Financial Adviser

Financial advisers and planners give individuals and businesses advice and support on financial matters and recommend the best way to make use of their money.

Advisers guide clients through their financial options, source the best products and help them make the purchase – for example, by selling an employee pension scheme to a company. Some advisers specialise in mortgage, pension or investment advice.

Some advise clients on a broad range of savings and insurance plans. Others are ‘tied’ and are allowed to sell only their own company’s products. Independent financial advisers (IFAs) supply a variety of products from different companies.

Financial planners are less focused on sales, but look to the future, assess customers’ lifestyles and support them through a range of financial decisions to help them achieve their personal goals.

A financial adviser’s or planner’s duties may include:

contacting clients to arrange meetings
explaining the benefits and limitations of particular products
providing information about new products and services
tracking and communicating developments in financial legislation, such as taxation, tax relief and allowances
regularly checking clients’ plans to make sure their products are still suitable
addressing changes in clients’ personal circumstances, such as divorce or inheritance
negotiating the best possible rates with suppliers
maintaining records and meeting sales targets
providing annual summaries of investment and pension performance.

They liaise with other professionals in the financial, business and legal sectors.

Hours and environment

Working hours often vary to fit around clients’ circumstances. Some advisers work 9am to 5pm, Monday to Friday, but flexible working is normal for many. Part-time opportunities may be available.

Financial advisers and planners are office-based. IFAs often work from home, travelling to meet clients in their own homes, sometimes outside of normal office hours. Smart dress is usually required.

A driving licence may be useful.

Salary and other benefits

These figures are only a guide as actual rates of pay may vary, depending on the employer and where people live.

Starting salaries may be around €25,000 to €35,000 a year.
With experience and qualifications, advisers and planners may earn around €50,000 a year.
Highly qualified and experienced financial advisers and planners may earn more than €80,000 a year.

Some advisers are paid an hourly rate.

Skills and personal qualities

A financial adviser or planner should be:

good at managing money
a good listener
a good communicator in speech and writing
able to gain clients’ confidence
able to explain complex information simply and clearly
good at research and analysis
reliable and trustworthy
conscientious, and a good record-keeper
able to work well with many different kinds of people
flexible
computer literate.

Interests

It is important to:

be interested in investments and the financial services market
enjoy working with people.

Getting in

Financial advisers and planners work throughout Ireland in insurance and investment firms, banks, building societies, retailers and law firms. Many IFAs are self-employed, although they may have contract or franchise arrangements with companies.

Entry Routes:

Many entrants would have completed a degree in finance, business or maths before undertaking the Professional Diploma in Financial Advice examinantions.

A Professional Diploma in Financial Advice is necessary to become a financial advisor in the Republic of Ireland. The QFA designation is overseen by the QFA Board, which includes representatives from the Institute of Banking, the Insurance Institute and LIA. It establishes the academic standards for the Professional Diploma in Financial Advice and examinations. Completion of the diploma grants Qualified Financial Advisor (QFA) status.

Apprenticeship Route

The other entry route for a Financial Adviser is through undertaking an apprenticeship.Further details can be found on the IFS Apprenticeships Website.