Part time IFA - is it practical/possible? Or something else?
Discussion
Hi all
Question for the PH financial massive, if I may?
My better half is a chartered accountant with a big four firm, working part time in the city. She has done audit, financial due diligence and risk management, in that chronological order. Currently working equivalent to a three day week and would like to stay on those sort of hourse due to childcare.
She is thinking about a change towards being an IFA or would like to find some similar finance role. Bit broad, I know, but does anyone have any suggestions on what she could do?
Cheers all
Schmo
Question for the PH financial massive, if I may?
My better half is a chartered accountant with a big four firm, working part time in the city. She has done audit, financial due diligence and risk management, in that chronological order. Currently working equivalent to a three day week and would like to stay on those sort of hourse due to childcare.
She is thinking about a change towards being an IFA or would like to find some similar finance role. Bit broad, I know, but does anyone have any suggestions on what she could do?
Cheers all
Schmo
Glorified salesman / woman can be applied to anything from a tailor to a someone selling £100M+ FX. Nothing wrong with that.
Either way IFA seems to be something that can be done part time but more for someone who has spent 30+ years in the industry and is living very nicely off the residual earnings of their clients money and puts in a few hours here and there along with a junior. The qualifications take years and unless you have a ready pool of fairly large funds to invest on others' behalf, lots of work to go along with it.
Also the Outside Business Interest element to consider alongside the existing job. Far better to look for some Finance related role / consultancy that can be done on a part time basis. Another option could be wealth management - so not independant but less qualifications to take at least as I understand it. Still, clients don't just pop up.
Either way IFA seems to be something that can be done part time but more for someone who has spent 30+ years in the industry and is living very nicely off the residual earnings of their clients money and puts in a few hours here and there along with a junior. The qualifications take years and unless you have a ready pool of fairly large funds to invest on others' behalf, lots of work to go along with it.
Also the Outside Business Interest element to consider alongside the existing job. Far better to look for some Finance related role / consultancy that can be done on a part time basis. Another option could be wealth management - so not independant but less qualifications to take at least as I understand it. Still, clients don't just pop up.
Eric Mc said:
Needs to be qualified as an IFA now.
Surely she is better off making use of her hard won CA qualification instead of becoming a glorified salesman/woman?
Quite rude eric, no? There are many IFAs far more qualified than you in their own field and accountancy. A fee based ifa is no more a salesman than you.Surely she is better off making use of her hard won CA qualification instead of becoming a glorified salesman/woman?
It was a bit - but the industry for decades was infested with commission based sharks. The situation should be a lot better now with official qualifications being required.
The point I was making was that anyone with a recognised and respected accounting qualification should do something that makes maximum use of that qualification.
The point I was making was that anyone with a recognised and respected accounting qualification should do something that makes maximum use of that qualification.
Eric Mc said:
It was a bit - but the industry for decades was infested with commission based sharks. The situation should be a lot better now with official qualifications being required.
The point I was making was that anyone with a recognised and respected accounting qualification should do something that makes maximum use of that qualification.
I agree with you there and yes, accountancy is a respected profession.The point I was making was that anyone with a recognised and respected accounting qualification should do something that makes maximum use of that qualification.
The increased level of qualification since RDR must have got rid of a lot of the old school sharks. And I suppose lots of people confuse IFAs with those tied advisors - isn't that what St James Place are?
As with any industry - good guys and plenty bad too. Must be a good deal of poor accountants out there for a start, doesn't diminish the quality of the ACA.
As with any industry - good guys and plenty bad too. Must be a good deal of poor accountants out there for a start, doesn't diminish the quality of the ACA.
There certainly are (and ACCA, of course, as well). You only have to read the disciplinary reports to find out about the "bad'uns".
However, there is no doubt that the virtual total lack of regulations in the IFA for many years encouraged a vast number of less than ethical individuals to get involved.
That has changed, but only fairly recently, and the industry does need to re-establish its credibility and trust - which it is doing.
I have a number of IFA clients - and some are no doubt better than others.
However, there is no doubt that the virtual total lack of regulations in the IFA for many years encouraged a vast number of less than ethical individuals to get involved.
That has changed, but only fairly recently, and the industry does need to re-establish its credibility and trust - which it is doing.
I have a number of IFA clients - and some are no doubt better than others.
Mr Trophy - thanks for the offer, may just end up doing that.
Thanks for the contributions guys, I'm reading with interest. It's the fact that IFAs have to be qualified now that has got her interested - she doesn't want to be in a 'hard sell' environment.
I certainly take the point about using her CA qualification - she used to really like the due diligence work, getting in to a company's reports and working out how the business worked, but that sort of work always seems to have tight deadlines attached that don't fit with family commitments. A part time consultancy role doing the above would be ideal but not sure they exist....
Cheers
Schmo
Thanks for the contributions guys, I'm reading with interest. It's the fact that IFAs have to be qualified now that has got her interested - she doesn't want to be in a 'hard sell' environment.
I certainly take the point about using her CA qualification - she used to really like the due diligence work, getting in to a company's reports and working out how the business worked, but that sort of work always seems to have tight deadlines attached that don't fit with family commitments. A part time consultancy role doing the above would be ideal but not sure they exist....
Cheers
Schmo
There ought to be accounting roles that would fit with family commitments and say a 3 day week, albeit the remuneration I imagine will not be as good.
Has she considered part time FD roles, or even setting up on her own consulting in a particular accounting field she is experienced in? If quality of life rather than remuneration was the key issue that is what I might consider.
IFA I probably would avoid due to the increased qualifications and regulatory environment nowadays. Interesting sector as it is, significant retraining would put me off.
Has she considered part time FD roles, or even setting up on her own consulting in a particular accounting field she is experienced in? If quality of life rather than remuneration was the key issue that is what I might consider.
IFA I probably would avoid due to the increased qualifications and regulatory environment nowadays. Interesting sector as it is, significant retraining would put me off.
My sense is that starting out as an IFA, as in most solo occupations, is tough as you need to build a client base and get established which is even tougher if you can only commit part-time effort. Once established I imagine it's easier to control the time commitment. The successful practitioners will generate a lot of their business from referrals.
Don't think being an ifa is easy though. Arguably one of the harder jobs about.
The regulation is massive, reports, fca levies, PI cover, platform charges, complaints, ombudsman, free first appointments, competition.
I also know (and this may sound daft) but you need a lot of onowledge. Eg an employment law solicitor just needs to know about that.
As an ifa you need to know about
Tax, trusts, pensions law, benefits, medical problems and medical issues, investments, platforms, all types of product and providers. Just pensions, db, dc and otherwise can take a lifetime to learn, forget Even oeics bonds, ns and I and so on.
True, the qualifications may not be ridiculous but I can promise you most people that try being an ifa fail. It takes decades of studying, experience and evolving to be a good one.
The regulation is massive, reports, fca levies, PI cover, platform charges, complaints, ombudsman, free first appointments, competition.
I also know (and this may sound daft) but you need a lot of onowledge. Eg an employment law solicitor just needs to know about that.
As an ifa you need to know about
Tax, trusts, pensions law, benefits, medical problems and medical issues, investments, platforms, all types of product and providers. Just pensions, db, dc and otherwise can take a lifetime to learn, forget Even oeics bonds, ns and I and so on.
True, the qualifications may not be ridiculous but I can promise you most people that try being an ifa fail. It takes decades of studying, experience and evolving to be a good one.
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