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Financial advisor career / company

  • 10-10-2013 8:55am
    #1
    JMM2988
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi. I am recent graduate educated to Masters level. I am currently workin for a bank doing collections which is the monotonous job imaginable. In order to progress I feel the best way is to sit professional exams. I have registered to sit QFA loans and regs in Jan which my company will pay for. Then in May and September I hope to complete the remaining modules of the QFA qualification. Ideally I want to get a few years experience working in financial services, possibly moving around different areas to get a feel for the industry and build up a network of contacts. In roughly 7-10 years down the line I'd like to open my own independent financial advisory service - mortgages, mortgage protection, investments, pensions, insurance. Firstly what direction should my career go in - obviously working in collections isn't going to be sufficient, should I try pass all QFAs and look at getting a financial advisor / broker job? Secondly, I want to try have as much qualifications as possible combined with experience. Additional to QFA, what qualifications would be beneficial? CFP, CFA? If anybody has any additional advice for me or could point me in the right direction I'd be greatly appreciative! Thanks!


Comments

  • #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Hi, if your looking to go down that road then certainly per suing the QFA is the right starting point.

    As you are already working in a bank, make a move to sales, where you will get a decent grounding in basic consumer products such as credit cards and savings products. Mortgage sales experience should be your goal here, as its a relatively complex product and may make up a big part of your future brokerage's business.

    Alternatively (and personally what i would do if my goal was to own a brokerage) try and get a customer service role in a life company. While it wont be a sales, you will learn a huge amount about protection, investments and pensions. Then move to become a 'broker consultant', you will deal with a panel of brokers who sell your company's products. This will help you understand the reality of the industry and the sales process surrounding more complex products.

    Another option is to simply go and work for a broker, you can find jobs through the IBA and PIBA. Again you will need the QFA or at least be progressing towards it. Depending on who you work for, you may have a tough ride in a entry level role.

    CFA is a great (and internationally recognised) qualification. Its tough and relatively expensive, but definitely worth it if you want to establish yourself independently.


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