The Student Room Group

Financial Planner vs Financial Advisor which is better from my preferences on a job??

Which is better from what I want from a job and my preferences ok so I want good pay good work life balance less stress not boring at all and is very interesting and enjoyful and fun and also does not relate to coding and writing toons of essays and a bit problem solving and my likes are to help people realise their goals and dreams and also learn how to manage my money which is bonus job for me which is that definition???
I'm not sure how much you already know, and I don't want to insult you, but here goes:

Firstly, Financial advice comes in 2 flavours - Independent and Restricted. Independent (IFAs) have pretty much the entire marketplace to select from when it comes to finding the most appropriate plan to meet a client's needs whereas Restricted advisers will be stuck with what their employer offers - typically 1 or 2 firms' products. So even if a Restricted Adviser knows that another firm offers better terms/charges/options etc. they won't signpost this and continue to sell the products available to them. The purchase of a product from you will perhaps meet a need (i.e. provide a lump sum to support the family in the event of death) but that is a small part of helping people to realise their dreams.

The role of a planner quite often involves coaching and mentoring clients and getting them to understand for themselves what their goals are. "I want to retire at age 55" isn't precise enough. It's handy to know if you're trying to give advice as to how much to contribute to a pension plan, but deep down you need a client to explore and share with you what 'retirement' looks like. For some it will be world travel, for others it could be setting up a school in Malawi or wanting to share their experiences in schools. A classic question is How Much Is Enough? and the answer will be It Depends as we are all so different.
A planner will often use concepts derived from Life Planning guru George Kinder. Have a look at his books such as Life Planning for You: How to Design & Deliver the Life of Your Dreams.

To get to the stage of being a planner (Certified or Chartered) there's a reasonable amount of study that will take you past the level 4 Diploma level that you'll need to be a regulated financial adviser and on to L6 or L7. Along the way you'll pick up a lot of experience too that will come in handy.

Work/Life balance comes down to the type of employer you have and the type of person you are. There are still firms out there which are highly target driven and only care about how much money you've brought in this month, have league tables and expect you to work any and all hours. These are all about sell, sell, sell. You can make a lot of money, equally you can get dropped if you're not making enough for the business.
More professional firms are looking for you to develop long-term client relationships where you meet clients regularly over the years and monitor how well the plans are meeting their changing needs and making adjustments as and when necessary.

Feel free to ask more questions - it's my specialist subject !!

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