Self-assessment is never an easy thing to do, but its important to be honest with yourself about what makes you tick in order to understand where you could excel.
Everyone is different and two very different types of people could make two equally good financial advisers. However, the financial services world is not for everyone, so before you invest too much time and energy following an incorrect career path, let’s have a look at some initial questions to decide if its where your future sits.
A career in wealth management requires a genuine interest in the financial markets and a desire to help clients find financial security.
A good sales technique might not be something you’ve thought of, when thinking about a career in wealth management. Many roles involve building a rapport with clients and using that strong relationship to convince them to invest in the best products or services for them.
You’ll need to explain complex financial concepts and products to clients in a clear and understandable way, without making it either overly complicated or patronising. Conversing confidently with people of all ages and all walks of life should not be a challenge for you.
It’s not all about talking however – properly listening should never be underestimated. Without really hearing your clients, you cannot fully understand their needs, risk tolerance, and financial situation, and therefore cannot provide knowledgeable and informed advice.
We cannot stress enough that a good wealth manager must be ethical, honest and trustworthy. There is no client relationship without it, and most people will see through insincerity a mile off. Clients need to feel, without a doubt that you have their best interests at heart.
A career in wealth management is broad and the areas of specialism are numerous. Thorough research on the industry into the different career paths will be invaluable in narrowing down your preferences. What are your interests?
Financial Services Advice qualifications are very important and take a lot of time to complete. Some roles, with some companies, will have on the job training and others you will need to hit the ground running. You will have a lot of exams to pass, as well as ongoing CPD (Continued Professional Development) to keep you up to date.
The FCA state that: “Effective and consistent CPD is an essential part of professional standards. You need to complete a minimum of 35 hours of relevant CPD each year, with at least 21 hours of structured learning. Structured learning activities may include seminars, lectures, conferences, workshops or courses and completing appropriate e-learning. It is not carrying out research on products and services for your customers.”
The FCA requires that all retail investment advisers now hold a Statement of Professional Standing (SPS). An SPS can only be issued by an FCA appointed accredited body, such as the CII, and confirms that an adviser has adhered to a code of ethical standards, holds the required qualifications for the activities they undertake and has completed appropriate CPD.
It’s always good to be informed, so there is some basic research you can do for yourself on both CPD and the examinations you will embark on to become a Financial Adviser:
There’s no beating about the bush – to be successful in wealth management there may be long hours, numerous client meetings and very often, extensive travel, as well as lots of time in front of the screen, be it video meetings or paperwork. The pressure of meeting client expectations is high, there are challenging targets to achieve, and it’s essential to stay calm in volatile market conditions. You need to be committed to hard work and assess whether this aligns with your work preferences and your work/life balance.
The rewards can be extremely lucrative and rewarding, but blinkers will not help you be successful. Nor will those who aren’t prepared to put in the work, thrive.
Time for some more self-assessment…time to think about your ethics and values, and what you require from a workplace. Honing your employment search to those companies that share what’s important to you, will make you so much happier in your work and is crucial for long term success and contentment.
Perhaps think about the work environment and team dynamics you thrive in. What type of performance metrics encourage and not dishearten you?
Take your time to research the companies who offer Academies and find out what they are like to work for and make sure that that their values align with yours.
For many companies, professional development and training is at the forefront of everything they do. If this is something that is paramount to you, then you know to narrow your search to those companies that offer a clear career path for professional growth and mentorship and training programs.
Before considering a career in wealth management, its worth having a good think about where you see yourself in ten years’ time and what you need to get you there.
Professional knowledge is worth its weight in gold – question, question, question – if you get the opportunity to speak to someone already in wealth management, ask them anything you can think of, anything you are wondering about, as all information is useful:
Remember its always good to talk and even better to listen. Their feedback and thoughts will prove invaluable to you later down the line in your career.
Many Wealth Management companies offer academy programmes, which are typically a 12 to 24 month programme. They will provide you with the skills, techniques and qualifications that you need to get your career off the ground. Quite often you need to be able to self-fund yourself whilst in these programmes – so ask yourself, can you afford to do this? During the course of your career you will need to commit to gaining further qualifications and new expertise to aid the level of advice you will be able to provide for clients.
Do your research, check out as many academies as possible and look for feedback on how successful people have been post the academies – don’t just be impressed with the fancy literature. It’s an important step, moving into a Wealth Management career. If you pick wisely, this can be a thoroughly rewarding experience and a great career move for the long term within financial services.
The FCA requires that all retail investment advisers now hold a Statement of Professional Standing (SPS). An SPS can only be issued by an FCA appointed accredited body, such as the CII, and confirms that an adviser has adhered to a code of ethical standards, holds the required qualifications for the activities they undertake and has completed appropriate Continued Professional Development (CPD).
Many Wealth Management companies offer academy programmes, which are typically a 12 to 24 month programme. They will provide you with the skills, techniques and qualifications that you need to get your career as a Financial Adviser off the ground.
