Becoming a Self Employed Financial Planner

[Osmoliver]

I'm currently 26 years old, a Senior Data Analyst, a live-in landlord and marketing director of my squash club. I've been in the Senior Data Analyst role for two and a half years and am on the verge of promotion (awaiting a vacancy, how long's a piece of string?). However, I do not get a huge amount of satisfaction from the job. So, I'm exploring potential alternate opportunities which brings me on to this thread. I believe PH has several financial advisers in various guises on the forum and am hoping you'll offer some insight. What does it take to become a self employed financial planner?

Why am I asking this?
I'd love to work for myself.
I've been astute in managing my own finances to date. Friends/peers often ask me for their opinion on financial decisions, especially house-buying/mortgages at the moment. I've helped my mum move from an interest-only mortgage to capital repayment and created a budget/financial plan (appreciate helping family is different to helping strangers).
My career has been spent in financial services to date (primarily consumer credit) and I studied Banking, Finance & Management at university.
My strongest skills are organisation, analysis and communication. I love taking complex problems, simplifying them, formulating solutions and telling people about them.

Cheers,

Osmoliver

[dibblecorse]

Hi

I did this for a while whilst running my own estate agency, speaking from my own experience, I hated it, it was massively regulated (which is a good thing) but that makes it massively restrictive in regards having any real flair in what you do.

Also FP'ing is a huge arena, what is it you want to be doing ? Long term investment planning ? Pure mortgage consulting ? Pensions ?

Most self employed planners if not all started somewhere and served time buildling up the skills, knowledge and (expensive) certifications, for instance a lot of mortgage advisors come out of estate agents, pensions advisors often come from banks or the big pension providers, the myriad or qualification needed to enter the market and the ongoing recertification and education is a massive commitment.

My uncle has run an exceptionally successful practice for a number of years but started as a Zurich advisor and then built off that.

Its a tough game as no doubt Sarnie here will attest to, all I will say is go in with your eyes wide open, you won't get rich quick.

[Mr Pointy]

Read through the IM thread sticky at the top of the Finance forum. They have struggled to find suitable IFAs to recruit so they are looking at training up their own.

[Osmoliver]

dibblecorse said:

Hi

I did this for a while whilst running my own estate agency, speaking from my own experience, I hated it, it was massively regulated (which is a good thing) but that makes it massively restrictive in regards having any real flair in what you do.

Also FP'ing is a huge arena, what is it you want to be doing ? Long term investment planning ? Pure mortgage consulting ? Pensions ?

Most self employed planners if not all started somewhere and served time buildling up the skills, knowledge and (expensive) certifications, for instance a lot of mortgage advisors come out of estate agents, pensions advisors often come from banks or the big pension providers, the myriad or qualification needed to enter the market and the ongoing recertification and education is a massive commitment.

My uncle has run an exceptionally successful practice for a number of years but started as a Zurich advisor and then built off that.

Its a tough game as no doubt Sarnie here will attest to, all I will say is go in with your eyes wide open, you won't get rich quick.

Thanks for the insight dibblecorse. I'm not necessarily looking to get rich quick. I'd be happy with a change that offers a similar earning potential and is more altruistic than my current role. Reading between the lines, I think your message is that support would be invaluable entering the world of financial planning and the self-employed opportunity would likely come later down the line.

Mr Pointy said:

Read through the IM thread sticky at the top of the Finance forum. They have struggled to find suitable IFAs to recruit so they are looking at training up their own.

Thanks for pointing (couldn't resist) that out Mr Pointy. A quick google suggests their office is less than a five minute walk from where I currently work. What a small world! I'll have a read through the thread and will consider reaching out to them to find out more.

[MitchT]

My best mate has done very well for himself as an IFA - just given up working at 45! Worked for many years for other companies before going self employed though. Not sure I'd feel comfortable going into it as self employed without getting plenty of years' experience under my belt first. SJP have an academy for people wanting to go into it with no previous experience. Might be worth looking at.

[Mr Pointy]

Osmoliver said:

Thanks for pointing (couldn't resist) that out Mr Pointy. A quick google suggests their office is less than a five minute walk from where I currently work. What a small world! I'll have a read through the thread and will consider reaching out to them to find out more.

Look for a post made on May 1st by JulianPH - you'll have to look through them as he made several that day. For me it's on page 79 (viewing 40 posts per page).

[megaphone]

Please no 'reaching out' , just contact them it's much easier. If my IFA tried to 'reach out' to me I'd sack him.

[Osmoliver]

MitchT said:

My best mate has done very well for himself as an IFA - just given up working at 45! Worked for many years for other companies before going self employed though. Not sure I'd feel comfortable going into it as self employed without getting plenty of years' experience under my belt first. SJP have an academy for people wanting to go into it with no previous experience. Might be worth looking at.

Wow, that's an early retirement! Get experience under your belt first seems like good advice. I'll keep that in mind about SJP.

Mr Pointy said:

Look for a post made on May 1st by JulianPH - you'll have to look through them as he made several that day. For me it's on page 79 (viewing 40 posts per page).

Thanks, I found it! I've just sent Nik an email.

megaphone said:

Please no 'reaching out' , just contact them it's much easier. If my IFA tried to 'reach out' to me I'd sack him.

I meant exactly that, 'contact them'. Have done so now.