Why Become a Financial Adviser

Looking for a new career? Become a financial adviser

The UK needs professional financial advisers now more than ever. People need help to make the best choices, which means there are plenty of opportunities for advisers. The government is urging people to better manage their money and plan for their futures, plus changing regulations mean individuals can access more money earlier in their life.

What is a financial adviser?

A financial adviser is a professional who works with clients to help them make proper decisions regarding their investments and financial accounts. They often work with financial institutions or independently, as they meet clients to discuss their plans. Once they understand these, they recommend adjustments to their spending and investments to help them manage their money. Financial advisers often work with individuals but can work with other clients, like small businesses or corporations.

What does a financial adviser do?

A great financial adviser has specialist knowledge of investments, savings and money management but also possesses great people skills

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.

Salary

• Salaries at trainee adviser level range from £22,000 to £30,000.

• Qualified financial advisers can earn between £30,000 and £45,000.

• Senior financial advisers working with an average-wealth client base can earn in the region of £60,000.

• Wealth managers or private client advisers who are based in the wealth division of major retail and private banks can earn more than £100,000.