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Most people know the importance of being financially prudent and managing their money wisely. But knowing and doing are often very different things. In most cases, they simply don’t know how to do it. And so, they turn to financial advisors who have the requisite skills and experience to help them.

This opens up massive opportunities in the financial services space. The best part is that you don’t even have to work for a firm before you can offer professional financial advice. You can go the independent route and carve out your own share of the vast market.

At the end of this article, you’ll know what it takes to become an independent financial advisor and be your own boss. Let’s dive in!

Overview of the primary responsibilities of a financial advisor

In simplest terms, financial advisers help their clients make informed financial decisions based on their short and long-term financial goals. These decisions typically range from what financial products to purchase for retirement planning to stock market investing and estate planning and even to risk management.

Some financial advisers boast diverse backgrounds, which enables them to provide an array of general financial services, while others specialize in a particular area, such as wealth management or personal finance.

Beyond implementing tailored solutions for their clients, financial advisors also spend their time on marketing their services. This is a crucial skill to have, especially if you want to transition into an independent financial advisor.

New client acquisition is integral to the success of any new business, especially one in the financial industry. The main reason for this is that financial products and services aren’t things that the average consumer buys regularly. Some clients buy these services once or twice in their lifetimes.

Established financial advisory firms might fare better because they usually have the money to hire a marketing agency to send new prospects their way. Independent financial jobs as an independent financial service professional, be ready to put in the necessary work to obtain new clients and retain existing ones.

Why become an independent financial advisor?

Despite the challenges that come with such a move, there are a number of compelling reasons to consider becoming an independent financial advisor. These include:

Become your own boss

Being gainfully employed is a great thing because it can mean financial stability and diverse growth opportunities within the organization. But ask anybody who has successfully transitioned to being self-employed, and they’ll tell you that nothing beats the freedom of being your own boss. You can build your new business exactly how you feel it will provide the most success in the long term.

Uncapped income potential

Rates tend to vary in the financial industry, but no matter how much work you put in as an employee, there’s always a limit to how much you can earn within a given period. If the financial advisory firm bills clients by the hour, then your income potential as an employee is capped to the hourly rate set by the firm. If you work for a broker-dealer, you may be paid a fixed percentage of the income earned by the brokerage platform.

This is not the case when you’re an independent financial advisor. There’s no salary cap when running your own business. You set your own rates based on the complexity of the services you provide. If you do your work well and land a few good clients, you could make way more income than you did working as an employee.

Customize client offerings

Today’s average consumer expects more flexibility when it comes to financial services. They want to work with a financial adviser that understands their unique needs and provides personalized solutions. Being an independent financial advisor gives you this much-needed flexibility to customize your offerings and develop stronger client relationships as a result.

Another advantage this flexibility provides for self-employed financial professionals is that they can easily personalize their services to differentiate themselves from their competitors. This is usually a sharp contrast to top financial advisory firms and broker-dealers, whose usual practice is to lock in a certain set of product offerings.

What are the main types of financial advisors?

The financial industry is quite broad, and so there’s a wide spectrum of focus areas from which to make your selection(s) as a financial adviser. The main types of financial advisors are:

  • Registered Investment Advisors (RIA)
  • Certified Public Accountants (CPAs)
  • Estate Planning Attorneys
  • Independent Broker-Dealers
  • Certified Financial Planners
  • Investment Advisor Representative (IAR)
  • Stockbrokers (also known as Registered securities representatives)
  • Insurance companies Salespeople
  • Money/wealth managers

If you’re interested in pursuing a career in the financial services industry, take the time to assess your personality and skill set so you can choose the right focus area.

Do you have what it takes to become an independent financial advisor?

The benefits discussed above sure are compelling. But before you take the leap, take some time to consider if the independent financial advisor career path is right for you. Ask yourself these important questions:

  • Are you genuinely passionate about helping people achieve their financial goals?
  • Do you have a knack for simplifying complex ideas and then presenting them seamlessly to a wide range of people?
  • Are you excited by the prospect of networking and reaching out to strangers to promote your financial services?
  • Do you enjoy working with numbers and analyzing data from multiple sources to develop sound financial advice?
  • Are you comfortable taking decisive action for yourself and others?
  • Are you adept at building strong client relationships?

If your answer to all or most of these questions is Yes, then pursuing a career as an independent financial advisor may be right for you. The next step is knowing how to go about it.

Becoming an independent financial advisor

The steps to becoming an independent financial advisor will differ depending on your starting point. For instance, if you’re just starting out and considering a career path in financial advisory services, you’ll need to first meet certain requirements before you can call yourself a financial advisor. These include:

Meet the educational requirements

Having at least a bachelor’s degree related to finance, investment, accounting, business, or economics is a great place to start. If you do have a bachelor’s degree but not in any of these relevant courses, you could take on the additional coursework, so you at least have a basic foundation in finance. Another option is to apply to work in a financial services firm and receive on-the-job training.

If you intend to become a certified financial advisor, you’ll need to complete a number of college-level courses in various relevant topics, including retirement planning, estate planning, insurance planning, income tax planning, investment planning, and professional conduct.

Though not a requirement for providing financial planning services, having a master’s degree in a related course is a great way to set yourself apart.

Meet the necessary certification or licensure requirements

Depending on the financial advisory services that you wish to provide, it might be necessary to obtain certain licenses and certifications. In fact, some states require individuals to have a valid license before they can sell or provide professional advice on financial products like insurance, traded securities, mutual funds, scholarship plans, and so on.

The National Association of Personal Financial Advisors (NAPFA) recommends having one or more of the following certifications before offering financial advice:

  • Certified Financial Planner (CFP)
  • Personal Financial Specialist (PFS)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)

If you want to become an RIA, you’ll need to pass the Series 65 exam. Alternatively, you could take the Investment Advisers Law Exam. Both are administered by the Financial Industry Regulatory Authority (FINRA). You’ll also need to register with the Securities Exchange Commission (SEC) or the state in which you wish to practice.

Obtain errors and omissions insurance

This is a special type of professional liability insurance that protects financial advisers, insurance companies, lawyers, consultants, and other related professionals from claims of negligent actions or inadequate work.

If you were previously an employee of a financial advisory services firm, chances are the company had E&O insurance. But now that you’re breaking away and setting up your own independent firm, you will need to obtain coverage before you can start taking on clients.

Check out this quick guide on how to obtain E&O insurance.

Stay up to date on compliance matters

The financial industry is highly regulated. Penalties for not meeting your compliance obligations can be quite steep, especially for someone who’s just starting out. So before you start servicing clients, make sure you are up to date on the many regulatory requirements that govern the financial services industry. For example, independent life insurance agents must adhere to the Anti-Money Laundering/Terrorist Financing Compliance regulation.

Create your business plan

Your business plan doesn’t have to be complex. But it should be detailed enough such that you can easily refer to it and gain clarity about what you want to achieve in your business. A good business plan should have:

  • The legal structure of your business
  • The business name and brand
  • A detailed assessment of your business’s current assets and liabilities
  • Plans for important considerations like your office space, equipment, technology, etc
  • Staff management plan

Create a plan for how you intend to finance the transition

Becoming an independent financial advisor is a big step, one that may require some serious financing. So before you print that resignation letter, make sure you have certain financial safeguards in place. Start-up costs can quickly add up, and you need to be able to get them out of the way before you can begin servicing clients.

The reality is that unless you already have a solid client base, you’ll likely struggle to match your previous income within your first few months as a new business owner. Don’t set your expectations too high at this stage. If you can manage to break even in your first year, that’s already a massive achievement.

Implement cost-cutting measures such as working from home instead of renting an office space, outsourcing back-office functions, and minimizing overheads.

Begin sourcing clients

Ideally, you should already have a few clients willing to transition with you. This way, you at least have some revenue coming in while your new business takes root. Tapping into the existing client base of your current employer is a great place to start. However, this is not always feasible since most employers include an iron-clad non-compete clause in employee contract agreements.

If you cannot poach these existing clients directly, consider asking them for referrals instead. They might have people in their network that may be perfect for your particular brand of financial advisory services.

Another option is to reach out to your own immediate and extended network. The truth is everyone needs financial planning even if they don’t know that they need it. Talk to your family, friends, colleagues, and acquaintances about the importance of obtaining sound independent financial jobs advice. Even if they don’t immediately sign up with you, they might be able to send some referrals your way.

Set up your inbound marketing

A well-designed financial advisor website is at the center of every successful inbound marketing strategy. This is not one of those start-up expenses that you can avoid. If people are unable to find your financial services online, then you’re not yet ready to commence business operations — that’s just the fact.

Social media platforms like Linkedin, Reddit, and Facebook are also great for sourcing new clients. The key is to first define your services and outline the kinds of people who stand to benefit the most from them. After that, it’s a matter of finding those people and then getting their attention.

You’ll also need to invest in automation tools and client relationship management (CRM) platforms. The main benefit here is that you get to automate a huge chunk of your inbound marketing, so you have time to focus on actual client work.

Related:Our top 5 popular CRM platforms for financial advisors

How long will it take before I become a financial advisor?

This really depends on your focus area(s). On average, it can take up to seven years or even more to become a CFP. Of course, this includes the time spent obtaining the bachelor’s degree (usually four years) and gaining the necessary years of experience to meet certain certification requirements.

If you already have a college degree in a finance-related course or independent financial jobs focus area you’re pursuing doesn’t require a certification, you can usually start seeking work right away.

What are the long-term prospects in this career path?

According to the U.S. Bureau of Labor Statistics, financial advisors can look forward to a robust job outlook over independent financial jobs next couple of years. They predict that the field will grow by as much as 27% and lead to the creation of over 60, new jobs in the next few years.

One of the main reasons for this is the rising interest in proper financial independent financial jobs. More and more people are starting to realize that they need to have better control over their personal finances. And so, they seek out financial advisors who can walk them through and provide personalized solutions based on their financial circumstances.

Another reason is that new financial products and services are entering the market en masse. People who were unable to take advantage of traditional financial products like mutual funds, life insurance, and stock investing are turning to newer products like cryptocurrency and decentralized finance solutions.

Launch your independent financial advisor business with B12!

B12 is an all-in-one solutions platform for small business owners and professional service providers. Let us help you launch your new independent financial advisory business with a powerful online presence. First, you get a stunning, fully functional website built using artificial intelligence and painstakingly customized to your specification by our web design team.

This website comes with built-in business management tools like an online billing and invoicing system that allows you to accept payments directly on your site. There’s also our intuitive booking and scheduling tool that allows your website visitors to easily schedule appointments with you without leaving your website. We also offer marketing services like SEO, copywriting, blogging, and more.

Sign up on B12 today to get started and get your business’s online presence up and running in as little as 30 days. You can also visit our Product Overview to learn more about the solutions that we provide.

Источник: mynewextsetup.us

Top 4 Financial Jobs You Can Do from Home

Even before the global COVID pandemic shifted much of the financial workforce to working at home, the industry had seen an increasing number of jobs that allow for working remotely. These jobs range from full-time corporate positions to opportunities for independent contractors.

The following is a breakdown of four of the top work-from-home jobs in finance.

Key Takeaways

  • Work-at-home jobs in finance range from full-time corporate jobs to positions for independent contractors.
  • Independent financial planner, corporate financial jobs, day trader, and financial writer are all examples of roles that can be performed remotely.
  • These jobs were work-at-home friendly before the COVID pandemic.

1. Independent Financial Planner

Independent financial planners and advisors can base their offices out of their homes as long as they provide a professional setting for their practices. A client would expect a financial planner to have a dedicated area for the home-based business. Other issues to consider include parking, access for disabled people, and restrooms.

Financial planners who choose a work-from-home arrangement can substantially reduce their overhead expenses and commuting costs. The compensation range for successful financial planners who work at home will likely mirror the compensation earned by those with similar practices who work in a traditional office, but without the associated—and often high—overhead expenses.

If you don’t live alone, then a key factor in deciding whether to work from home as an independent financial planner is whether your significant other or family is willing to share their home with a business and clients who visit.

2. Corporate Financial Careers

These work-at-home jobs encompass several different areas, including financial analysts, certified public accountants (CPAs), tax professionals, computer programmers, and many others. A lot of these jobs are outsourced to independent contractors.

Many computer-based jobs can now be done from anywhere, and some employers may be reluctant to justify using expensive office space to food stamp office houston additional employees. Before the pandemic, some of these corporate jobs required employees to come into the office once or twice a week, for meetings or presentations, and allowed them to do their remaining work at home.

3. Day Trader

A day trader holds positions in stocks for a very short period of time, often minutes to hours, and makes numerous trades each day. In most cases, all open trades are closed before the end of the day.

While day trading does not offer a guaranteed salary or other benefits, it does provide those who are successful at it with potentially huge returns on capital. Being a successful day trader requires much more than lucky guesses; day trading requires independent financial jobs skills and the use of sophisticated tools, available capital, and emotional stamina.

To be successful, day traders need the following:

  • A long-term trading strategy and access to up-to-the-minute market information, including real-time quotes
  • The ability to correctly interpret the short-term movements of the markets
  • Continuous access to multiple live news sources
  • Analytical software, which allows day traders to discover trading patterns much faster and reduce trade execution times

Day traders must have the steeliness to weather heavy short-term losses, and they should have ample cash reserves. Some focus chiefly on trading equities, while others speculate in derivatives or foreign currencies. While successful day traders can become quite wealthy, even the best will see substantial fluctuations in their returns from one year to the next. If you need a steady income, this is not the career for you.

Day trading is not for everyone. Losses can mount quickly, particularly if margin is used to finance the purchase of securities. Margin calls are a major risk.

4. Financial Writer

While a career as a financial writer is perhaps one of the least publicized in the industry, talented and experienced writers are constantly in demand. There has been an explosion of financial news, literature, and websites over the past two decades, along with an increased demand for professional financial education and training.

This job is perhaps one of the easiest to do from home because written material is easily delivered electronically. There is rarely a shortage of work for a competent writer, particularly one who can produce good copy under a tight deadline.

While a degree in finance, economics, or journalism may help you command higher pay, it is more important to have professional experience in the financial industry or financial journalism. Some writers have become successful by writing consistent professional-level copy on financial topics that are well-researched and financially sound.

$66,

The average annual earnings of financial writers in the United States as of Novemberaccording to Payscale. Those at the top end average $,+.

FAQs

What Are the Top Work-from-Home Financial Jobs?

Top financial jobs that can be performed from home include independent financial planner, day trader, financial writer, and corporate financial jobs. Certified public accountants (CPAs), financial analysts, tax professionals, and computer programmers are examples of corporate financial jobs.

What Credentials Do Independent Financial Planners Need?

The most commonly held credential for a financial planner is certified financial planner (CFP), a professional designation issued by the Certified Financial Planner Board of Standards. In addition to financial planning, a CFP requires expertise in taxes, insurance, estate planning, and retirement. Financial planners can also hold other designations, including Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), or Certified Investment Management Analyst (CIMA).  Credentials are awarded to those who pass exams and take part in ongoing annual education programs to maintain their skills and certification, among other qualifications.

How Do I Become a Day Trader?

Day trading is not for everyone and involves significant risks. Professional day traders require an in-depth understanding of how the markets work, various strategies for profiting in the short term, and ample reserves. Day traders also need access to a trading platform, real-time news, and data feeds.

The Bottom Line

For many people, being able to work at home gives them the best of both worlds. They have the job security and income of a regular full-time job without the time, expense, and hassle of going to an office. As with other sectors of the economy, the financial industry workforce was becoming increasingly mobile well before the global COVID pandemic.

Источник: mynewextsetup.us

Kestra Financial, Inc. (Kestra Financial) provides a leading independent advisor platform that empowers sophisticated, independent financial professionals, including traditional and hybrid RIAs, to prosper, grow, and provide superior client service. With a culture rich in reinvention and advisor advocacy, Kestra Financial has developed integrated business management technology that, combined with its personalized consulting services, offers exceptional scale and efficiency.

Headquartered in the “Silicon Hills” of Austin, Texas, Kestra Financial offers an experience as unique as the city in which it operates. The firm supports more than 1, independent financial advisors in delivering comprehensive securities and investment advisory services to their clients.

Current Openings

  • Account Services Specialist I

    • Austin, TX
    • Client Service
  • Advisory Operations Specialist

    • Austin, TX
    • Client Service
  • Advisory Platform Sales Specialist

  • Advisory Platform Sales Specialist

  • Advisory Specialist

    • Austin, TX
    • Wealth Management
  • Analyst, Licensing and Registration

  • Analyst, Surveillance

  • AVP, Technology

  • Client Support Specialist

    • Austin, TX
    • Client Service
  • Data Architect

  • Data Engineer

  • Experience Specialist

    • Aistom, TX
    • Client Experience
  • Onboarding Consultant

  • Product Manager

    • Austin, TX
    • Product Management
  • Program Manager

    • Austin, TX
    • Program Management Office
  • RIA Compliance Analyst

  • Salesforce Marketing Cloud Specialist

  • Sr. Analyst I, Regulatory Compliance

  • Sr. Analyst II, Compliance

  • Staff Accountant

  • Success Coach

    • Austin, TX
    • Client Service
  • Systems Administrator

  • Technology Solutions Analyst

    • Austin, TX
    • Client Service
  • Trade Supervisor

    • Austin, TX
    • Sales Supervision
  • Wealth Management Analytics & Reporting

    • Austin, TX
    • Wealth Management
Источник: mynewextsetup.us

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.

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 regions bank 24 hour number 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.

Salary

  • Salaries at trainee adviser level range from £22, to £30,
  • Qualified financial advisers can earn between £30, and £45,
  • Senior financial advisers working with an average-wealth client base can earn in the region of £60,
  • Wealth managers or private client advisers who are based in the wealth division of major retail and private banks can earn more than £,

Financial advisers may also earn bonuses and commission and have additional benefits on top of their salary.

Salaries vary considerably depending on your employer and location, as well as on your level of qualifications and experience.

Income figures are intended as a guide only.

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 independent financial jobs 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.

Employers

Financial advisers usually work for:

  • banks and building societies
  • financial planning firms
  • independent financial advice companies
  • insurance companies
  • investment firms.

Others are employed by estate agencies, specialist pension consultancies, law firms and by a number of retailers who have developed financial services as a part of their business. Some work as self-employed advisers.

Independent financial advisers (IFAs) may work for an organisation or may be self-employed, providing advice on products across the market.

Look for job vacancies at:

You can also independent financial jobs the local and national press, and recruitment agencies commonly handle vacancies.

Professional development

In order to become a qualified financial adviser you must take specific professional qualifications. Giving investment financial advice is regulated by the Financial Conduct Authority (FCA).

Employers often provide internal training and support to employees in gaining the minimum Level 4 qualifications needed to deliver financial advice. These include:

Financial advisers who want to provide advice on mortgages or equity, stocks and shares, or long-term care protection will need to take additional examinations.

For more information on the appropriate qualifications, see the FCA.

All financial advisers working in retail investment must have a Statement of Professional Standing (SPS), which confirms that they have successfully completed a Level 4 qualification approved by the FCA. They must also complete an annual programme of continuing professional development (CPD) of 35 hours and adhere to the FCA code of practice.

Many trainee advisers begin as tied advisers, gaining basic training in a range of financial products. Employers usually provide this in-house through a combination of formal tuition and on-the-job training. Trainees will gradually begin to work with clients under supervision and, gaining experience and qualifications, will acquire their own book of clients.

In the early stages you'll usually shadow an experienced financial adviser, doing some of the research and administration connected with their work and then you will gradually begin to deal directly with clients yourself, under supervision. As you become more experienced, you will acquire your own list of clients.

Most employers provide training and pay for examinations, but trainees are usually expected to study outside working hours and many courses offer distance learning opportunities. After you are qualified, regular supervision ensures that you maintain levels of competence and independent financial jobs with regulations.

The qualifications that you take may depend on the requirements of the organisation you work for and their specialist area.

Career prospects

After a period as a successful financial adviser, you could choose to:

  • work on behalf of clients with larger sums to invest
  • specialise in one type of financial advice, such as pensions and retirement, planning or savings investments plans - you might become the acknowledged expert in your office and colleagues would refer to you when they needed specialist advice for a client
  • move upwards within your company and become responsible for the work of several other advisers, for the recruitment and training of new staff or for marketing and promoting the company - this might involve developing links with accountants, estate agents and solicitors in order to encourage them to refer clients to you.

Some advisers move into compliance work, which involves ensuring that all advisers follow company rules and regulations issued by regulatory bodies.

There may also be opportunities to become a director or partner in your firm.

Self-employment is another option. It's quite common for financial sales consultants with successful employment experience to launch their own businesses as independent financial advisers (IFAs).

You should continue to develop your skills and knowledge throughout your career. Studying for more advanced or specialised professional qualifications can enhance your career development opportunities. Qualifications include:

It's also possible to study full or part time for an MBA.

Find out how Chloe become a financial adviser on a graduate scheme at BBC Bitesize.

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Unlock opportunities with modern wealth management advice.

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independent financial jobs

Independent financial jobs -

Unlock opportunities with modern wealth management advice.

From Barron's #1 independent financial advisory firm in the nation – four years running.

Unlock opportunities with modern wealth management advice.

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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.

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.

Salary

  • Salaries at trainee adviser level range from £22, to £30,
  • Qualified financial advisers can earn between £30, and £45,
  • Senior financial advisers working with an average-wealth client base can earn in the region of £60,
  • Wealth managers or private client advisers who are based in the wealth division of major retail and private banks can earn more than £,

Financial advisers may also earn bonuses and commission and have additional benefits on top of their salary.

Salaries vary considerably depending on your employer and location, as well as on your level of qualifications and experience.

Income figures are intended as a guide only.

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.

Employers

Financial advisers usually work for:

  • banks and building societies
  • financial planning firms
  • independent financial advice companies
  • insurance companies
  • investment firms.

Others are employed by estate agencies, specialist pension consultancies, law firms and by a number of retailers who have developed financial services as a part of their business. Some work as self-employed advisers.

Independent financial advisers (IFAs) may work for an organisation or may be self-employed, providing advice on products across the market.

Look for job vacancies at:

You can also check the local and national press, and recruitment agencies commonly handle vacancies.

Professional development

In order to become a qualified financial adviser you must take specific professional qualifications. Giving investment financial advice is regulated by the Financial Conduct Authority (FCA).

Employers often provide internal training and support to employees in gaining the minimum Level 4 qualifications needed to deliver financial advice. These include:

Financial advisers who want to provide advice on mortgages or equity, stocks and shares, or long-term care protection will need to take additional examinations.

For more information on the appropriate qualifications, see the FCA.

All financial advisers working in retail investment must have a Statement of Professional Standing (SPS), which confirms that they have successfully completed a Level 4 qualification approved by the FCA. They must also complete an annual programme of continuing professional development (CPD) of 35 hours and adhere to the FCA code of practice.

Many trainee advisers begin as tied advisers, gaining basic training in a range of financial products. Employers usually provide this in-house through a combination of formal tuition and on-the-job training. Trainees will gradually begin to work with clients under supervision and, gaining experience and qualifications, will acquire their own book of clients.

In the early stages you'll usually shadow an experienced financial adviser, doing some of the research and administration connected with their work and then you will gradually begin to deal directly with clients yourself, under supervision. As you become more experienced, you will acquire your own list of clients.

Most employers provide training and pay for examinations, but trainees are usually expected to study outside working hours and many courses offer distance learning opportunities. After you are qualified, regular supervision ensures that you maintain levels of competence and compliance with regulations.

The qualifications that you take may depend on the requirements of the organisation you work for and their specialist area.

Career prospects

After a period as a successful financial adviser, you could choose to:

  • work on behalf of clients with larger sums to invest
  • specialise in one type of financial advice, such as pensions and retirement, planning or savings investments plans - you might become the acknowledged expert in your office and colleagues would refer to you when they needed specialist advice for a client
  • move upwards within your company and become responsible for the work of several other advisers, for the recruitment and training of new staff or for marketing and promoting the company - this might involve developing links with accountants, estate agents and solicitors in order to encourage them to refer clients to you.

Some advisers move into compliance work, which involves ensuring that all advisers follow company rules and regulations issued by regulatory bodies.

There may also be opportunities to become a director or partner in your firm.

Self-employment is another option. It's quite common for financial sales consultants with successful employment experience to launch their own businesses as independent financial advisers (IFAs).

You should continue to develop your skills and knowledge throughout your career. Studying for more advanced or specialised professional qualifications can enhance your career development opportunities. Qualifications include:

It's also possible to study full or part time for an MBA.

Find out how Chloe become a financial adviser on a graduate scheme at BBC Bitesize.

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Occupational Employment and Wages, May

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Personal Financial Advisors

Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients. Excludes "Securities, Commodities, and Financial Services Sales Agents" ().


National estimates for Personal Financial Advisors
Industry profile for Personal Financial Advisors
Geographic profile for Personal Financial Advisors

National estimates for Personal Financial Advisors:

Employment estimate and mean wage estimates for Personal Financial Advisors:

Employment (1)Employment
RSE (3)
Mean hourly
wage
Mean annual
wage (2)
Wage RSE (3)
, %$ $ , %

Percentile wage estimates for Personal Financial Advisors:

Percentile 10% 25% 50%
(Median)
75% 90%
Hourly Wage $ $ $ $ (5)
Annual Wage (2)$ 44,$ 59,$ 89,$ ,(5)


Industry profile for Personal Financial Advisors:

Industries with the highest published employment and wages for Personal Financial Advisors are provided. For a list of all industries with employment in Personal Financial Advisors, see the Create Customized Tables function.

Industries with the highest levels of employment in Personal Financial Advisors:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities , $ $ ,
Credit Intermediation and Related Activities ( and only) 32, $ $ 98,
Agencies, Brokerages, and Other Insurance Related Activities 6, $ $ ,
Management of Companies and Enterprises 4, $ $ ,
Accounting, Tax Preparation, Bookkeeping, and Payroll Services 2, $ $ ,

Industries with the highest concentration of employment in Personal Financial Advisors:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities , $ $ ,
Insurance and Employee Benefit Funds $ $ 83,
Other Investment Pools and Funds $ $ ,
Credit Intermediation and Related Activities ( and only) 32, $ $ 98,
Agencies, Brokerages, and Other Insurance Related Activities 6, $ $ ,

Top paying industries for Personal Financial Advisors:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Other Investment Pools and Funds $ $ ,
Securities, Commodity Contracts, and Other Financial Investments and Related Activities , $ $ ,
Real Estate $ $ ,
Legal Services 50(7)$ $ ,
Management of Companies and Enterprises 4, $ $ ,


Geographic profile for Personal Financial Advisors:

States and areas with the highest published employment, location quotients, and wages for Personal Financial Advisors are provided. For a list of all areas with employment in Personal Financial Advisors, see the Create Customized Tables function.





States with the highest employment level in Personal Financial Advisors:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
California 28, $ $ ,
New York 22, $ $ ,
Florida 17, $ $ ,
Texas 15, $ $ 99,
Illinois 9, $ $ ,




States with the highest concentration of jobs and location quotients in Personal Financial Advisors:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Connecticut 4, $ $ ,
New York 22, $ $ ,
Rhode Island 1, $ $ ,
Utah 3, $ $ 90,
Massachusetts 7, $ $ ,




Top paying states for Personal Financial Advisors:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
New York 22, $ $ ,
Maine $ $ ,
Montana $ $ ,
Minnesota 4, $ $ ,
Massachusetts 7, $ $ ,



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Financial independence

For the concept of independence from another person for support, see Dependant.

Financial independence is the status of having enough income to pay one's living expenses for the rest of one's life without having to be employed or dependent on others.[1] Income earned without having to work a job is commonly referred to as passive income.[citation needed]

There are many strategies to achieve financial independence, each with their own benefits and drawbacks. Someone who wishes to achieve financial independence can find it helpful to have a financial plan and budget, so that they have a clear view of their current incomes and expenses, and can identify and choose appropriate strategies to move towards their financial goals. A financial plan addresses every aspect of a person's finances.[2]

Passive sources of income to achieve financial independence[edit]

See also: Passive income

The following is a non-exhaustive list of sources of passive income that potentially yield financial independence.

Approaches to financial independence[edit]

If a person can generate enough income to meet their needs from sources other than their primary occupation, they have achieved financial independence, regardless of age, existing wealth, or current salary. For example, if a year-old has $ in expenses per month, and assets that generate $ or more per month, they have achieved financial independence. They have no need to work a regular job to pay their bills.

On the other hand, if a (for example) year-old earns $1,, a month but has expenses that equal more than that per month, they are not financially independent, as they still have to earn the difference each month to make all their payments.

However, the effects of inflation must be considered. If a person needs $/month for living expenses today, they will need $/month next year and $/month the following year to support the same lifestyle, assuming a 5% annual inflation rate. Therefore, if the person in the above example obtains their passive income from a perpetuity, there will be a time when they lose their financial independence because of inflation.

If someone receives $ in dividends from stocks they own, but their expenses total $, they can live on their dividend income because it pays for all their expenses to live (with some left over). Under these circumstances, a person is financially independent. A person's assets and liabilities are an important factor in determining if they have achieved financial independence. An asset is anything of value that can be readily turned into cash (liquidated) if a person has to pay debt, whereas a liability is a responsibility to provide compensation. (Homes and automobiles with no loans or mortgages are common assets.)

Since there are two sides to the assets and expenses equation, there are two main directions one can focus their energy: accumulating assets or reducing their expenses.

Asset accumulation[edit]

Accumulating assets can focus one or both of these approaches:

  • Gather revenue-generating assets until the generated revenue surpasses living/liability expenses.
  • Gather enough liquid assets to then sustain all future living/liability expenses.

Expense reduction[edit]

Another approach to financial independence is to reduce regular expenses while accumulating assets, to reduce the amount of assets required for financial independence. This can be done by focusing on simple living, or other strategies to reduce expenses.[3][4]

See also[edit]

References[edit]

Further reading[edit]

  • Vicki Robin and Joe Dominguez () Your Money or Your Life, Viking. Your Money or Your Life: Revised and Updated for the 21st Century, published by Penguin Books in December by Vicki Robin with Monique Tilford and contributor Mark Zaifman.
  • Jacob Lund Fisker () Early Retirement Extreme: A philosophical and practical guide to financial independence, ISBN&#;
  • Kristy Shen and Bryce Leung () Quit Like a Millionaire, published by Penguin Random House, ISBN&#;
Источник: mynewextsetup.us

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