Answers
I'm currently an undergraduate and I just recently took up a job as an Independant Financial Advisor. The pay is based on the clients and I wonder since a degree is not necessarily a prerequisite for IFA position, am i making a correct decision? I'm good with people and numbers as well but I wonder if this is a good move. I don't like desk jobs and office jobs but I like the stable pay. This job has unstable pay
Any change is risky !!
But that should not deter you from becoming an Independent Financial Adviser !!. Ups and downs are part of life !!
Best of Luck !!
www.mytalentplace.co.uk Experienced Independent Financial Advisor talks about the career. For more career advice go to www.mytalentplace.co.uk
Depends on how fast you build clients...
Could be in a year...but realistically, probably within 3 to 5 years...
Good Luck to you :)
I am wondering what the differences in being a financial advisor in a bank vs another firm (raymond james, ameriprise, axa, etc) are. Both advantages and disadvantages please!
Advantages of working in a bank:
- Warm leads, Referrals from Bankers and Tellers
- No knocking on doors
- Customers are already in the branch. It's really about working with branch staff to profile correctly and refer customers to you
- Business Hours
- Corporate/Professional Environment
- Opportunity for growth
- Depending on size of branch(es), you might be assigned to 2-3 different branches which provides more opportunity of meeting different clients in different areas
Disadvantages of working in a bank:
- Commissions are less
Advantages of working for independent firm:
- Maybe better pay
- More "independent"
Disadvantages of working for independent firm:
- Not set schedule, you might have to be at customer's house at 9pm trying to sign docs/contract
- Knocking on doors, building your own book of business
I fancy a job as an IFA, and have searched for courses etc but to no avail. Ideally I would prefer to do a course from home, can you advise me of the qualifications I require and any home learning places I can contact.
you need to study for the Financial Planning Certificate (FPC) as a minimum, plus there are many other exams, as you decide if you want to specialise or not. Try the Institute of Financial Planners website, for a start, or the Financial Planning Society
I want to see an IFA to talk about what annuity I should buy. Do they charge a fee or do they work on commission from the Annuity provider?
They can do both or either. Personally, I think that you should use a fee-only Certified Financial Planner. That way they have no financial interest in what you buy or invest in.
Finance Advice Can Be Tricky | Financial Articles
It’s a rocky road out there these days when it comes to your finances, given the state of the economy, and the uncertain future therein. If you’re one of those people with money tucked away, something you could invest for your future, where do you turn for solid financial advice? So how do you know the advice you get is going to be sound?
When you seek an established independent financial advisor in you will want to procure the services of someone that clearly understands what he or she is talking about. You want someone that has a strong handle on issues related to money and investments. You need someone that can make sure you are set up properly for the future.
The independent financial advisor you choose should be someone who has a solid grounding in areas of finance you want to get into, like preparing for retirement or establishing a trust. What is it that you want to achieve? Are you looking to establish a retirement account, so that you’re set once you’re working days are over? Do you need to plan an estate or trust? Do you need some help with tax planning, so that you can keep as much of your hard earned cash as is legally possible?
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