Africa Career Guidance - Financial Consultant/Adviser

Financial Consultant/Adviser

The work

career as a financial adviser may suit someone who enjoys meeting lots of different people, likes selling and is good with numbers. For many, the main attraction is the flexibility of the job - as once they are experienced, there are opportunities to work from home or be self-employed.

Financial advisers work with clients to find financial products which suit their needs. A client could be one person, an organisation, or a group of individuals.
The sorts of products they advise on may include:

pensions and savings plans
mortgages and other borrowings, secured and unsecured
investments
life insurance and critical illness cover
income protection
medical insurance.

With so many financial products to choose from, clients turn to an adviser for independent and expert guidance. Advisers work closely with clients to collect information about the cover they need and their individual circumstances. This is normally face to face, and they have a list of questions prepared.

This information would be collated in a computer, and a database will usually identify the most appropriate financial product to meet the clients needs..

When they have identified a product that is appropriate, they need to explain all the details clearly, with the minimum use of jargon. They need to point out the potential benefits plus any limitations, so that a client can take an informed decision.

Financial advisers divide into two groups:

tied advisers, who are employed by banks or insurance companies and can only advise on the products their organisation sells
independent financial advisers (IFAs), who advise on the products available from a range of financial organisations.

Financial advisers need an understanding of the tax regime and the rules that govern the financial market. Recent concerns about the mis-selling of financial products mean that they must demonstrate an appropriate level of professionalism.

Hours and Environment

The hours of work are often dictated by the availability of clients. Tied advisers or those dealing with larger organisations normally work office hours. IFAs have to arrange meetings to suit clients. They can expect to work in the evenings and occasional weekends.

Skills and Interests

Financial consultant/advisers should:

be clear, concise communicators with good listening and questioning skills
have an open personality and inspire trust
have confidence and determination - they often deal with clients who may not appreciate the value of their advice
be numerate and comfortable using computers
be capable of understanding financial products, which may be complex, yet able to communicate the benefits of these products simply
have a good understanding of the financial industry and all the latest products on offer.

Entry

There is no maximum age limit to this career. Clients look for maturity in their adviser. People who can demonstrate relevant skills in financial services will be attractive to an employer. However, a confident, professional character is just as important. Employers are more likely to be interested in personality and ability to deal with clients, and are willing to provide the sector-specific training.

Training

No specific qualifications are to register for industry-regulated examinations.
Most tied advisers, however, are graduates. A degree in finance and accountancy, business studies or related subjects may be an advantage.
Entry requirements for a degree are either: five Olevels grades (A-C/1-3) and two A levels grades

Opportunities

Financial advisers can be either employed or self-employed. Those who are employed usually work for a bank, building society, insurance company, or firm of financial advisers. Self-employed advisers may advise on the products of just one financial organisation or advise on a range of products from different companies
There are opportunities to work abroad.

Annual Income

Further information

Securities & Investment Institute (SII)
http://www.sii.org.uk