The Growing Market for Financial Advice
Financial advisory is one of the most sought after jobs these days. This industry has been growing tremendously and now covers almost all industries and sectors in the United Kingdom. Many people are opting for a career in financial advice due to its huge potential. The main reason why financial advice is so sought after is because it can really impact your life in a positive way. There are a variety of roles that can be covered under this field depending on your level of experience and qualifications.
A financial advisor can work as a consultant or an independent adviser. In either case he will be making financial decisions on your behalf based on his knowledge and expertise in this particular area. He can be paid in one-off consultative fees, hourly rates or by the hour. The exact pay structure will be determined by the specific needs of the client and of the financial advisor himself. This is where the size of the company and the client’s budget come into play.
If you decide to be self-employed then the financial adviser will be paid a lump sum amount at the beginning of the employment term. This is usually around the same time as the commission starts to accumulate. The size of the company that you work for also plays a part in determining the pay scale for the financial adviser. On average the pay for an SME advisor working in the City or Town will be much higher than that of a larger company working out of the country. Again, the specific requirements of the company and the individual employee will determine the salary structure.
Some financial advisers begin their careers working as brokers or sell & rent back agents. However, as their experience and knowledge grows they may find that they want to branch out into other areas such as insurance or investment. Once a financial adviser has covered a broad spectrum of topics he/she will be able to develop their own niche and provide advice to a much larger clientele. This wider base of clients also means that financial advice has become more relevant in a wider variety of settings and conditions. For example, advice given in the current economic climate may not be suitable for someone who works in IT.
In addition to advice products being tailored to specific customers, there are also a number of companies that specialise in providing financial advice for a specific group of people – for example young people, families, couples or landlords. In these circumstances, it is important for the advisor to tailor their products and services to suit the audience they are aimed at. There are a wide range of media options where an advisor can advertise their services: television, radio, newspaper or online. Of course, the Internet provides a wealth of choice for those looking for financial advice but Internet marketers need to remember that the vast majority of consumers when looking for advice online do not know anything about investing or finance. This is why most online advertisements are directed at consumers looking to rent or mortgage their homes.
Finally, for those advisors who are self-employed and provide financial advice to a variety of other clients, ensuring they remain professional and consistent throughout their client contacts is crucial. Clients can be wary of advisors who switch personalities and suddenly express a dislike for one type of client. This can have a detrimental effect on reputations and in turn deters potential customers.