Does anyone here work in Financial Services?
Discussion
I am trying to get a feel for what is actually involved in a role in this sector. All I know is the potentail earnings are very high (if you're good, hmmm.... kind of like most things then 
) and essentially you are selling individuals and/or couples life insurance and pension plans.
I know there is an element of stufy involved in getting your IFA qualification but it isnt too onerous.
What is the job actually like though on a day to day basis?
) and essentially you are selling individuals and/or couples life insurance and pension plans. I know there is an element of stufy involved in getting your IFA qualification but it isnt too onerous.
What is the job actually like though on a day to day basis?
Good question, my understanding is I would be studying to become qualified as an IFA so I could dish out pension advice (legally that is 
) and be selling people policies basically.
From what I have heard its a competitive industry but one where there are suitable rewards for hard work and stick-to-it-ness.
Essentially I want as much real life experience as people can dish out. Right now I have plenty of info via a 3rd party not involved within a finance company themselves but that does various peoples and companies accounts, therefore can assure me the money is there to be made.
) and be selling people policies basically. From what I have heard its a competitive industry but one where there are suitable rewards for hard work and stick-to-it-ness.
Essentially I want as much real life experience as people can dish out. Right now I have plenty of info via a 3rd party not involved within a finance company themselves but that does various peoples and companies accounts, therefore can assure me the money is there to be made.
Ok well my advice for what it is worht, would be to join a company probably working in admin. You'd be surprised how much you learn about things, in my case SIPPs. Most companies will sponsor their staff to take further qualifications in my case my company paid for me to do FPC1, and were at the time willing to pay for FPC2 as well. I know they ahve recently changed the name of the qualification but the principle is the same.
At worst it would take you a year/18 months to get the necessary qualifications, PLUS you would have experience working in the sector (a big plus point for potential IFA employers). I know a lot of the people i have worked with here got a big boost because we are the leading SIPP provider with a good reputation. ANyway what i think im trying to say is, dont be afraid of working at the bottom of the ladder for a while whilst you train to get higher.
Andy
At worst it would take you a year/18 months to get the necessary qualifications, PLUS you would have experience working in the sector (a big plus point for potential IFA employers). I know a lot of the people i have worked with here got a big boost because we are the leading SIPP provider with a good reputation. ANyway what i think im trying to say is, dont be afraid of working at the bottom of the ladder for a while whilst you train to get higher.
Andy
I used to, a friend of mine carried on and has just completed a lot of FPC exams, he was offered a job advising for a bank with just FPC 1 & 2 starting on about £30,000-£50,000 (depend on who you work for). It's not very interesting, but the money is.
I personally couldn't go back to it, I felt I was letting myself down. Go for it though if you can deal with.
I personally couldn't go back to it, I felt I was letting myself down. Go for it though if you can deal with.
Is that working in London? I'm smart enough to know money has a different scale down that way. 
I've basically finished up doing a degree and I now need to be sure of what direction I want to head in. Engineering is very enjoyable and at the end of the day, if I didnt enjoy it, I wouldnt have made it through 5 years of Uni. But at the same time, I've been told I could realistically be expecting to earn £4-5k a month within a year if I am good within this sector.
I cant help but wonder if thats how good the salaries really are, what is the x-factor that maintains exclusivity within the sector. Surely everyone wants to be earning that kind of money. I certainly do!
I've basically finished up doing a degree and I now need to be sure of what direction I want to head in. Engineering is very enjoyable and at the end of the day, if I didnt enjoy it, I wouldnt have made it through 5 years of Uni. But at the same time, I've been told I could realistically be expecting to earn £4-5k a month within a year if I am good within this sector.
I cant help but wonder if thats how good the salaries really are, what is the x-factor that maintains exclusivity within the sector. Surely everyone wants to be earning that kind of money. I certainly do!
The world's changing as far as big money and commissions is concerned.
In the past you could earn dosh virtually doing nothing. Now you have to be pretty much dedicated and give outstanding service and work hard for your rewards. Consumer education has left its mark in that customers/clients are far more aware than ever before (and litigious!) which is good.
One thing that always strikes me about the IFA sector. Everyone purports to be in the "High Net Worth" end of the market. Well not everyone can be there, so when a firm makes you a job offer and says "we're in the HNW area" - don't believe them with out the evidence.
I've been working in financial services compliance for over ten years (26 years in total in some sort of financial services). I love what I do.... today (maybe I'll get fed up by tomorrow!) but I've never seen much in the way of BIG money. You need to sell/advise at a high level or run your own business (or you can try something illegal, but you don't get away with that for very long these days - and Securitas have been a bit short of dosh for a few weeks so don't bother with armed robbery
)
In the past you could earn dosh virtually doing nothing. Now you have to be pretty much dedicated and give outstanding service and work hard for your rewards. Consumer education has left its mark in that customers/clients are far more aware than ever before (and litigious!) which is good.
One thing that always strikes me about the IFA sector. Everyone purports to be in the "High Net Worth" end of the market. Well not everyone can be there, so when a firm makes you a job offer and says "we're in the HNW area" - don't believe them with out the evidence.
I've been working in financial services compliance for over ten years (26 years in total in some sort of financial services). I love what I do.... today (maybe I'll get fed up by tomorrow!) but I've never seen much in the way of BIG money. You need to sell/advise at a high level or run your own business (or you can try something illegal, but you don't get away with that for very long these days - and Securitas have been a bit short of dosh for a few weeks so don't bother with armed robbery
)My advice if follow the money to institutional and true HNW clients (ie liquid assets over £1m).
From what I've seen most IFAs have a thankless task explaining products and charges to people who will never understand them and will sue their arse off as at any given opportunity if the product doesn't make them millionaires.
From what I've seen most IFAs have a thankless task explaining products and charges to people who will never understand them and will sue their arse off as at any given opportunity if the product doesn't make them millionaires.
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