Financial advisers provide clients with specialist advice on how to effectively manage their financial wellbeing. The role involves researching the marketplace and recommending the most appropriate products and services available, ensuring clients are aware of and understand 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 may be known as financial planners or wealth managers.
Responsibilities
Tasks vary depending on the role but 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.
Commission
• 80/20 split in favour of the advisor with potential for improvement.
• No desk fee, overhead expenses, telephone or associated costs.
• Financial advisers may also earn bonuses and have additional benefits i.e. Medical Aid & Provident Fund
Working Hours
Manage your own time within a flexible environment. Industry leading training programmes provided to enhance knowledge and refine skills set.
What to Expect
• An energetic and enthusiastic working environment.
• Uncapped earning potential.
• Ability to build your own practice.
Qualifications
Although this area of work is open to candidates of any discipline, the following subjects may improve your chances:
• Accountancy / Business Management / Finance or financial studies.
Entry without a degree is certainly possible and we often regard personal qualities as important as academic qualifications. Matric, however, is a minimum requirement.
Relevant experience in a customer service, sales or financial services setting is also viewed positively. New entrants are assigned a mentor in order to facilitate learning alongside experienced advisers.
It is possible to enter the financial advice sector as a Para-planner, providing research and administrative support to a financial adviser.
Skills
You will 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 mind-set;
• A flexible approach to work;
• Prompt decision-making abilities;
• Discretion and an understanding of the need for client confidentiality;
• An ethical and professional approach to work.
A full driving licence is required. Cellphone and laptop are essential.
EQ.FIN provides in-house training 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 will 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. 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.
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.
The ideal candidate is between the ages of 23 – 59.