EXPERT ADVICE: Financial planning manager Andy Stowers has some top tips on his industry.

Financial Advisor

Answers supplied by Andy Stowers, financial planning manager at Grant Thornton UK LLP in Norwich. Grant Thornton is a leading firm of chartered accountants and business advisers providing assurance, tax and specialist advice to entrepreneurial businesses and individuals. Grant Thornton UK is the UK member firm of Grant Thornton International, one of the world’s leading organisations of accounting and consulting firms.

What does the job entail?
Initially meeting with individual and corporate clients and obtaining comprehensive information about the client’s financial circumstances and aspirations. The next step is to agree specific objectives and research the most appropriate solutions. You would then be expected to prepare a written recommendation report, discuss options with the client and implement recommendations. The role involves monitoring investments on behalf of the client and undertaking reviews from time to time in line with changing circumstances and objectives.

What skills and qualifications are needed?
Good academic qualifications particularly in maths, English and economics. Computer literacy and excellent communication skills both verbal and written. All IFAs must be personally authorised to give investment advice by the Financial Services Authority (FSA). The FSA normally require at least three years experience of working in the financial services industry and a recognised qualification such as the Financial Planning Certificate (parts 1, 2 and 3) or equivalent.

What type of person will fit in?
Someone who is methodical and analytical with good attention to detail. You must be able to handle the pressure of meeting deadlines and targets, together with an intense regulatory and compliance regime and a very high workload at certain times of the year. You will need to be reasonably outgoing and able to maintain a professional working relationship with your clients and colleagues.

What are the pluses and minuses of the job?
The work is very interesting and varied as no two clients are the same. Job satisfaction is high and the financial rewards can be excellent. On the downside it can be a very stressful occupation and some firms require a lot of evening work.

What opportunities exist for career progression?
Income can be expected to rise with experience and higher qualifications and there can be good opportunities to move into supervisory or management positions.

What can I expect to earn?
Starting salaries would typically be £20-25K with a package including performance related bonus and a company car or car allowance, rising to £40-50K+ for a highly qualified and experienced adviser. Some IFAs are self-employed and their income is largely dependent on commissions received from selling financial products.

Any hints on getting a job in this area?
Before becoming an IFA it will be necessary to obtain industry experience by, for example, working for a life insurance company, bank or ideally in an administrative position with an IFA firm. You will also need to pass the FPC exams (details available from the Chartered Insurance Institute on 02089898464 or www.cii.co.uk). A list of IFAs in the area can be found from IFA promotion on 0207 8333131 or at www.unbiased.co.uk. Most of the larger IFAs such as Grant Thornton have websites and publish a list of vacancies on their sites.