Top 5 Tips for Becoming a Financial Advisor

becoming a financial advisorIs the field of financial advisor beckoning you? Are you confident that you can advise people for planning and managing their money? It is expected that in the next 3 decades, more than 30 trillion dollars would be transferred to millennials from baby boomers, and you could be an expert to help them manage it! The field of finance is growing and ever changing. If this makes you passionate, here are a few useful tips for you become a financial advisor.

1. Understand What the Career Involves

The first step towards the career of a financial advisor is to understand what it involves and what you would have to do. You should be determined enough to continue with your passion of becoming a financial advisor despite the hard work awaiting you.

Today financial advising has not remained limited to selling insurance and cold calling. A new crop of financial advisors has emerged now that are paid to provide their advice. The previous commission-based selling doesn’t exist anymore. Financial advisors of today advise their clients to use their finance in such a way that they can achieve their financial goals. In return they get hefty fees. So, this has become an incredibly lucrative career path which is equally flexible too.

2. Get the Right Educational Qualification

Starting the business of a financial advisor doesn’t cost a lot. However, you should have the right educational qualification and credentials to support you.

The RDR (Retail Distribution Review) has specified the new minimum educational qualification required to start your business and it’s the level 4 certification approved by the QCF (Qualifications and Credit Framework). The qualifications required for level 4 certification are:

  • Diploma in Regulated Financial Planning
  • Diploma for Financial Advisers
  • Investment Advice Diploma

Diplomas meeting the RDR rules contain more than 200 hours of study time. These translate to some months of intense study or about a year of leisurely study. It’s reported that majority of students complete the diploma in around 18 months.

3. Join the Network of Other Budding Financial Advisors

You can do this by attending local events and getting knowledge about such networks. You can also join webinars, attend conferences and get more acquainted with other young professionals to know how they are proceeding in their business.

4. Build Your Client Base in a Unique Way

Don’t get prejudiced with a traditional way of building client base. It’s possible to build it in an innovative way which you on your own can find out. For example, you can do it through as many informational interviews as possible, whether written, video chats or on podcasts. You can watch them later as opportunities for jobs or mentorships.

5. Adviser-Hub

Adviser-Hub is a comprehensive, marketing and business support community, free to join, exclusively for financial advisers. You can register with them to get access to their marketing support, expert business advice, analysis and opinions of experts and also training materials. Join such a portal and you can get a tremendous boost.

Follow these tips to proceed smoothly towards success as a financial adviser.

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