The Student Room Group

Financial Advisor / Planner - info on the starting point pls??

Hi all,
I'm currently in my mid-thirties and making a career change to become an FA. Career to date has been in I.T. - not been enjoying it for a good while so time to change. I should add, I did attend the FPC1 course over ten years ago so I do have a familiarity of the subject (i.e. I know what to expect).Spending much time googling (unfortunately I do not know a FA to pick their brains) I find myself lost as to which diploma (awarding body) to undertake, as well as many answers wanting.
I'm here to ask you guys if you can point me in the right direction and help me out with my below questions:

1) Which qualification (diploma) should I undertake? I know I need to become QCF Level 4 compliant. I do not know which area that I wish to specialise in down the road, but right now I would like to become grounded in all areas as I expect that will leave my options open to which area to specialise in (that's if I do decide to specialise).
2) What area of Financial Services (general FA, specialised, pensions, wealth, etc..) is in most demand and, more importantly, will provide job security? Which qualification will help to reach this position?
3) Would you suggest to stick in my current (higher paid) salary, become QCF Level 4 qualified and then make the switch, or would it be more beneficial to switch now, suffer the pay cut but it will help me become qualified quicker?
4) What type of entry role should look out for, or could expect to get, - would it be a Trainee position, Paraplanner, or simply an admin job in a Financial Services firm. Please remember that I am sharp and driven so I will achieve my compliant status asap (i.e. I won't doodle around).
5) Any good links/sites to answers these questions I'm answering? 8 times out of 10 the hits returned are about the RDR introduction and gaps fills, however this doesn't apply to me.
6) I understand being a FA is hugely sales based. I can understand closing a deal but do not feel comfortable with a numbers driven role (i.e. sell, sell, sell). I'm passionate about personal finance and passionate about educating people on this. Is there a type of role/route that will allow me to do these things but isn't hugely sales based, again the role/area must be job secure?
7) Finally (for now), is this industry a job secure industry? The last thing I will to do is move to a role and, although I may enjoy the work, find myself struggling to bring money in. For me, I am glad to see commission gone as I expect the basic salary will increase as not you cannot expect your salary to come mainly from commission.

Any help guys will be much appreciated.Thanks in advance.
(edited 8 years ago)
Original post by agm1
Hi all,
I'm currently in my mid-thirties and making a career change to become an FA. Career to date has been in I.T. - not been enjoying it for a good while so time to change. I should add, I did attend the FPC1 course over ten years ago so I do have a familiarity of the subject (i.e. I know what to expect).Spending much time googling (unfortunately I do not know a FA to pick their brains) I find myself lost as to which diploma (awarding body) to undertake, as well as many answers wanting.
I'm here to ask you guys if you can point me in the right direction and help me out with my below questions:

1) Which qualification (diploma) should I undertake? I know I need to become QCF Level 4 compliant. I do not know which area that I wish to specialise in down the road, but right now I would like to become grounded in all areas as I expect that will leave my options open to which area to specialise in (that's if I do decide to specialise).
2) What area of Financial Services (general FA, specialised, pensions, wealth, etc..) is in most demand and, more importantly, will provide job security? Which qualification will help to reach this position?
3) Would you suggest to stick in my current (higher paid) salary, become QCF Level 4 qualified and then make the switch, or would it be more beneficial to switch now, suffer the pay cut but it will help me become qualified quicker?
4) What type of entry role should look out for, or could expect to get, - would it be a Trainee position, Paraplanner, or simply an admin job in a Financial Services firm. Please remember that I am sharp and driven so I will achieve my compliant status asap (i.e. I won't doodle around).
5) Any good links/sites to answers these questions I'm answering? 8 times out of 10 the hits returned are about the RDR introduction and gaps fills, however this doesn't apply to me.
6) I understand being a FA is hugely sales based. I can understand closing a deal but do not feel comfortable with a numbers driven role (i.e. sell, sell, sell). I'm passionate about personal finance and passionate about educating people on this. Is there a type of role/route that will allow me to do these things but isn't hugely sales based, again the role/area must be job secure?
7) Finally (for now), is this industry a job secure industry? The last thing I will to do is move to a role and, although I may enjoy the work, find myself struggling to bring money in. For me, I am glad to see commission gone as I expect the basic salary will increase as not you cannot expect your salary to come mainly from commission.

Any help guys will be much appreciated.Thanks in advance.


Hey agm1,

I'm not based in the U.K. and therefore cannot give specific advice on the qualifications you will need. I'm sure someone with knowledge of the market can help.

I've worked in wealth management for a few years after I graduated and so have a fair understanding of where financial advisory as an industry is heading.

A lot has changed in the last few years and as a result the industry is scrambling to find its 'direction', so to speak. Tax authorities are becoming stricter on off-shore banking services, with 'havens' such as Switzerland and Luxembourg facing increased scrutiny. The next U.S. election will be driven, in large part, by who can deliver tax reform in the U.S. and simplify the complex and often drudgerous tax code.

When I was leaving the industry the one thing that really came across was that tax was going to play an even more important role in the years to come. Tax advisory will become challenging but lucrative if you specialise in the right sector (e.g. private vs. institutional).

Hope that helps!
Reply 2
Thanks for your reply.
I will research and see if any positions incorporate the Tax and Financial Planning worlds. I wonder if that role would be a Tax Accountant possibly...?

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