What does a Financial Advisor do?
Financial Advisors help individual and business clients manage their finances better. They help their clients choose investments and financial products, including home loans and insurance. They also help them build their savings and reduce their debts. Financial Advisors typically specialise in working with either individuals or business clients. It’s also common for Financial Advisors to work with clients with specific needs, such as high-income earners or people nearing retirement. Good Financial Advisors help financial firms build credibility and customer loyalty. Successful Financial Advisors often generate positive word-of-mouth referrals which help these firms grow.
Financial Advisor skills and qualifications
Financial Advisors use a combination of industry-specific and people skills to help their clients. A successful Financial Advisor candidate will have various prerequisite skills and qualifications that typically include:
- Good customer service for pleasant and productive client interactions
- Verbal and written communication, including active listening, for determining client needs and reporting financial progress
- Negotiation skills for securing the best deals for clients
- Understanding of economics, accounting and other financial concepts
- Mathematics for developing sound financial strategies
- Computer literacy, including confidence using office and accounting programs
Financial Advisor experience requirements
Financial firms typically employ Financial Advisors who have worked as Financial Services Administrators or Customer Service Advisors in banks. These positions help improve their customer service skills and industry knowledge.
Financial Advisor education and training requirements
Financial Advisors usually need a degree in financial services, accountancy or business management. Students need two or three A levels, or equivalent, to enter these degree programs. Some financial firms accept candidates who have completed financial advisor higher apprenticeships or financial services professional degree apprenticeships. These apprenticeships provide practical experience delivering financial advice.
Financial Advisors also need a Level 4 qualification in financial advice recognised by the Financial Conduct Authority. Relevant Level 4 qualifications include a Diploma in Regulated Financial Planning from the Chartered Insurance Institute, a Diploma for Financial Advisers from The London Institute of Banking & Finance and an Investment Advice Diploma from the Chartered Institute for Securities & Investment.
Financial Advisor salary expectations
According to Indeed Salaries, the average salary for a Financial Advisor in the UK is £39,494 per year. Salaries vary according to experience, location and area of speciality.
Job description samples for similar positions
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