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Your route to becoming a financial adviser

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Your route to becoming a financial adviser

There’s no better time to start thinking about becoming a financial adviser – so if you’re at the beginning of your financial career and are ready to take the next step, this blog is for you. Perhaps you are currently in a trainee position, are a paraplanner looking to make the move into an advisory role, a mortgage adviser wanting to make the leap to financial advice, or are even currently working in a financial advice firm in a business development role and aren’t sure about the different routes available to you. 

Wherever you are in your journey to becoming a financial adviser, we explain the different options in this blog post. So from paraplanner and administration roles to training programmes and academies, read on to find out everything you need to know about how to become a financial adviser…

The world needs financial advisers

According to recent reports, due to the delayed impact of the Retail Distribution Review, one in five advisers are set to exit the industry in the next five years – which is around 7,000 advisers leaving the industry in the next half-decade. That means just 18,000 advisers are expected to still be working in 10 years time – and unless the advisers exiting the industry are replaced by new recruits, the number of consumers accessing advice could be under one million in the next decade. 

As a result, the cost of regulation will be split amongst an even smaller number of consumers, driving costs up even further. However, with 42% of firms seeking to grow and transfer internally to a new management team when their current leaders exit, the industry needs new financial advisers to rise up the ranks and fill the looming adviser gap – so now’s the time to take the leap!

Why become a financial adviser? 

Why become a financial adviser? Well, to put it simply, people need help with their money. Financial clarity and the comprehension of even some basic products is still very low amongst a substantial part of the population, which means financial advisers are in desperate demand. Not only that, but despite the highs and lows, the financial services industry remains a highly sought after career for ambitious professionals, with unbeatable career development and progression. There’s also lots of creativity and the chance to be involved in one of the most dynamic industries in the world – and the salary rewards are unrivalled too.

Don’t think a financial adviser role is boring, either – there’s plenty of variety, and because you have the chance to build relationships by advising your clients on a range of different products and services, it’s very rewarding, too. Despite the rise of Fintech and robo advice, there’s still very much a place for financial advisers – and there always will be. After all, no matter how fast and efficient computers are, they will never replace real relationships and getting to know your clients to help them reach their goals. 

financial adviser career path

The routes into financial advice

There are more than a handful of pathways into financial adviser roles, with most involving relevant qualifications, hands-on experience and on-the-job training. However, tangible information on how to break into the profession remains sparse, most likely because there are so many different training and qualifications options. If you’re confused about the different options available to you, here are a few of the different routes in: 

Administrator roles

One option is to join a small advisory firm in an administrator role. A long-term strategy, joining a firm as an administrator is a good way in for junior candidates. As an administrator, you would provide support to financial advisers before moving into an advisory role yourself. These type of roles allow you to get closer to the process, gain exposure to clients and understand what’s involved in an adviser role, as well as figuring out if financial advice is right for you. Your employer might even subsidise any exams you need to take, too – just make sure you assess the type of company and ensure that the financial qualifications on offer will enable you to do what you want.

Junior paraplanner roles

Another way into the industry is to join a firm in a paraplanning role. As a paraplanner, you will have the chance to sit in on meetings and even research the different products available for your clients, getting you closer to the financial advice process. However, paraplanning is a career in its own right, and whilst you will join meetings and make product suggestions, you won’t learn how to actually run meetings or ask the right questions to get the info you need – so it’s important to make your desired career path known. Again, after becoming a paraplanner, there are further qualifications to take in order to become a level 4 qualified financial adviser, which means this is another long-term route. 

Academy and training programmes

Already working at a financial advice firm? If you’re currently working as a mortgage adviser or even a business development manager and want to move into a financial advice role but your current company aren’t willing to progress you, you could join a network that runs an academy or training programme. A number of major networks offer their own recruitment and training models and are open to receiving candidates from a multitude of professions and educational backgrounds. Good examples of this include the St James Place academy, Open Work academy and the 2plan academy. 

These academies are set up to take on people who are part qualified and looking to move into advisory roles, as well as those already in other adviser roles who want to step across into financial advice. These training programmes will see you shadowing financial advisers who will support and mentor you, teaching you the business development and sales skills you need to become a financial adviser yourself. It’s a great opportunity to gain hands-on financial advice practice so you can identify a clear path into becoming an adviser – all the while receiving a salary.

As the need for financial advisers grows, we are seeing high numbers of trainee adviser roles opening up across the UK for fully qualified or part qualified candidates. However, these types of roles are not always advertised – so using an expert agency is often the best way to secure potential opportunities like these. 

financial adviser career path

Trainee adviser roles

You can join a company who is looking to hire a trainee financial adviser and, at Recruit UK, we are seeing more of these roles opening up. This is often a fast track into financial advice as companies have an internal training and mentorship programme and a financial adviser for you to shadow and learn from. More often than not, these companies are geared towards growth; they are thinking about their next home-grown talent. Perhaps they’re quiring client books or they have advisers that are looking to exit the industry and need someone to service existing client relationships. The role is often a hands-on position; combining paraplanning and advice in the beginning, they will also get you up to level 4 diploma qualification but often require that the suitable candidate is on the way to level 4 or already level 4 with experience of working within a financial advice practice as a paraplanner or similar. The company will want to progress you as quickly as they can as they have a need to. They will also ensure you achieved competent adviser status.

These roles are not always advertised and using an experienced and knowledgeable recruiter is paramount in sourcing these types of suitable opportunities.  

Financial degrees

An alternative to on-the-job training is the option to study for a specific financial planning degree. The University of Northampton, University of South Wales and Manchester Metropolitan University all currently offer specific financial planning degrees, whilst Northampton offers a Bachelor of Science in Banking and Financial Planning. The degree covers topics such as investment, pensions, retirement planning, personal tax, financial services law and financial intermediation, and students are given the option to gain chartered status through the CII, too. There’s also written and practical case studies, and graduates are directly issued with an FCA license to practise.

The University of Coventry also runs a Bachelor of Financial Services degree through which graduates receive a dispensation from certain CII exams, whereas the London Institute of Banking and Finance provides its own Bachelor of Science split into banking and finance, or finance, investment and risk streams. The option of studying for a financial planning degree isn’t just for undergrads, either – second jobbers can decide to go back to uni if they think they are better suited to learning from academic experience rather than on the job.

Ready to take the next step?

When deciding on your route into financial advice, it’s important to consider all of your options and make a decision that’s right for you. Do you want to learn on the job or would you prefer to study at university? Are you already working in an advisory firm? And what about exams – how long do you think you will take to complete your CII exams? Other things to think about include work/life balance and the type of working environment you want, as well as how much you want to earn.

A career in financial advice is incredibly rewarding: there’s plenty of variety, unbeatable training and development, and the financial rewards are unrivalled. If you’re ready to take the next step in your career, a specialist financial advice recruitment agency will be able to help you explore all the possible routes available and devise a clear, structured path into becoming an adviser so you can choose the right route for you. Speak to one of our expert consultants today to find out more.

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PRIVACY POLICY

Background: Recruit UK Limited understands that your privacy is important to you and that you care about how your personal data is used. We respect and value the privacy of all our customers and will only collect and use personal data in ways that are described here, and in a way, that is consistent with our obligations and your rights under the law.

1. What Does This Notice Cover?

This Privacy Information explains how we use your personal data: How it is collected, how it is held, and how it is processed. It also explains your rights under the law relating to your personal data.

2. What is Personal Data?

Personal data is defined by the General Data Protection Regulation (EU Regulation 2016/679) (the “GDPR”) as ‘any information relating to an identifiable person who can be directly or indirectly identified in particular by reference to an identifier’. Personal data is, in simpler terms, any information about you that enables you to be identified. Personal data covers obvious information such as your name and contact details, but it also covers less obvious information such as identification numbers, electronic location data, and other online identifiers.

3. What Are My Rights?

Under the GDPR, you have the following rights, which we will always work to uphold:

a) The right to be informed about our collection and use of your personal data. This Privacy Notice should tell you everything you need to know, but you can always contact us to find out more or to ask any questions.

b) The right to access the personal data we hold about you.
c) The right to have your personal data rectified if any of your personal data held by us is inaccurate or incomplete.
d) The right to be forgotten, i.e. the right to ask us to delete or otherwise dispose of any of your personal data that we have.
e) The right to restrict (i.e. prevent) the processing of your personal data.
f) The right to object to us using your personal data for a particular purpose or purposes.

g) The right to data portability: This means that if you have provided personal data to us directly, we are using it with your consent or for the performance of a contract, and that data is processed using automated means. You can ask us for a copy of that personal data to re-use with another service or business in many cases.

h) Rights relating to automated decision-making and profiling: We do not use your personal data in this way

i) For more information about our use of your personal data or exercising your rights as outlined above. Further information about your rights can also be obtained from the Information Commissioner’s Office or your local Citizens Advice Bureau. If you have any cause for complaint about our use of your personal data, you have the right to lodge a complaint with the Information Commissioner’s Office.

4. What Personal Data Do We Collect?

We may collect some or all the following personal data (this may vary according to your relationship with us):

  • Name;
  • Address;
  • Email address;
  • Telephone number;
  • Business name;
  • Job title;
  • Profession;
  • Information about your preferences and interests

5. How Do You Use My Personal Data?

Under the GDPR, we must always have a lawful basis for using personal data. This may be because the data is necessary for our performance of a contract with you, because you have consented to our use of your personal data, or because it is in our legitimate business interests to use it. Your personal data will be used for or may be used for one of the following purposes:

  • Providing and managing your account.
  • Supplying our services to you. Your personal details are required in order for us to enter into a contract with you.
  • Personalising and tailoring our services for you.
  • Communicating with you. This may include responding to emails or calls from you.
  • Supplying you with information by email and/or post that you have opted-in to (you may unsubscribe or opt-out at any time by emailing [email protected].

With your permission and/or where permitted by law, we may also use your personal data for marketing purposes, which may include contacting you by email and/or telephone and /or text message and/or post with information, news, and offers on our services. We will always work to fully protect your rights and comply with our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003, and you will always have the opportunity to opt out.

6. How Long Will You Keep My Personal Data?

Due to the nature of recruitment, a significant number of candidates reconnect with our organisation periodically. It is not uncommon for this to occur years after we have placed them in a role. For this reason, your consent includes explicit consent to retain your personal details until you wish us to delete your records from our database or refrain from further engagement.

7. How and Where Do You Store or Transfer My Personal Data?

We will only store or transfer your personal data in the UK or elsewhere in the EU. This means that it will be fully protected under the GDPR.

  • We store all data in specific company applications unique to us
  • All application access is via secure password or biometric control
  • In line with our Data Retention Policy, your data is deleted once

a) we no longer have a relevant use for it
b) it has passed the relevant expiry date

8. Do You Share My Personal Data?

We will not share any of your personal data with any third parties for any purposes, subject to one important exception. In some limited circumstances, we may be legally required to share certain personal data, which
might include yours, if we are involved in legal proceedings or complying with legal obligations, a court order, or the instructions of a government authority.

If any of your personal data is required by a third party, as described above, we will take steps to ensure that your personal data is handled safely, securely, and in accordance with your rights, our obligations, and the third party’s obligations under the law.

9. How Can I Access My Personal Data?

If you want to know what personal data we have about you, you can ask us for details of that personal data and for a copy of it (where any such personal data is held). This is known as a “subject access request”.All subject access requests should be made in writing and sent to the email or postal addresses shown below.

There is not normally any charge for a subject access request. If your request is ‘manifestly unfounded or excessive’ (for example, if you make repetitive requests) a fee may be charged to cover our administrative costs in responding.

We will respond to your subject access request within 14 days and, in any case, not more than one month of receiving it. Normally, we aim to provide a complete response, including a copy of your personal data within that time. In some cases, however, particularly if your request is more complex, more time may be required up to a maximum of three months from the date we receive your request.

You will be kept fully informed of our progress.

10. Contact details

Contact us at [email protected]
Alternatively, you can contact us by writing to us at:
GDPR Compliance Officer
Recruit UK Limited
Newminster House
27-29 Baldwin Street
Bristol
BS1 1LT

11. Complaints procedure

If you have a complaint about the way your data is stored or handled by Recruit UK Limited, please
contact us at [email protected]
Alternatively, you can contact us by writing to us at:
GDPR Compliance Officer
Recruit UK Limited
Newminster House
27-29 Baldwin Street
Bristol
BS1 1LT

Escalated Complaints
If you remain unhappy with the handling of your data, you can complain to the ICO.
Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF

12. Changes to this Privacy Notice
We may change this Privacy Notice from time to time. This may be necessary, for example, if the law
changes, or if we change our business in a way that affects personal data protection.
Any changes will be made available on our website recruitukltd.co.uk

DIVERSITY POLICY

Inclusivity and fairness are of paramount importance to us. Recruit UK embraces equality, diversity and inclusion and will seek to promote their benefits in all of its business activities. We will further develop our business culture to encourage, value and manage that belief. 

We intend to eliminate discrimination and encourage diversity amongst our workforce. Our aim is that our employees will be truly representative of all sections of society and each person feels respected and able to give their best.

Our policy purpose:

Not unlawfully discriminate because of the Equality Act 2010 protected characteristics of:

  • age
  • disability
  • gender reassignment
  • marriage or civil partnership
  • pregnancy and maternity
  • race (including colour, nationality, and ethnic or national origin)
  • religion or belief
  • sex
  • sexual orientation

 

Oppose and avoid all forms of unlawful discrimination. This includes:

  • pay and benefits
  • terms and conditions of employment
  • dealing with grievances and discipline
  • dismissal
  • redundancy
  • leave for parents
  • requests for flexible working
  • selection for employment, promotion, training or other developmental opportunities

 

Who is responsible for equal opportunities?

Achieving an equal opportunities workplace is a collective task shared between the employer and all its staff. This policy and the rules contained in it, therefore, apply to all staff of the employer irrespective of seniority, tenure and working house, including all employees, directors,

consultants, trainees, homeworkers and fixed-term staff and any volunteers or interns (referred to as staff).

All staff have a personal responsibility to ensure compliance with this policy, to always treat colleagues with dignity, and not to discriminate against or harass other members of staff, visitors, clients, customers, suppliers and former Recruit UK, employees.

Managers and Directors must take all necessary steps to:

  • Promote the objective of equal opportunities and the values set out in this policy.
  • Ensure that their own behaviour and those of the staff then manage complies in full with this policy;
  • Ensure that any complaints of discrimination, victimisation, or harassment (including against themselves) are dealt with appropriately and are not suppressed or disregarded.

Our Commitments

  1. Encourage equality, diversity and inclusion in the workplace.

  2. Create a working environment free of bullying, harassment, victimisation, and unlawful discrimination, promoting dignity and respect for all, and where individual differences and the contributions of all staff are recognised and valued.

    This commitment includes training managers and all other employees about their rights and responsibilities under the equality, diversity, and inclusion policy. Responsibilities include staff conducting themselves to help the organisation provide equal opportunities in employment, and prevent bullying, harassment, victimisation, and unlawful discrimination.

    All staff should understand they, as well as their employer, can be held liable for acts of bullying, harassment, victimisation, and unlawful discrimination, in the course of their employment, against fellow employees, customers, suppliers and the public.

  3. Take seriously complaints of bullying, harassment, victimisation and unlawful discrimination by fellow employees, customers, suppliers, visitors, the public and any others during the organisation’s work activities.

    Such acts will be dealt with as misconduct under the organisation’s grievance and/or disciplinary procedures, and appropriate action will be taken. Particularly serious complaints could amount to gross misconduct and lead to dismissal without notice.

    Further, sexual harassment may amount to both an employment rights matter and a criminal matter, such as in sexual assault allegations. In addition, harassment under the Protection from Harassment Act 1997 – which is not limited to circumstances where harassment relates to a protected characteristic – is a criminal offence.

  4. Make opportunities for training, development, and progress available to all staff, who will be helped and encouraged to develop their full potential, so their talents and resources can be fully utilised to maximise the efficiency of the organisation.

  5. Review employment practices and procedures when necessary to ensure fairness, and also update them and the policy to take account of changes in the law.

  6. Monitor the make-up of the workforce regarding information such as age, sex, ethnic background, sexual orientation, religion or belief, and disability in encouraging equality, diversity and inclusion, and in meeting the aims and commitments set out in the equality, diversity and inclusion policy.

    Monitoring will also include assessing how the equality, diversity and inclusion policy, and any supporting action plan, are working in practice, reviewing them annually, and considering and taking action to address any issues.

Agreement to follow this policy

The equality, diversity and inclusion policy is fully supported by senior management at Recruit UK.

Details of Recruit UK’s grievance and disciplinary policies and procedures can be found in the employee’s handbook. This includes with whom an employee should raise a grievance – usually their line manager.

Use of the organisation’s grievance or disciplinary procedures does not affect an employee’s right to make a claim to an employment tribunal within three months of the alleged discrimination.

Achieve your career goals

Once you have the knowledge, soft skills, practical skills, and qualifications needed for pursuing a career in Financial Planning, we will provide you with guidance toward a suitable path to follow to achieve your career goals.
 
You can confidently apply for job opportunities with a high-quality CV knowing exactly where you sit within the market with inside intel about salary expectations, buzzwords for specific leading firms and referrals from experts you will meet along the way. You will also have the opportunity to utilize the Financial Planner Life recruitment services, giving you further specialized advice and putting you forward for roles which align with your intrinsic values and career goals.
 
Don’t put it on hold, join the community today and discover your potential.
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Discover your path.

We understand that there isn’t a one size fits all approach to a career in financial planning, which is why we are here to make sure that you’re taking the right route into the profession.
 
We’ve calmed the process down so you can stay within your current company, start studying towards your qualifications and begin to get a real understanding of what the landscape of financial planning looks like in respect of your career.
 
Whether you have aspirations of being an employed adviser, running your own business or doing a more back-office focused role such as compliance, we can help guide and support you down the right path, matching your experience, your network and your intrinsic values.

Uncover your potential.

It starts with taking your qualifications and what we do within the community is support you to pass your qualifications first time. The Financial Planner Life community is all about supporting people’s different learning styles and taking into consideration life’s commitments such as finances, family and existing employment.
 
We believe in offering a personalised learning experience, which is why our program includes study support for industry-recognised exams. Our aim is to ensure that you are well-prepared to pass exams such as the CII-regulated diploma in financial advice, the CII Certificate in Mortgage Advice and the CII Certificate in Paraplanning.
 
Train to become a financial planner with the use of online resources, networking within the community with well-established professionals as well as frequent webinars and Q&As with Sam Oakes and industry-leading professional guests.
 
[Download the full academy prospectus here]

Connect with the Community

Welcome to the Financial Planner Life Academy where well-being, honesty and transparency are at the heart of what we do.
 
We’re here to support you on your journey into a career within the financial planning profession. Whether that’s administration, paraplanning, financial advice or even mortgage advice. Our expert trainers and community will support and educate you and train you to A, pass your qualifications and B, make the right decision about your first employment in the financial planning profession.
 
It could be going down the route of being restricted, or becoming an IFA, you may even have aspirations of running your own business! But what does that look like?
 
We understand that from the outside looking in, it can be daunting to find the correct route into the profession to become a financial planner. The Financial Planner Life Academy is completely independent, allowing you to connect with hundreds of financial planning professionals with different backgrounds, at all levels of experience.
 
You will learn all about the different options you can take, mentored by a diverse mix of professionals so you are equipped with the essential toolkit to be able to make an informed decision about your career path within financial planning.

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