Financial Adviser

Financial advisers (also known as financial planners) analyse the financial affairs of individuals and businesses. They then recommend how clients can achieve their future financial goals, making the best use of their money.

Advisers guide clients through their financial options and source appropriate products. Examples may include setting up an employee pension scheme for a company or helping an individual to arrange a mortgage.

A financial adviser's duties may include:

• meeting with clients
• analysing current financial circumstances
• explaining the benefits and limitations of particular products
• providing information about new products and services
• keeping up with, and communicating developments in, financial legislation, such as taxation, tax relief and allowances
• regularly checking clients' plans to make sure their products are still suitable
• negotiating the best possible rates with suppliers
• maintaining records and meeting sales targets
• providing annual summaries of investment and pension performance.

Working hours often vary to fit around clients' circumstances. Some advisers work standard office hours, Monday to Friday, but flexible working is normal for many.

Financial advisers can be office based or may work from home, travelling to meet clients in their own homes.

Salaries range from around £20,000 to over £100,000 a year.

A financial adviser should:

• have good numeracy skills
• be capable of understanding a large range of financial products
• be a good listener
• have good spoken and written communication skills
• be interested in finance and investments
• enjoy working with people.

There are currently around 80,000 financial advisers in the UK. Employers include insurance companies, investment firms, banks, building societies, estate agents, retailers, law firms and independent financial adviser firms. Many independent financial advisers are self-employed.

There are no set qualifications for entry to this work and there are several routes to becoming a financial adviser. Some progress to this work from a customer adviser or paraplanner role. Others have a career change and enter from other financial services areas, such as insurance, banking, investment or accounting. A number of employers recruit financial advisers through graduate entry training schemes. It is also possible to enter through an Advanced Apprenticeship in advising on financial products. The Diploma in business, administration and finance could be relevant for this route.

Financial advisers are required to take an appropriate examination with a professional body. By the end of 2012 all advisers will have to have an approved Level 4 qualification.

Promotion may be possible to a supervisory or management position.

Further details