does depend on what level of earnings you are on now as far as what a good living looks like to you. It would be fair to say if you're at the top of your field in another profession, you won't start a different professional at the same pay grade. It's not an easy journey but I'm sure any career change is challenging. The main thing is having the desire and mindset to want to do it! 👍
@@annac9766 Hi Anna, I can’t really tell you where to apply as that is highly individual and would depend too much on your own circumstances, let alone the criteria of the firm hiring. I can however direct you to the Financial Planner Life Podcast and RecruitUK who sponsor it who do tons of content and guidance in that area which you may find useful and they may also be better to speak to in regards to that. recruitukltd.co.uk/financial-planner-life-podcast/ Starting salary is another tough one to fairly estimate. It depends on the person, the firm and how they judge progress. There are also big regional differences. Anywhere from £35-£45k wouldn’t be an unfair estimate but it really does depend on experience, what that individual can bring to the business etc. Best of luck! 👍
I came across a company offering free training over 12 months. The catch is that once I enrol I must end the course and work for them as a free lance for 12 months. They will provide the lead. Do you think this is a good route to take instead of the normal academy which charge for the courses? Regards
@@annac9766 Hmm, impossible for me to give guidance without knowing more about your personal circumstances and that offer more. Even if I knew that, if I was considering this I would read the terms of the contract EXTREMELY carefully. I have heard of companies charging back training and basically operating on the basis where they provide some upfront support but the contract is such that it is win/win for them. As far as they either get back their initial outlay or it is earned back. I'm not against that approach entirely but most certainly don't want to be in a position where they are effectively working for free. There's no shortcut sadly and the less qualified and experienced you are going into the role, the less of a negotiating position you have.
I dont even want to be a financial advisor but really appreciate the clear cut qualification landscape you have to go through
Thank you, appreciate you watching and your kind words 🙌
I just got an apprenticeship with the State Bank of India as a senior financial advisor!!!!! no longer have to be a chef anymore thank god
Excellent news! Well done and wish you the best for your future career 🙌
I'm 37 and haven't been happy with the field I've been working for the past 6 years. Today i spoke to a family friend who is a financial advisor and he offered to help me get into this. Thought id start researching because i don't have a clue and this was exactly what i was looking for.
Thank you Sir !
Great! Welcome to the profession! 👍It's not easy but it's incredibly rewarding to help people improve their finances and get more out of life. Glad the video was useful.
I've just turned 20 and started at a firm last week as an IFA administrator. I'm going to study RO1 in the three months of my probation and my firm have agreed to pay for my first exam when I pass and the subsequent ones after that. Your video is really useful and encouraging so thank you so much :)
Thank you!! That means a lot and to hear it's offered some encouragement to someone starting their journey in the profession makes it all worthwhile! Appreciate you watching and commenting 🙌🙌
Useful😊
I'm in the UK but have followed Dave Ramsey's 7 Baby Steps for the past 4 years. He's managed to bridge that "Advice Gap" you mentioned. Free podcasts, TH-cam videos and fair priced books.
I feel financial planners sometimes get a bad rep because they're not only advising, they're selling/recommending products.
I'm in the British Army but just about to start my DipFA Level 4. Hopefully a new career awaits.
Good luck to you Liam! Agree, there is a big way this profession and the industry can be changed! 👍
I’ve just left the scots guards mate. Looking at doing this too 👍 how did it go?
I am from South Africa and I am a Financial Advisor.I really enjoyed your video, it was informative. Thank you for the word of knowledge
Great stuff! Keep an eye for the next video 👀. It's a 'day in the life' type video
Exactly the video I was looking for, thank you!
You're welcome. Thanks for watching! 🙏
Thanks George, a really excellent, helpful video! I'm turning 30 October and recently re-evaluated where I'm at. I "fell" into my current line of work, as many do. The advising profession has always appealed to me on several levels, least of all making a difference and helping people. Looking to bite the bullet and self-fund my CII Lvl4... just the small matter of a home move to get out way first! All the best
Thank you for your kind words & great to hear you are joining the profession! It's not easy but it's well worth it. Wishing you the best for your studies. 👍
Hey how did it go for you? Sorry I know the comment is 2 years old but I was wondering if you had persued with your decision in becoming one and if not what was the reason for it. Thanks in advance!
Im considering the same move at the same age. How did you find it? Do you have any advice?
Really appreciate the video mate. I work in healthcare myself, and it's interesting to see the perspective of someone working in another heavily regulated profession. My interest in the topic comes mainly from the personal finance / client side perspective I suppose. Thanks a lot.
Thanks, appreciate you watching and your kind words 👍
Great video, George. Thanks for the shout out! 😎
No worries! 👍Been watching your content for a while and it's been really helpful on my journey. I'm sure it's the same for lots of other advisers and aspiring advisers
Really insightful video.
I'm currently looking to change jobs as being a Transport Manager isn't working to my strengths. I've had many a conversation with family and friends regarding money and tried helping them avoid living pay check to pay check.
It worries me how many people are scraping by and believe it's a normal way to live.
This video was really helpful in giving me an idea on what to expect and what the industry needs from an Advisor.
Thanks
Thanks, grateful for you watching and taking the time to comment.
Wish you the very best if you decide to embark on this career, it's not easy, but well worth the work.
Further details below of some of the best resources I've picked up 👇
www.principlespersonalfinance.co.uk/resources-for-financial-planners
Super useful vid - cheers George!
Cheers Kavi, thanks for watching. 🙌
❤
Thank you so much mate, very helpful
Glad it was useful!
This a really educational and informative video. I’m looking to get into the profession and have my first exam next week. Definitely given me some ideas and food for thought. x
Great to hear, thank you! Good luck with the exam next week!!
Great video, you are my new mentor
Thank you, that's very kind. Solid name by the way. It just works - in the boardroom, future king of England. Excellent choice. 😉
really enjoyed this video
Thank you! Appreciate you watching and taking the time to comment. 👍
I'm so grateful to you for this great information
You're welcome! Glad you found this useful
how does the cfa route work?? it’d be good to hear it from yourself
Hi George, really liked this video. I've just achieved Lvl. 4 (CII, Regulated Diploma), but I now find myself at a bit of a crossroads (FYI skip till' the end if you want my actual question, as the next bit(s) are just context).
I will become a Paraplanner (moving up from a trainee in my firm) from next month, in all likelihood, and would like to become client facing.
Rather than go straight into advice following gaining Lvl. 4, I opted to move to become a Paraplanner and gain more technical/background knowledge (as well as start the Advanced Diploma), as I felt so completely ill-prepared' to start becoming client facing with just c. 2 years of industry experience.
My main question is, though, 'How do you 'know' you're ready to become client facing'?
I feel like I could perpetually put off this next career step, even with another 6-12 months of experience as a Paraplanner, and perhaps longer still, given how I feel. Perhaps I should take that feeling as a sign that sticking to Paraplanner (an excellent career, as you say) is for me, but I'm not sure that's entirely true, for me.
Hi Raffaele, thanks for watching and commenting. It's a great question and one that I'm sure all Advisers ask of themselves at some point. There are no hard and fast rules here sadly as it depends entirely on the individual and the opportunity! The best way you can 'test the waters' is to sit in as a Paraplanner on Adviser meetings, often firms will allow this so you can take notes so the Adviser can focus purely on communicating with the client. Depending on your firm they may even allow you to have some input into the meeting. That will give you a sense of the role and some client facing experience which you can use to gauge further. The good news is if you have been in the industry for 2 years there is plenty of time to make this choice and neither being an Adviser or a Paraplanner has to be a lifelong choice. I'd also suggest listening to 'The Adviser Gap' podcast which is on this topic. All the best!
loving this type of content!
Thanks, grateful for you watching!
Some good info there.
Thank you 👍 appreciate you taking the time to watch and comment!
@@PrinciplesPersonalFinance Your welcome stay connected.
Terrific video, thanks
Glad you enjoyed it. Thanks for watching!
Thank you for this video, I'm in my early 30s and looking for a career change. I have gained a keen interest in the financial planning field and want to get my foot in the door as an admin with a view to becoming qualified and progressing. Do you have any tips for getting an admin position? Thanks again
Thanks for watching. There is quite a demand for admin in the profession right now so as long as you have drive and a willingness to learn you should be able to get a chance with a few firms. There's always a preference for experience but it isn't necessarily a requirement. The challenge can sometimes be a drop in wages depending on your previous career, but it depends. An experienced admin is worth their weight in gold and some roles pay decent money as they are INCREDIBLY valuable to Financial Planning businesses.
A great way to stand out is by completing this:
www.cii.co.uk/learning/qualifications/award-in-financial-administration-qualification
Also, feel free to message me directly if you are looking for an admin role. I'll put the details across to my professional network and do what I can to help! 👍
I currently work in business assurance was a paraplanner in the past and one of the biggest hurdles I'm facing is lack of face to face experience with clients which is what is demanded a lot nowadays. Another big thing I trip up on are role play interviews I'm not sure why because on a day to day basis I'm usually good at fact finding. Is this something you could potentially help with in a video with regards to role play interviews and hints and tips when it comes to preparing for interview tests / answers and techniques?
Hi Elyas, thanks for watching. I'll level with you, right now that would be a bit too specific for me to make content on as it would only really apply to aspiring advisers at a certain part of their career.
I do actually think there is a real need for more content out there of that type and on the very long list of things to work on is perhaps getting some of the best advisers out there to help do a skillshare course on client meeting techniques and key skills. That way it's more accessible to those aspiring to be planners.
As that won't help you right now. I'd suggest joining Next Gen Planners as they have a ton of content on that, training modules etc and a VERY supportive community so you can certainly find an answer there through their existing content or by asking around!
All the best for your journey! George
Hi, thanks for the great video! I am considering a career change to become a Financial Advisor having worked in London in consulting for the last 7 years. I was thinking the best thing to do would be to do all exams whilst working in current job before trying to find work. Does that make sense do you think? Also any idea what sort of salary could be achieved in that position?
Thanks for watching and for your kind words!
While I don't know enough about your position to say anything definitive. The general guidance I give is that having more exams is going to put you in a much better position to land a decent role. The salary question is impossible to answer sadly as I wouldn't know what role you'd get. The most important element here is the opportunity, whether you try and go straight into advice or are willing to work in different roles.
I think based on the question, I'd suggest doing a lot of work to focus on your professional network in the adviser space. Exams themselves are only a step to becoming a decent candidate for an adviser role, a small part of a much bigger picture.
This is great and I'd highly recommend giving it a watch. You can access via any email and don't have to be a CII member: 👇
pfspower.org/webinars/going-on-your-own-part-one/
Wish you the best!
Hey, really interesting video! Do you have a linkedin? 👍
Hi Charlie, thanks for watching. Yes I do, just search for my name. (George Agan)
Loving the video and the insight.
I’m in my mid 30s, always enjoyed planning my own finances and wanted to explore becoming an IFA. I have project management experience in the banking sector but wondered whether if i did my diploma i could start my own practice and start working on getting clients or would i need to join a company to obtain the level of experience?
Thanks for watching and welcome to the profession!
It sounds like you're in a great position to move quickly in the profession... but my personal suggestion would be to not rush into trying to run your own practice straight away. This is a profession which needs to be learnt like any other, and to get good, it's measured in decades, not months. You won't be able to do it practically as you'll need a track record if you go DA to authorised, or heavily supervised via a network.
Of course, this is your decision but there are A LOT of areas to consider around the advice process. Most good advisers take about 10-15 years to get sufficient experience to go it alone.
There are other options via networks, if you're happy to go restricted instead of IFA then the likes of SJP and Quilter I'm sure would be happy to try and fast-track you.
Please don't take any of this as negative. I just want to be realistic as I've seen enough new starters get promised the world and then end up exiting early door. Wish you the best for your journey👍
@@PrinciplesPersonalFinance thank you for your prompt response and guidance. Really appreciate it.
My concern is finding a role within that area and also the salary it comes with it. I will research SJP and Quilters for more information.
Other than the lack of experience (which is pretty significant!) if I complete my diploma there is nothing that restricts me from opening my own firm from a regulatory perspective?
@@shameemc9340 I'd suggest giving this a watch. What Sam is doing with the Financial Planner Life is really interesting. That and Next Gen Planners would be good avenues to explore. 👇
th-cam.com/video/EQj4jU60iTQ/w-d-xo.html
On the question - yes, you won't be able to open your own firm just with a diploma. My understanding is the regulator almost certainly wouldn't approve you as you can't demonstrate competent adviser status.
There are different routes for becoming an adviser, through networks, employed or directly authorised. DA is the hardest to do from the outset and not to be taken lightly. Let alone that you'll need about £30/£50k in capital adequacy and a very strong business plan which would rightly get grilled by the FCA.
It may sound a lot, but it's all to ensure new starters aren't a danger to the public. So it's a good thing. 👍
All the best
@@PrinciplesPersonalFinance thank you! Really enjoyed the podcast and the relevant information. Appreciate the guidance once again!
Hey, I have the opportunity to join a academy after I complete my business Management bachelors degree. The academy is usually 5 years long and you work full time and work your way up to be a Chartered financial Planner. Do you think this is a good idea and how would job prospects look internationally? Such as working in the US finance industry
Hi there i just watched your video and i am now interested in becoming a financial advisor and btw i love to help people reach their financial goals and love to communicate also btw do you know or have any recommendations what i should pick for my a levels if wanna be an financial advisor and btw how did you become one what a levels and grades did you get and what degree did you study at uni and do you recommend me going if yes what degree and if not like whats the best route thanks lmk as soon as possible thank you very much think this job is for me and right so really thanks pls reply to this and answer my questions that will make my day so thankss???
Thanks for watching, I prepared a bit of my site which goes over various questions you raise, so give that a read and have a look at the content mentioned there 👇
www.principlespersonalfinance.co.uk/resources-for-financial-planners
Hello George
Great Video and has really opened my eyes.
I was made redundant 18 months ago from a Luxury car retailer where I spent 16 years selling to HNW individuals and have since spent that time at two other car dealers,I, am
The best route in..... Start my Diploma online or see if I can get a trainee position if such a thing at my age. At what stage do you think that I would become employable
Please do not answer, your Mad for leaving your job at 52...
Many thanks
Paul
Hi Paul, thanks for watching and your kind words! 🙃 It is never too late to join the profession!!
The great thing is, as you have extensive experience in dealing with HNW individuals that will stand you in good stead for moving to conversations around managing finance and general wealth management.
The reality is the level 4 diploma is the minimum legal requirement, so to advise clients fully you'll need that. However, if you want to start quicker you can consider:
- Starting as a mortgage or protection adviser where the qualifications aren't as onerous and see it as a stepping stone (and many of these roles have good earnings potential if you are good)
- Join one of the Academies (which tend to be offered by restricted advisers such as SJP and Quilter) however still is a viable route for many into the profession and they can help get you qualified.
- There is of course the other route and consider admin, paraplanning and beyond but it entirely depends on how quickly you want to move.
Either way, wish you the very best for the career transition! George 👍
Hi George,
Very informative and well put together video! I too am considering switching career to the world of financial planning, largely for similar reasons to those already mentioned by others.
Whilst I get very little currently in the way of job satisfaction working as a commercial accountant, I do have some concerns naturally about the prospect of leaving a secure role so was curious if you had an opinion on the various Adviser academies that are available. I have looked at a few of these as they advertise as being suitable for 2nd jobbers and essentially wondered whether that would be a realistic and viable route into the profession, how are they viewed in general within the industry, are some perhaps looked on more favourably than other? Currently studying for the R05 exam as well just to get a feel for what they are like. So far a lot more enjoyable than accountancy ones ever were! Thanks.
Thank for your kind words! Yes, a change to a different profession is always a challenge. The biggest hurdle for many is starting again with a possible pay drop.
I didn't go through an Academy so it's difficult for me to assess the experience sadly. The largest of which I believe are SJP and Quilter right now. Through I think Schroders Personal Wealth also launched one. I don't think there is a particular academy which is considered in a better light than the other but I'm sure if you speak to each they feel differently! :)
The benefit is that it will give you experience and a taste for the job. The main things is, ultimately what you need to be a good adviser is time in front of REAL CLIENTS talking about their finances. No text book in the world can help with that. So I would make sure you check carefully on the career progression from these academies, how they are going to manage that transition and your skills. An alternative is work with a firm who may start you as admin or even Paraplanning and let you have exposure to clients firstly through meetings and latterly perhaps take the lead in meeting. With an Academy, I would say be careful if they put through a crash course and then expect high sales targets... it's a baptism of fire way to advise, for sure... but being an all-round good adviser takes many years so ideally you want your career path to be about the long-term. Some take to some side naturally and others do not. Your own personal strengths and weaknesses will impact what route you'll be better suited for.
Listen to 'The Adviser Gap' podcast and also 'Financial Planner Life'. Both are very good and have various interviews from experienced advisers about their successes and failures in the profession.
Wish you all the best! 👍
George
@@PrinciplesPersonalFinance Thanks very much for the detailed reply George. The SJP Academy was the first one I came across and their Academy looks great but I'm put off slightly by the negative reviews of SJP itself from clients and in particular the fees they charge. As you say, probably just a case of speaking to all of them to gauge which is the best fit and where I feel the most reassured regarding my longer term development.
Financial Planner Life is one I've come across already and has some really useful information in there. I'll definitely check out your other recommendation.
Thanks again for the advice and I look forward to continuing working my way though all the other great content on your channel!
I'm 38, been stuck in dead end Warehouse jobs. I have a keen interest in Finance. Invest what I can in Stocks, shares, pension, Forex. My money is limited and have a family that relies on me.
Ideally I need to find a job in Finance that will train me up and can gain my qualifications as I earn. I've applied for a couple of jobs but was unsuccessful. Is 38 holding me back in getting my foot in the door?
Hi Craig, I'd like to think age isn't considered as part of it at all. Apart from being illegal, there are so many great planners and members of the profession who have joined as a 'second careerist' route. So it certainly is not closed off to those from different backgrounds.... what does hold some back is lack of relevant experience. That's just as often a financial administrator role can be one which requires a steep learning curve, so some firms can't afford to take what they may see as a risk of a new entrant. That said, there's huge demand for support staff so lots of opportunity once you get your foot in the door. I'd suggest following this and perhaps even get in contact with Sam or his team. I'm sure they can give some helpful feedback as a minimum and may even be able to open some doors
- recruitukltd.co.uk/financial-planner-life-podcast/
@@PrinciplesPersonalFinance Thanks for the advice. Much appreciated 👍
Hi George
I’m a US based Registered Advisor (state & SEC) & work for myself (have my own firm). I like to spend time in the UK and was considering cross border advisory. Any idea what i need to do to Register with FCA? Do i need to take exams? Any ideas or if you can direct me. BTW, good informative video.
Thanks
Hey, thanks for your message and your kind words.
I'm sorry to say I'm just not placed to be able to give a useful answer on this, as I have no idea from US to UK regulation and what would be required!
My understanding is a company called The Fry Group in the UK (recently bought by Progeny) do a lot of international work. I'd suggest having a look at them and potentially contacting one of their international advisers via Linkedin to see if they can provide some guidance.
Sorry I can't be more help here!
@@PrinciplesPersonalFinance thanks George. I’ll look more into it
Hello George. Firstly thank you so much for your videos. I have found them very informative. I have tried to break into the finance industry since graduating , i have a few questions (Sorry if some are obvious, I find the finance industry a bit confusing)
1.) Is being good at maths a benefit in a financial advising Career
2.) Is there a difference between a financial planner and financial advisors?
3.) Can financial advisors provide commercial investment advice
4.) Broadly, what is the difference between a financial advisor and an investment banker
Thanks so much!
Hi Ngozika,
Thanks for watching the video, some great questions!
1. You don’t have to be a maths genius to be a Financial Adviser at all, most of the heavy lifting is done via software but a decent level of skills will always be required as part of the job involves managing people’s finances. It tends to be more investment management, investment banking or the CFA qualification where strong maths skills are essential.
2. YES! (I might do a video on this). Or at least there is in my mind however for the public those terms are likely to be fully interchangeable (or they might not know what a Financial Planner is). Here’s a good article on it..www.moneymarketing.co.uk/analysis/does-it-matter-what-advisers-are-called/ Long story short, Financial Advisers have been typically known to be more transactional and product-focused, Financial Planners focus on planning someone’s life first and the products follow if required. Personally, I think there is a huge difference in the service but it may take many years to get that communicated to the public.
3. That one starts to get a bit lost in semantics so there is no hard and fast definition here. Financial Planners can advise on business planning and there are also qualifications from the CISI which deal with Corporate Finance. It sounds like the question may be more geared towards the difference between Investment Banker and Financial Adviser. Typically Investment Banking will be more towards acquisitions, IPOs, mergers etc… Most Financial Planners/Advisers operate with clients who are predominately private wealth so generally details with pensions and private investments. That is a heavy oversimplification though and there are exceptions as always.
4. Investment Banker drives a nicer car and caused The Great Recession. :) (Only joking, answered the question above really)
Good luck with your career, wish you all the best!
George :)
@@PrinciplesPersonalFinance Thank you SO much for the time you took to answer my questions. Your answers were very thorough and extremely helpful and I really appreciate it! Thanks again and have a great day! :)
@@ngozikaeze7783 you're welcome! Good luck with the career 🙌
To Financial Advisors required to pass marketing exams or for example review financials to calculate ratios or to spot danger signals.. I understand why the Financial Ombudsman investigate many FA.I manage my investments without a FA as I am qualified as a Corporate Treasurer and as a Chartered Accountant . .
I'll level with you.... I'm not really sure what you're saying here
Thank you for sharing this insights. How can I register for the UK Chartered Financial Planner certification?
Appreciate you watching! You register via the Chartered Insurance Institute, then complete the qualification and experience requirements. All the best on your journey with it! 👍
The CII offers Chartered financial planner, while the CISI offers Certified financial planner? Please correct me if I am wrong.
Which of the two is more relevant in UK?
@@cecedeo You're spot on! CII is for the title of Chartered Financial Planner and CISI is the Certified Financial Planner or 'CFP.' Different syllabuses but both are viable routes to be a regulated adviser. The CFP is better known internationally but Chartered status arguably is better known in the UK. You can have both and was I considering getting the CFP (which I may still do) but as they're different bodies you could end up paying a lot in professional fees to hold both titles without material benefit general professional development. I'm also personally a bit more interested in the CFA syllabuses. 🤓
What do you think about doing the certified financial planner qualification as an already qualified IFA with over 500,000 pounds of recurring income at 30?
Do you think I can start an international firm with this qualification and it will provide me with more credibility. Interested to talk to you to get help
Thank you in advance
Hey, I typed up a message on here but then TH-cam refreshed and deleted it so here’s a go the second time around!
Firstly, congrats on your success. They are solid numbers and must have been a result of a lot of hard work.
The CFP is a timely question as it’s been on my mind for some time. I went back and forth on whether I would start it this year. I can only really speak for myself on this, but when I passed Fellow with the CII, it was tempting to keep going on exams. There are some advisers I know who really obsess over exams and collect them like swimming badges.
What I can’t speak to, and is worth checking based on your question is - how relevant will the CFP be for a prospective firm if you are going to do international advice?
I’d start having conversations with your next firm about this as it could save a lot of time. The CFP is an international designation, but that does not necessarily mean it will be acceptable for CAS status (or the international equivalent.) I’d stress test that theory by speaking with international employers before embarking on the CFP as you could save a lot of time.
As far as more exams. I’m a huge advocate of ‘being the best you can be’ and I feel exams do help you up your game. If you are not already at Chartered status, going for the CFP makes a lot of sense. As level 6 or above I think is the minimum requirement for an adviser who wants to future-proof their role in the profession.
That said, I do feel there can be an over reliance on exams. There are more valuable skills for the modern financial adviser and for me personally, I asked myself the question - was this the best use of my time right now? Taking another exam with a different professional body when I’d already reached the top of the CII framework. Exams are only a small part of what makes a great financial adviser and the more I see hugely successful advisers. I notice how disparate skills can be worth their weight in gold, as opposed to ones through the narrow lens of exams. As in - learning a huge amount about marketing, operations of an FS firm, working in a niche area etc. These things in my view are more likely to take you to the next level professionally than prioritising going from Chartered to CFP.
That was my view anyway! Wish you every success.
@@PrinciplesPersonalFinance thank you for your help, I am employed and I don't think my clients would really care if I did compete it, just wanted to future proof as you say.
Thanks for this George currently working in tax and accounting but looking into this as really like the more client focused approach, am I correct in thinking I would get this on this role? I was in banking previously and loved the client interaction. I also see the London Institute of banking and finance do a qualification for Financial advising which seems to get you to the same end result? Have you heard anything about their offering for these exams? Thanks Jonathan.
Hi Jonathan, thanks for watching. I can't compare it to the tax and accounting experience but being an adviser does involve a lot of human interaction. You manage people more than you manage money.
I didn't go down the LIBF route but from what I hear it is more coursework than exam based than the CII route. 👍
I'm just about to start my Level 4 with the London Institute as well.
From the research I've done George is right.
CII is compared to A Levels, getting your head stuck in the books and taking exams.
London Institute is compared to a BTEC, more coursework and real life scenarios.
CII is thought to be more difficult but personally I think the more interactive approach of the LI is more suited for me.
Plus it's quicker to get and cheaper!
Hello, just came across your channel and find everything very informative, thank you!
I wanted to ask about the types of financial advisors. I have seen different types of financial advisor positions, ranging from investment/trading only (transactional - more like a broker i reckon) and full on financial advisor including retirement plans, taxes, estate etc.
However, I am 16 and I started studying trading and practicing, and would like to know your opinion on what would suit me best, given your knowledge and experience.
Hi, thanks for watching. There are different descriptions for sure, so it does depend on the type of work that you want to do. Some advisers aren't regulated roles at all, for example, sometimes insurance companies or even some general sales companies will call their salespeople 'financial advisers.'
Even within the regulated space, there are advisers out there who are just transactional. Nothing wrong with that fundamentally, sometimes it is required. Such as in protection sales or certain specific advice. However, my choice and aim were also about having the long-term and relational aspect of being an adviser.
It's difficult for me to suggest a route for you based on limited information but below there are some great resources for you to find out more as far as what I do and what I've found helpful on my journey:
www.principlespersonalfinance.co.uk/resources-for-financial-planners
Best of luck!
Hi George,
Thank you for this very useful video. I am thinking about studying part-time for the CII Level 4 Diploma in Regulated Financial Planning. A few questions:
1. Essentially, is buying membership worth it to help with studying for the exams?
2. I would complete the course one unit at a time as I'm not sure how long each unit will take me, would you recommend buying a CII membership (considering I may only complete two units per year)?
3. Is there much cost saving with the membership (or is everything you need to study included with a non-member enrolment)?
Many thanks,
Sam
Hi Sam
Had a read of the 3 questions but they all seemed to me to be around the same topic so it's easier to answer together.
You don't have to be a member but it is typically tax deductible for professionals, you get a discount on the study text and other perks. I've only ever been a member though when studying so I can't really say what it's like from the other side! 🙃
www.cii.co.uk/about-us/faqs/membership/
One thing I can say is as part of exam prep I found the revisionmate questions very useful.
I can't say I did any lengthy research into the cost differences between member and non-member options as for my first few years I was supported with membership costs from my employer.
If you are coming at it from outside of the profession then I'd suggest working out the costs for you and seeing if you think it is worthwhile. All the costs for member discounts against non-member costs are on the CII website.
The perks and extras are pretty basic so nothing to feel you're missing out on if you decide to not go for it.
Good luck with the exams and thanks for watching! 👍
George
@@PrinciplesPersonalFinance Thanks George!
Very informative, thank you for making this. I have recently accepted a job as an associate financial planner, moving over from a more corporate finance and compliance role. I believe I will be undertaking CII but if given the choice, which do you recommend? CISI has peaked my interest as it seems to be developing into a very mainstream route, I notice you didn't mention the LIBF route, I'm assuming that is because from what I can tell most people don't think highly of it? Some firms in my area offer both retail/personal and company financial planning, is it possible to offer both and if so which qualification would you recommend for both?
Hi James, thanks for watching and congrats on the new role! 👍 I’d say there are a few things to consider. 1) With your new role is there an expectation from your employer to pass certain exams? As that could guide which route to go down. One thing that can be quite valuable is to work with colleagues who have done the exams (as they can help and guide you). So don’t underestimate that before you commit. I’d definitely have a career chat with your employer first as I’d suggest you want your exams to be moving your career forward as much as possible.
2) This is purely anecdotal (so take that for what it is) but sometimes the interaction between qualification frameworks such as CII and CISI isn’t great, requiring various bits of ‘gap-fills’ etc. So just be wary that if you do go and do a mixture that you are aware in advance exactly how you’re going to get to the level you want to get at.
On the retail and corporate planning. It is quite common for an adviser to find a speciality in a certain area of planning. Similar to the first point, I’d suggest have a good chat with your employer if you want to go a certain route. Going between corporate and retail is not unheard of but they are quite different so if you are starting out then you may need to have an initial focus on one area to build on.
On LIBF, the perception you mention is something I’ve heard as well but it could be completely unfair as I’ve had no experience with so I’ll have to reserve my judgement! 🤐
Hope that was helpful!
@@PrinciplesPersonalFinance Thank you so much for your reply! :) You have given me some things to think about in the future and some good questions to ask my employer going forward. All the best!
@@jamesy8036 You're welcome! All the best in the new role 👍
Could these qualifications help you get into investment banking or the stock broker industry?
Potentially but I think you'd be better looking at qualifications specific to that profession if that is what you are wanting to do. They are different professions at the end of the day. I believe the LIBF qualifications may be a good place to start looking but career paths for investment banking isn't an area I have expertise in sadly!
I do see a lot of people say you need a degree for it on other channels. For someone looking at a career change in there 30s, a 3-4 yr degree might not be a good move. Thanks for your reply and putting the links to the chartered finance qualifications. Great video 👏
@@robd8794 no worries, wish you all the best on the career move! Cheers for watching 👊
Would a finance consultant more or less take the same route?
It depends - Independent Financial Adviser/IFA & Financial Planner CAN on rare occasions be interchangeable with Financial Consultant but generally that term is more used for jobs which are more typically around corporate work consulting on financial efficiency and projects. As opposed to regulated advising of clients.... so I'd say it's more likely not to be same route as described in the video. Easiest way to check is the job description and qualification requirements.. Thanks for watching! 👍
Hi I did my CeMAP in 2008 from the then IFS ( Institute of Financial Studies) , I practiced as a mortgage advisor for a year or so but then went into Healthcare, over the years I also completed CFA level 1 but didn’t have the motivation ( due to working in healthcare ) to take on the other levels , I am now 40 and thinking of taking up some finance qualifications for my own learning and maybe change of career ( as my heart has always been in finance and I think I am good at the advising role ) , what would you suggestion be in terms up of what course to take ? During the old days we had some modules exemption from Cemap to Cefa ( certificate in financial advising )
Thanks for your message and watching! It's a good question. I took the CII route but CISI and LIBF are equally viable routes. Either way, to advise fully you will need to get either the Level 4 Diploma or an equivalent qualification. Generally differing professional bodies don't integrate either other qualifications particularly well for a 'mix and match approach as far as taking some exams with CII and then trying the LIBF route so it may be best to commit to one professional body and get to the required level through them. There may be some credits you can 'carry over/exemptions' from your CeMAP and CFA Level 1, although I'm not 100% sure on this though, so I'd suggest you check with the professional bodies you are considering before embarking on the qualification route. Here is a useful link to some routes into the profession: www.moneymarketing.co.uk/analysis/adviser-academies-and-training-courses-which-is-right-for-you/
I'm currently looking at going for my dipfa level 4.
I work in personal training and have and am doing well but I am looking to broaden my horizons.
I have no experience in the financial industry but am a long term investor myself.
Do you think I can make a career in the financial sector with my background?
Of course you can! It's not about your background, it's about your willingness and ability to learn. I would strongly suggest though that you consider getting nearly ANY job in the profession before trying to become an adviser. The qualifications are only a small part of the role; if you come in without understanding the day-to-day, you will probably struggle. Wish you all the best! 🙌
Hi watching your channel and i have a problem i am with a pension company and i retired in June 22 and after many phone calls and emails i can't collect any pension is this something you cover cheers David
Hi David, thanks for watching the channel, appreciated it.
I'm afraid this isn't something I could be any help with. It sounds like it's an administrative issue which must be very frustrating. In this instance, all I could suggest is to keep following up with the scheme and consider escalating into a complaint if they are not responding within reasonable timeframes.
Wish you the best.
Just one question. How remote can this job be? Like if I was to live a month or two in Spain, can I still run my business or does it require meeting clients face to face on a weekly basis?
Sorry for the delay here, that is something you'd really have to speak with prospective employers. For me, every role I've had has the requirement that advice has to be given on 'UK soil' as a compliance requirement. So I think for UK-based advice that could potentially be a stumbling block for living overseas.
That is just my experience though and there may be other firms with different permissions who can be more flexible.
Thanks for watching and taking the time to comment 🙌
@@PrinciplesPersonalFinance Thanks for responding. I'm still living in the UK. That situation doesn't change in this scenario. But I do go away for 2-3 months during the Winter so curious if this career can be done remotely in the balance of things.
Hey George, just want a career advice. Is doing Introduction to UK Financial Regulation & Professional Integrity (Unit 1 of Financial Advisor Course) helpful in getting job in UK as an international student? Apart from my degree Msc Investment Banking and Finance, should I really do this course ?. Also is CIFA a good institute do this course?
Hi, thanks for watching. I'm not fully sure if that is the same as R01 which is financial services, regulation and ethics through the CII. So if it isn't, then I can't comment sadly as I don't know.
If you do wish to become an adviser and decide to study through the CII, then yes, R01 is an essential. As you already have a finance-related degree I would speak with the professional body you want to get qualified through in the UK FIRST and ask them for some advice. There may be gap fill options to consider which means R01 may or may not be required.
Thanks for watching.
hi just wanted to ask is there any links for apprenticeships that links to this
Hi, have a look at Institute for Apprenticeships with the CII, the New Model Business Academy and also listen to the ‘Financial Planner Life Podcast’ episode that went live on 6th May ‘Using Apprenticeships to Grow Your Financial Planning Business.’ It’s aimed at business owners BUT you may find when trying to get into a firm using that angle to map out your development makes you a better proposition. Next Gen Planners Training Course also worth a look into (although you’d need to pay for it). 👍
@@PrinciplesPersonalFinance thank you for that really enjoyed your video and helped me a lot and very beneficial keep it up!
@@legendsfc6735 cheers! 👍
should i go for MBA or CFA.I am qualified CA but i am interested in financial advisory.
Hi, can I check is CA the abbreviation for Chartered Accountant?
If you're interested in advice then you'll need at least level 4, which you'll breeze if you're a Chartered Accountant already. It will be a new area of expertise though and take time. The main bodies are CII, CISI and LIBF.
CFA can offer a route to advice but tends to be better suited for those who wish to go into investment management. As opposed to client-facing. Although that is a generalisation and not a rule. As you can imagine, a lot of the highly technical areas of investment management have little relevance to advising clients.
My understanding (again I don't know all courses so can't say this is definitive) is that an MBA wouldn't cover the required syllabus for qualifying you to be a regulated adviser.
Wish you the best!
Good evening sir. I love your videos and I subscribed as well.
May I ask that do you need to possess a degree in order to become chartered financial planner or can i become chartered after diploma ?
Hi, thanks for your message and kind words! Being Chartered is considered a degree-level qualification. However, to answer your question directly, there is no interaction between the 2 unless you are doing a finance or perhaps economics-related degree separately. In that instance, you may be able to carry over some credits to count towards getting Chartered! You certainly can get Chartered before starting a separate Diploma and vice-versa. 👍
@@PrinciplesPersonalFinance Thank you for your answer sir.
Unfo, I am not educated to a degree level.
Do you recommend taking the CII financial planning diploma route. I have heard that CII is a great professional body. What do you think sir ? Is it a good idea to complete their course and will I be able to secure a job after that ?
@@Andromedaxterr yes, I found the CII route a good option and generally if you are Level 4 Diploma qualified you have good prospects of landing a role. Although it may not be an adviser role. You will still need real-life experience in the profession so I'd strongly suggest going through the admin/paraplanning or technical support position I mentioned in the video. 👍
Is there a Gcse grade requirements and A-level requirements and would it be good to go to university for the job?
Hi, there isn't any specific GCSE or A level requirements but decent results in maths would help. Same with business and economics. That is NOT to say that you have to excel at those areas to become a great Financial Planner. It's a people role more than anything so great communication, empathy and a desire to learn is more important than any classroom skill. The Uni angle is as much personal as it is career decision. You could start in a FP firm from school/college. It's entirely your choice as there are lots of routes! For me I started in the profession in my mid-twenties so there is not set route!
A list or uni degrees in this area below and an interesting link:
Bachelor degrees
Edinburgh Napier University - BA Financial Services
Glasgow Caledonian University - BA Finance, Investment and Risk
University of Bradford - BSc Financial Planning
University of Northampton - BSc Financial Services Management
www.thepfs.org/media/3937961/professional_direction_life_after_chartered_no_6.pdf
Cheers for watching to vid 👍
@@PrinciplesPersonalFinance amazing thank you.
Just wanted to ask I’m 18 years of age currently what is your best advice into becoming a financial adviser, am I able to buy this course and complete will that be smart though I am really young does it matter?
Hi, age is no barrier to getting into the profession and we really need more people coming through who are younger so definitely don't be discouraged by that! What you will inevitably need is, drive to succeed, prove your expertise via qualifications and then show you can do the job in real life with clients. If you are just starting out I would suggest getting working in the profession. It could be just opening post for an Independent Financial Adviser firm! Once you have a foothold they (often) provide financial support for those who are motivated.
Do you need to go to uni
No, you don't have to have a degree to start the qualifications but you do need the professional qualifications to become an adviser 👍
Thanks
I am in my mid fifty and have no experience in financial advisor. Do I have any chance to make a living after gaining the relevant qualifications? Regards
Absolutely. There is so much that someone with more life experience can bring to the role.
It does depend on what level of earnings you are on now as far as what a good living looks like to you. It would be fair to say if you're at the top of your field in another profession, you won't start a different professional at the same pay grade.
It's not an easy journey but I'm sure any career change is challenging. The main thing is having the desire and mindset to want to do it! 👍
Can you please advise me where to apply once I get the qualifications? What could be the starting salary? Regards
@@annac9766
Hi Anna, I can’t really tell you where to apply as that is highly individual and would depend too much on your own circumstances, let alone the criteria of the firm hiring. I can however direct you to the Financial Planner Life Podcast and RecruitUK who sponsor it who do tons of content and guidance in that area which you may find useful and they may also be better to speak to in regards to that.
recruitukltd.co.uk/financial-planner-life-podcast/
Starting salary is another tough one to fairly estimate. It depends on the person, the firm and how they judge progress. There are also big regional differences. Anywhere from £35-£45k wouldn’t be an unfair estimate but it really does depend on experience, what that individual can bring to the business etc. Best of luck! 👍
I came across a company offering free training over 12 months. The catch is that once I enrol I must end the course and work for them as a free lance for 12 months. They will provide the lead. Do you think this is a good route to take instead of the normal academy which charge for the courses? Regards
@@annac9766 Hmm, impossible for me to give guidance without knowing more about your personal circumstances and that offer more. Even if I knew that, if I was considering this I would read the terms of the contract EXTREMELY carefully. I have heard of companies charging back training and basically operating on the basis where they provide some upfront support but the contract is such that it is win/win for them. As far as they either get back their initial outlay or it is earned back. I'm not against that approach entirely but most certainly don't want to be in a position where they are effectively working for free. There's no shortcut sadly and the less qualified and experienced you are going into the role, the less of a negotiating position you have.
Hello Sir I need your help
Is a legal company or it’s a scam because I invested my fund here