Anyone on here an IFA - I would love some insight please.
Discussion
I am considering retraining as the last 15 months has been somewhat tumultuous employment wise and I am looking to take charge of and change my path.
I have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
I have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
R6VED said:
I am considering retraining as the last 15 months has been somewhat tumultuous employment wise and I am looking to take charge of and change my path.
I have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
Some info on qualifications hereI have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
http://www.cii.co.uk/media/6545188/fs_qualificatio...
http://www.cii.co.uk/qualifications/diploma-in-reg...
St. James's Place have an academy programme running in a few locations across the country. I have no affiliation to them, but there is some info on the website.
http://www.sjpacademy.co.uk/
http://www.sjpacademy.co.uk/
R6,
I hope this may be of some help.
To advise now, you must have, at the very least, a Level 4 qualification - the "Diploma". There are numerous options in respect of who is authorised to render training, each have their pros and cons. As touched upon by Derek, further information on three options may be found:
http://www.ifslearning.ac.uk/specialist-qualificat...
http://www.cii.co.uk/qualifications/diploma-in-reg...
http://www.cisi.org/cisiweb2/cisi-website/study-wi...
There are other qualifications that would meet the criteria, but those three are the most commonly held. I would probably suggest the using the CII as they are the most widely recognised. There are actually 2 versions, one for totally novice candidates, and the other for people who already hold some relevant qualifications.
This leads to many advisers having taken a different set of individual components to achieve the designated number of points required to achieve the diploma. However, if you can find an employer (like SJP) willing to take you on you are allowed to begin advising clients as soon as you have the first component (regulation & Ethics) passed, as long as you are supervised by someone who is already qualified.
You could find a local IFA willing to take you on, but honestly, I doubt if they have the time - these days, it's one hell of an intensive and very highly regulated sector. My experience is this. I got my initial qualifications with a national sales force (I was naive!) but quickly realised it wasn't how I wanted to practice and decided to leave. However, the British Legion (who I approached for a training grant) would not help me if I resigned or was sacked for misconduct.
So, I failed an exam (would you believe), and failed the resit (I couldn't believe it either!) and was removed from the programme without a stain on my character, allowing the RBL to help.. voila! I sourced three great clients, approached an IFA with the relevant permissions to transact the business, they took 40% and I was off and running - far, far harder but much, much better.
The SJP model is, I have no doubt, an incredibly efficient way of getting the qualifications. The question you have to ask, is, is the SJP model the one that you subsequently want to follow? It is a sales driven model, and whilst even the most professional, diligent and courteous of 'real' IFA require clients to buy advice (ie, it's sales however much advisers might harrumph and try and deny it, there's nothing g wrong with selling with a fiduciary mindset). SJP has a different take on it. I shall say no more than that!
It's a great business, you'll endure a lot of generalist twaddle about how you rank similarly to baby killers in social standing surveys, but just filter that out. I have two strands to my business, the face to face service which deals, mainly, with military clients, and my 'robo' proposition, Fiver a Day. So, really, how you want to practice is entirely up to you. I won't tell you what I think you should do.. just offer two questions to ask yourself.
1. Do you know what kind of adviser you want to be?
2. Do you know what kind of client you want to help?
If it's any help, I never stop living and learning either! Good luck, if I can be of any further help please don't hesitate to get in touch.
BC - thanks for the thought.
I hope this may be of some help.
To advise now, you must have, at the very least, a Level 4 qualification - the "Diploma". There are numerous options in respect of who is authorised to render training, each have their pros and cons. As touched upon by Derek, further information on three options may be found:
http://www.ifslearning.ac.uk/specialist-qualificat...
http://www.cii.co.uk/qualifications/diploma-in-reg...
http://www.cisi.org/cisiweb2/cisi-website/study-wi...
There are other qualifications that would meet the criteria, but those three are the most commonly held. I would probably suggest the using the CII as they are the most widely recognised. There are actually 2 versions, one for totally novice candidates, and the other for people who already hold some relevant qualifications.
This leads to many advisers having taken a different set of individual components to achieve the designated number of points required to achieve the diploma. However, if you can find an employer (like SJP) willing to take you on you are allowed to begin advising clients as soon as you have the first component (regulation & Ethics) passed, as long as you are supervised by someone who is already qualified.
You could find a local IFA willing to take you on, but honestly, I doubt if they have the time - these days, it's one hell of an intensive and very highly regulated sector. My experience is this. I got my initial qualifications with a national sales force (I was naive!) but quickly realised it wasn't how I wanted to practice and decided to leave. However, the British Legion (who I approached for a training grant) would not help me if I resigned or was sacked for misconduct.
So, I failed an exam (would you believe), and failed the resit (I couldn't believe it either!) and was removed from the programme without a stain on my character, allowing the RBL to help.. voila! I sourced three great clients, approached an IFA with the relevant permissions to transact the business, they took 40% and I was off and running - far, far harder but much, much better.
The SJP model is, I have no doubt, an incredibly efficient way of getting the qualifications. The question you have to ask, is, is the SJP model the one that you subsequently want to follow? It is a sales driven model, and whilst even the most professional, diligent and courteous of 'real' IFA require clients to buy advice (ie, it's sales however much advisers might harrumph and try and deny it, there's nothing g wrong with selling with a fiduciary mindset). SJP has a different take on it. I shall say no more than that!
It's a great business, you'll endure a lot of generalist twaddle about how you rank similarly to baby killers in social standing surveys, but just filter that out. I have two strands to my business, the face to face service which deals, mainly, with military clients, and my 'robo' proposition, Fiver a Day. So, really, how you want to practice is entirely up to you. I won't tell you what I think you should do.. just offer two questions to ask yourself.
1. Do you know what kind of adviser you want to be?
2. Do you know what kind of client you want to help?
If it's any help, I never stop living and learning either! Good luck, if I can be of any further help please don't hesitate to get in touch.
BC - thanks for the thought.
Of the IFA clients we have (national firms), the two predominent models are; funds under management, doing what it says in the tin, longer term relationships and building value in your company, and transactional, predominantly in the 'at retirement' market, selling drawdown and/or annuities at volume.
Some of our clients are in it for the quick buck now, some are there genuinely as a service. Both have merits, both have risks.
Something to consider when setting up as an IFA is the 'long stop' (or lack of it). Unlike most other businesses, where liability for a transaction ends after 6 years, your clients will be able to come back and sue you in 25 years if they so wish. Depending in the type of work you do, this means your indemnity insurance can become pretty hefty if you deal with either high values and/or large volumes of work considered 'risky'.
This can make working under someone elses PII attractive until you know what you're happy to do for yourself in the future.
Some of our clients are in it for the quick buck now, some are there genuinely as a service. Both have merits, both have risks.
Something to consider when setting up as an IFA is the 'long stop' (or lack of it). Unlike most other businesses, where liability for a transaction ends after 6 years, your clients will be able to come back and sue you in 25 years if they so wish. Depending in the type of work you do, this means your indemnity insurance can become pretty hefty if you deal with either high values and/or large volumes of work considered 'risky'.
This can make working under someone elses PII attractive until you know what you're happy to do for yourself in the future.
R01 is a tough read and not a fun exam, 2 weeks will be pushing it (Assuming you're not studying it full time).
Get familiar with how the questions are structured and most importantly do some past papers, Aviva provide a great resource for the Diploma exams and it's a nicer format than the CII books.
http://www.aviva-for-advisers.co.uk/adviser/site/p...
After that it's a case of getting a firm to take you on but few will allow you advise client with only R01, the firm I work for won't allow you to advise until you are chartered but that's at the more extreme end I guess.
Be prepared for the fact you may need to start lower down the food chain, I'm Diploma qualified and working towards chartered status but currently working in a client support role progressing to writing recommendation reports. There is a lot to learn!
Get familiar with how the questions are structured and most importantly do some past papers, Aviva provide a great resource for the Diploma exams and it's a nicer format than the CII books.
http://www.aviva-for-advisers.co.uk/adviser/site/p...
After that it's a case of getting a firm to take you on but few will allow you advise client with only R01, the firm I work for won't allow you to advise until you are chartered but that's at the more extreme end I guess.
Be prepared for the fact you may need to start lower down the food chain, I'm Diploma qualified and working towards chartered status but currently working in a client support role progressing to writing recommendation reports. There is a lot to learn!
R6VED said:
Thank you very much for the feedback, insights and suggestions, it is all very helpful and much appreciated.
I will contact direct for further info as suggested. I have RO1 on the desk in front of me and two weeks to read, take and pass the exam!!
I picked up your note, thanks, and will get back to you over the weekend. Funnily enough, I saw this initiative for the first time this week which you might find interesting.I will contact direct for further info as suggested. I have RO1 on the desk in front of me and two weeks to read, take and pass the exam!!
https://www.oldmutualwealth.co.uk/globalassets/fas...
Pigeon is right - there's intelligence and knowledge, and then there's wisdom through the application of both. I'm mentoring a young adviser at the moment, he has a background with insurance company business development.
crouchingpigeon said:
R01 is a tough read and not a fun exam, 2 weeks will be pushing it (Assuming you're not studying it full time).
Get familiar with how the questions are structured and most importantly do some past papers, Aviva provide a great resource for the Diploma exams and it's a nicer format than the CII books.
http://www.aviva-for-advisers.co.uk/adviser/site/p...
After that it's a case of getting a firm to take you on but few will allow you advise client with only R01, the firm I work for won't allow you to advise until you are chartered but that's at the more extreme end I guess.
Be prepared for the fact you may need to start lower down the food chain, I'm Diploma qualified and working towards chartered status but currently working in a client support role progressing to writing recommendation reports. There is a lot to learn!
I would also recommend Brandft and Revisionmate for practice exams. Best of luck!Get familiar with how the questions are structured and most importantly do some past papers, Aviva provide a great resource for the Diploma exams and it's a nicer format than the CII books.
http://www.aviva-for-advisers.co.uk/adviser/site/p...
After that it's a case of getting a firm to take you on but few will allow you advise client with only R01, the firm I work for won't allow you to advise until you are chartered but that's at the more extreme end I guess.
Be prepared for the fact you may need to start lower down the food chain, I'm Diploma qualified and working towards chartered status but currently working in a client support role progressing to writing recommendation reports. There is a lot to learn!
R6VED said:
I am considering retraining as the last 15 months has been somewhat tumultuous employment wise and I am looking to take charge of and change my path.
I have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
How are you getting on?I have done some research and sought some advice, however, there is a lot of conflicting and not terribly clear advice out there, so I am hoping I can get some pointers from people who have already trodden this path.
My understanding is that you qualify in stages and initially start with 3 exams that enable you to advise on mortgages, with that being the first step on the ladder and a prerequisite for any further training?
I would very much appreciate any advice from anyone in a position to do so.
Thanks very much in advance.
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