If you’re good with money, it’s likely that you’ll have come across ways to make high returns. Some people find that financial investments are more like an art form. I’m not sure about that, but there is one thing that I do know. It’s important to make the right choices when investing large sums of money!
A financial adviser’s job is to help guide investors in the right directions. It’s likely they too will invest in similar strategies to those of their clients. Do you want to make a living helping others realise their financial goals? If so, you should become a financial adviser! Here’s what you need to know if you wish to do that:
You need to be good at record-keeping
When you’re dealing with your own money, it’s not so crucial to have such detailed records. But, when you’re managing a client’s money, you need to account for everything you do.
As a financial adviser, the way you keep those records must fall in line with FCA rules. That means notes on scrap bits of paper are a big no-no! It’s worth investigating which computer systems you can use to manage money. They make administration much easier and save you a lot of time and hassle.
You must provide advice on a broad range of topics
Some people assume that financial advisers only offer their services to companies. But, they are there for individuals too. Their role is to say which financial products meet particular needs.
For instance, one client might be more suited to buying company shares. Another might prefer their money to get put away in savings bonds. As a financial adviser, people expect you to be an expert in your industry. You just have to make sure you live up to those expectations.
You must get FCA approval
Before you start selling your services, you must get FCA approval. I recommend talking to a firm that offers FCA compliance services. That way, you can make sure what you do falls in line with government requirements.
After all; the last thing you want to do is end up on the wrong side of the law!
The benefits of being a financial adviser
One of the big selling points of such a career choice is that you get to work for yourself. The majority of financial advisers are self-employed, with some working in franchises.
Anyone will tell you that being your own boss offers plenty of flexibility. You can also decide which types of clients to offer your services. For instance, you may only wish to offer wealth management services.
One thing that other FAs will tell you is how no two days are ever the same. You get to meet all kinds of interesting clients as part of your work.
As you’re good at what you do, it’s likely your business will expand. You could then create a franchise of your own, having other FAs work with you!
So, will you become a financial adviser? If so, good luck – although you won’t need it!