Financial Advice and Planning

Financial advisers support and help individuals choose the most suitable products, including mortgages, insurance, pensions, savings and investments, for their financial goals. Financial planning roles typically take a longer-term and comprehensive view of a client’s financial well-being, exploring a wide range of possible financial needs. They have to be ethical and demonstrate high levels of professionalism. A key element of the role is to engage with clients, to help them make plans for their future and decide upon how to make the best use of their money. They research the marketplace and determine the most appropriate financial plan for their client. This may involve sourcing appropriate financial products. They may advise on house purchase, consider the best saving and investment solutions, guide consumers on how to prepare adequately for their retirement, or to look at ways to reduce outgoings and increase savings. Very wealthy customers face equally challenging decisions. Some may have the strategy to grow their wealth, whereas other customers may purely want the assurance that their level of wealth can be maintained. Private client and wealth management advisers might specialise in retirement planning, tax planning, banking or investment advice, looking after high-net worth or premier customers. Ultra-high net worth customers usually receive a very personal service from financial advisers and private bankers. Some financial advisers and planners will work with businesses advising corporate clients on protection and benefits for their employees. In retirement planning advice, there are many different solutions available and different ways in which pensions can be invested. Sometimes a company will establish a pension scheme, whereby employees can choose to become members. The purpose of pensions advice in this situation is broader, with advisers often called Retirement Benefits Consultants. Bancassurance is another field, with financial advisers working in a bank or merged bancassurance firm offering consumers insurance alongside other products, such as savings and investment products, mortgages, loans or credit facilities.

Salary

Trainee positions start at approximately £22,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £70,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.

Engaging clients to gather financial information in order to understand fully their financial needs
Preparing financial statements to understand the client’s current situation and complete informed recommendations
Analysing each client’s financial circumstances and prioritising their financial needs
Completing risk analysis
Researching and selecting appropriate financial solutions within the market
Preparing clear recommendations, advising clients on the most appropriate solutions, agreeing the next steps
Properly implementing the chosen financial solutions, responding to queries and processing applications
Reviewing and constantly responding to each client’s changing needs and financial circumstances
Constantly striving to meet performance targets, personal development and maintaining up-to-date knowledge of industry, compliance and regulatory developments
Networking, influencing and developing productive working relationships to retain and acquire new clients and maintaining constant communication with colleagues
Assessing how well the advice is still relevant in line with changes to both the financial markets and to the clients’ needs
Identifying and meeting the clients’ risk profile in line with the advice provided

Meeting the regulatory aspects of the role including requirements for disclosure, costs of the services provided and the costs of the products that are advised upon

Excellent people, interpersonal and listening skills
Analytical and research skills
Confidence preparing and explaining numbers
Report writing, with ability to explain financial terminology in plain English
Professional and ethical
Customer service skills
Strong negotiation and influencing skills
Time management
Socially articulate for networking and business development
Flexibility
Decision making skills
Discretion
IT skills

Employers usually provide training to acquire skills for:

An understanding of how the financial markets operate, risk and regulation
An understanding of the different financial products available in the market place, including the specialisms in the investment, protection, mortgage and pension planning areas
Meeting the Financial Services Authority’s Treating Customers Fairly requirements

Giving investment financial advice is an FSA regulated function. To do this role unsupervised, specific professional qualifications are required. At trainee level, employers often provide internal training and support employees in gaining the minimum qualifications required to deliver financial advice which includes:

Chartered Insurance Institute (CII) Level 4 Diploma in Regulated Financial Planning
Chartered Banker Institute Diploma in Investment Planning
Institute of Financial Services Level 4 Diploma for Financial Advisers and Professional Certificate in Banking (including practice of financial advice module)
Chartered Institute for Securities & Investment (CISI) Level 4 Investment Advice Diploma (Private Client Route) and Masters in Wealth Management
SQA Level 4 Diploma in Professional Financial Advice
Fellow or Associate of the Faculty or Institute of Actuaries
Manchester Metropolitan University BA (Hons) Financial Services, Planning and Management
Level 4 Higher Apprenticeship in Providing Financial Advice, in England and Wales

These qualifications meet the Financial Services Authority (FSA) full qualification requirements up to and after 1 January 2013. Please contact the FSA on 0845 606 9966.

The role of a Financial Adviser could include providing advice on long-term care protection, which is about providing financial support to access health care such as nursing homes, residential care and respite care. This is also an FSA regulated function and requires an additional appropriate qualification - the CII or Institute of Financial Services Certificate in Long-Term Care Insurance.

Financial advisers that want to provide advice on mortgages or equity release will need to take additional Appropriate Qualifications. Please refer to the Mortgage Advice profile. Financial Advisers that want to provide advice on stocks and shares will also need to take an additional Appropriate Qualification. Please refer to the Stockbroker profile.

More advanced qualifications are available to help develop skills and knowledge and further career opportunities, including:

CII Level 6 Advanced Diploma in Financial Planning
Chartered Banker Institute Chartered Banker
Institute of Financial Planning Certified Financial Planner or Fellowship

If working specifically with higher net-worth clients in the retail banking or private banking sector, the following qualifications may also be relevant:

BSc (Hons) in Banking Practice and Management, delivered by Institute of Financial Services

You might work for an independent financial advice company, a broker, a larger investment firm, insurance firm or bank, a specialist pension consultancy, or as a self-employed adviser. Opportunities are nationwide. Because of the regulatory aspects of financial advice, most jobs are UK-based serving UK consumers. There are positions with offshore financial advisory groups and international banks.

Financial Advice and Planning

Salary

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