IFA Job Offers: Looking at the Fine Detail

The brilliant news is that you’ve secured yourself an exciting new position in wealth management, so why do you still feel a bit apprehensive?  Starting anywhere new can fill you with a little trepidation, but before you even get to that point there is the stress of securing the very best deal for yourself that you can.  It’s this that can be the main cause of pre-start worries.  However, don’t fear, we are here to help!

Everyone will have slightly different priorities, but let’s run through the main things that are really important for you to consider…

Have a think about a date that suits you, don’t just accept the one that is given to you, if it doesn’t work for you.  You may have a notice period to consider, or a particular client portfolio to finalise, or there may be a family commitment you would rather not change.  It’s ok to ask for a date that fits with your needs.

The basic salary figure is obviously important, and you may have even negotiated and finalised this in your interview, however there are other considerations to take into account such as pay reviews. It’s all very well to receive a healthy salary, but not so good if these aren’t regularly reviewed, and you soon slip below where you expected to be. It will set your mind at rest to be reassured that you will receive annual (for example) pay reviews and what you can hope to expect at that time.

Again, this may have been discussed in the interview, but make sure you know in detail how this works – don’t assume, always check!  There will be no unpleasant surprises that way.  Is it paid, monthly, quarterly or yearly?  Is it performance related or discretionary? How much does this matter to you personally?

So, we’ve mentioned basic salary and bonus, but what about other benefits? It’s probably here where people have more individual requirements and will place greater importance on certain benefits.

The job description may have mentioned a list of benefits, but double check you are entitled to and will receive the ones that are important to you, and don’t be afraid to ask for something that you specifically want – if you don’t ask, you definitely won’t get!  Do you need health insurance that covers family too? Do you have family/dependants, then is death in service a must for you?

If your new role requires travel, you may be provided with a car or car allowance.  If you are unsure of the exact details for this, make sure you confirm exactly what they will be providing and the tax implications of their offer.

It is also a good idea to check what the travel requirements are if this is something that might affect your work/life balance.  You may enjoy being on the road for long periods of time, but alternately you may want to be at home to put your children to bed every night – what is important to you at this time and in the future?

Confirm this is as you expected and fits with your needs.  There will likely be a basic amount and a yearly increase up to a maximum – check the details.  There may be other leave aspects that you require – do you want a day off for your birthday, or a number of days to continue your voluntary work? Are there restrictions on when you can take holiday?

Does the offer outline career progression that is in line with your career goals?  Does it take you where you want to be in 5 years’ time in a structured way?  If career progression is something that is important to you, make sure you have a good discussion about this and clarify that what they have in mind for you matches where you see yourself.

Confirm if there are regular review meetings where your concerns and career goals are discussed with a manager that will listen and respond to your queries and needs?  It may be difficult to tell this from just a few meetings, but if this is important to you, please do give us a call, as we know our clients well and can advise on what you can expect with different companies: https://www.truestartalent.co.uk/contact/

Thinking about leaving is not always the first thing on your mind when starting a new role, but its important to clarify your notice period at the start.  Without wanting to sound pessimistic, if things don’t work out quite as you’d hoped and you want to leave, you don’t want any nasty surprises at a time when you may be feeling tense as it is. Let’s face it, it’s unlikely that this is something you would ask at interview and if you don’t know, it would be a very awkward conversation with HR, if your current company aren’t aware you are attending interviews! Check your contract, it will tell you and keep your contract in a safe place should you need to refer to this at a later date.

The same goes for restrictive covenants… look at the detail in your contract. Are any clients you have brought with you ring fenced, or do they become part of the company that you are joining? How long is it before you could contact clients should you leave where you are? Naturally this is not something that you are planning on doing, but preparing for the unexpected is a positive thing. You would not want to put a foot wrong and be in breach of contract.

Step back and be honest with yourself – don’t just accept because you are desperate and it’s the first offer you have had.  If you are not 100% sure it is totally the best fit for you, step away, or at the very least discuss it with one of our Team.

Make a checklist – there is much more to consider than just the benefits that can be clarified on paper.  Indeed, it’s the day-to-day things that are often more important in finding you your happy long-term home. You are going to spend a large amount of your life at work, so it needs to be spot on.

• What is the company ethos, does it fit with your values?
• Did you meet, and like your line manager? Was his style to your liking? Do you need direction, or do you prefer to be left to your own devices?
• Do the team appear to work well together, and do you see yourself slotting right in?
• Do they socialise outside work, and is this something you want to be involved in? If so, are they your type of people?  If not, will you feel like an outsider at work?
• Is there a healthy work/life balance – will your working preferences fit in with the team?
• Will you be able to work from home if you choose?

Look at your unique situation – the offer may be generic so it’s perfectly acceptable to ask them to tailor it for you specifically – you’re worth it!

Remember, we can help you every step of the way.  Once we know you and your unique requirements, we always know you, and we can match you to a company and role that is everything you want.  Give us a call.