Financial advisers provide clients with specialist advice on how to manage their money. The role involves researching the marketplace and recommending the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs, and then securing a sale.

Advisers may specialise in particular products, depending on their clients, such as selling employee pension schemes to companies or offering mortgage, pension or investment advice to private clients. Others are generalists, offering advice to clients in all of these areas, as well as saving plans and insurance.

In order to give financial advice, advisers must have professional qualifications and follow strict financial industry rules.

Financial advisers are also known as financial planners or wealth managers.

Responsibilities

There are two types of financial adviser and advice - independent and restricted.

Independent advisers, also called independent financial advisers (IFAs), research and consider all retail investment products or providers available to meet the client's needs. They must provide clients with unbiased and unrestricted advice.

Restricted advisers only offer limited advice, focusing on a particular range of products or on products from one, or a limited number, of providers.

All advisers must inform their clients, before providing advice, whether they provide independent or restricted advice.

Your tasks will vary depending on your role but will typically involve:

• contacting clients and setting up meetings, either within an office environment or in clients' homes or business premises
• conducting in-depth reviews of clients' financial circumstances, current provision and future aims
• analysing information and preparing plans best suited to individual clients' requirements
• completing risk analyses
• researching the marketplace and providing clients with information on new and existing products and services
• designing financial strategies
• assisting clients to make informed decisions
• researching information from various sources, including providers of financial products
• reviewing and responding to clients changing needs and financial circumstances
• promoting and selling financial products to meet given or negotiated sales targets
• negotiating with product suppliers for the best possible rates
• liaising with head office and financial services providers
• communicating with other professionals, such as estate agents, solicitors and valuers
• keeping up to date with financial products and legislation
• producing financial reports
• contacting clients with news of new financial products or changes to legislation that may affect their savings and investments
• meeting the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and also the advised products.

Working hours

Some jobs, for example a tied adviser in a high street bank, offer regular office hours. However, flexibility is required if working for a banking contact centre or as an independent financial adviser (IFA), as clients may require evening and weekend meetings.

What to expect

• Working can be office based although IFAs may work from home or meet clients in their own homes.
• Self-employment is common.
• There are openings for tied, multi-tied and independent advisers throughout the UK. However, private banking positions tend to be based in the City of London and other key financial areas such as Belfast, Edinburgh and Manchester.
• Travel within a working day is common for IFAs, but overnight stays away from home are unusual.
• Due to the regulatory nature of financial advice, overseas work is uncommon and most jobs are UK-based, serving UK customers. However, there are some opportunities for experienced advisers to work abroad for offshore financial advisory groups and international banks.

Qualifications

Although this area of work is open to graduates and diplomates of any discipline, the following subjects may improve your chances:

• accountancy
• business management
• finance or financial studies.

Entry without a degree is possible and employers often regard personal qualities as just as important as academic qualifications.

Relevant experience in a customer service, sales or financial services setting is also viewed positively. New entrants often start in a bank and study part time, learning alongside experienced advisers.

It's possible to enter the financial advice sector as a paraplanner, providing research and administrative support to a financial adviser.

A pre-entry postgraduate qualification is not needed.

Some retail banks offer graduate training schemes, whereas private banks often recruit graduates directly into the business.

It's possible to move into financial advice from other areas of the banking and insurance sector.

Skills

You'll need to show evidence of the following:

• excellent communication, interpersonal and listening skills
• the capability to explain complex information simply and clearly
• the ability to network and establish relationships with clients
• research and analytical skills
• negotiation and influencing skills as well as determination and tenacity
• the ability to work in a team
• time management skills
• customer service skills
• self-motivation and organisation
• a good level of numeracy and IT skills
• a target-driven mindset
• a flexible approach to work
• decision-making skills
• discretion and an understanding of the need for client confidentiality
• an ethical and professional approach to work.

A full driving licence is useful, particularly for independent financial advisers (IFAs) who may have to travel to visit clients in their own homes.

Work experience

Evidence of commercial awareness acquired through part-time or vacation work or a longer work placement is useful. Experience in sales, advisory or customer service work is also valuable. Talk to a financial adviser for a greater insight into this area of work.