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How To Become A Financial Advisor?

by 2686
6 replies
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Hi There I am looking for a few pointers on how to become a financial advisor? As this is the place for making money I thought I would ask people what they advise on this area of work.

Thanks in advance.

decapo
  • Profile picture of the author Big Al
    Not quite the right place but I was training to become one ... got most of the exams together and finished up a mortgage broker for a while. I left the industry a year ago and I know there have been some changes.

    I went through the Chartered Insurance Institute Training scheme (CII) and there were 5 basic exams you had to do to get your foot in the door (abbrev as CF1 - CF5).

    You then have more advanced exams that go into more details and you start to specialise (investments, trusts, taxation, pensions etc).

    The exams are pretty easy ... I'd say less much less than A' Level equivalent and CF1 - 4 are multiple choice. CF5 is written with case studies.

    You could do all five exams in about 18 months if you're keen (assuming you work full-time and have a life as well

    The trickiest part was getting experience. I started the exams at a local college in the evenings run by a Financial Adviser and once I got to grips with the subject I started to do them off my own back. To build up the work experience I worked for an investment house on a glorified call centre helping Independent Financial Advisers which was great experience and the money wasn't too bad either.

    Anything else ... please let me know.

    Check out the CII website and just start.
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  • Profile picture of the author sarahberra
    You could go to school, but there are many more affordable courses on line. A degree behind your name always helps though.
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    • Profile picture of the author myob
      I'm not certain about requirements in the UK, but in the US at least you need a bachelor's degree in finance, and preferably a master's degree. Also, Certified Financial Planner (CFP) certification (testing is available at many professional schools and community colleges). A license is required to have the title as Financial Advisor by taking and passing a FINRA test (Financial Industry Regulatory Authority), such as the Series 7. I believe similar certification would be required in the UK if you are using the title Financial Advisor.
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  • Profile picture of the author getano
    @myob I read something about a SEC accreditation/listing or something like that. I found a a good financial planner in Los Angeles and I would like to find out more about what does it take for him to be totally certified. What should I look for? Here is his website: Financial Advisor Los Angeles | Ross Asset Advisors
    Maybe you could take a look at it and tell me what you think?
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    • Profile picture of the author QuickSurf
      Don't bet all your egg's on "that's where the money is"... in financials, it's 'who you know' not 'what you know' in that sector . I don't know specifics in the U.K. but I have a few friends here in the states that are Advisors/Planners.
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  • Profile picture of the author seasoned
    "Financial advisor" at least in the US, is SO watered down, it is MEANINGLESS! So WHAT does it mean?

    advisor... as I understand it, licenses may now be required, but often aren't enforced, so you could do almost ANYTHING!

    insurance/anuities/etc... Requires licensing that is generally easy to get. Last I knew(I was licensed in the 90s), it was STATE based! Some states might have NO requirements. At least in california, it was EASY!

    realestate/lending.... Requires licensing that is fairly easy to get. ast I knew(I studied in the 90s), it was STATE based. Some states might have NO requirements. In california, it is easy, but not like the insurance.

    Securities... Requires licensing from the industry. As I recall, the NASD did it when I got licensed around 1990. It is generally considered moderately difficult, but really isn't. I got the series 6 and 26 which were similar to the 7 and 27. They probably have a couple other sets. 6/26 are for funds. 7/27 are for stocks.

    There ARE tests to be CERTIFIED as a financial advisor or planner, but I never really looked into them. Consider them to be like a certified public accountant. A CFP requires a test and license, to say it and present yourself as one, but you do NOT need such licensing to be an accountant.

    MOST people in "financial services" are DELUDED or just SCAMSTERS! Want an INVESTMENT? They'll offer you "cash value insurance"(Which is renamed ALL sorts of things such as whole life, universal life, etc...), or an ANNUITY! It is actually ILLEGAL for most of them to do ANYTHING with securities or realestate or loans, and they won't mention money management outside of the context of their commissions!

    Steve
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