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The Pros & Cons of Working in Financial Advice

If you're seriously considering a career in Financial Advice, It's really important to get a transparent, no bullshit overview of the highs and lows of the profession that isn't just a mask for a clever marketing tactic.

Luckily for you - that's where I come in...

With over a decade's worth of experience in the financial services sector, 4 years of which were spent working for a leading Mortgage Broker, I've had my good days, bad days and about every kinda day in between (remember that pandemic thing). So let me give it to you straight and jump straight in with some pros of the profession.

1. High earning potential: It's no secret that a career in financial advice can be lucrative. According to the average salary of a mortgage broker is £43,217, ranging right up to £72K a year, financial advisors up to £90K and wealth managers could be looking of salaries up to £100K per annum. And that's just for those choosing to work for a broker or advice firm, we don't have the data for those who are self-employed.

2. Flexibility: Whether you're employed or self employed, flexibility has to be a huge benefit for anyone giving this career path some serious consideration. Wanting more flexibility (to work from home because I'd impulse adopted a dog during lockdown), was my biggest driver for exploring a career in the sector. Luckily I landed an entry level role with a reputable broker who put their employees first. Want to do a 3pm Wednesday Yoga Class? No problem. Need to leave early twice a week to pick the kids up from school? Done. If you want a little more freedom with your 9 - 5 so many companies offer these benefits as standard now. And with the looming possibility of going self employed in the field, you could even be your own boss one day.

3. Get Qualified, Quick. Don't want to spend 3 years and thousands of pounds going to night school to earn some big money - I hear you. All you need to get qualified is to sit your CeMAP exams, there are 3 in total and they'll cost you around £202 each. You could complete self study which won't cost you a penny, and the London Institute of Banking and Finance will post you the study text as soon as you've registered, so you don't even need to fork out for that.

There are a number of study support options too that won't break the bank. From 5 day Fast track Courses (yes, you could get qualified in as little as 2 weeks!) or audio study guides to support life on the go. Whatever you decide, you can get qualified in no time at all and start your career sooner than you think.

OK. Sounds too good to be true doesn't it? But it's my job to take off those rose tinted glasses, just for a second and get you to stop picturing those quarterly trips to Southern Italy in the Merc on your new advisor salary.

It isn't always sunshine and roses, and here are a couple of things that you might want to think long and hard about before.


1. Long working hours: A career in Financial Advice isn't a free pass to the "work one day a week and post your Coachelle highlights" lifestyle. Hard work pays off, and that comes at the price of often work long hours, especially in the early stages of your career. You may have to work evenings and weekends to accommodate clients' schedules, and they may need to work outside of regular business hours to provide support during market fluctuations (cancel Sunday Brunch with the team - damnit)

2. Commission-based earnings: While commission-based earnings can be a pro, they can also be a con. You may feel pressure the pressures, especially if you're self employed, to 'make rent', or make the maximum amount of commission to fund your Southern Italian dreams each month, whilst making sure you are still providing the best possible experience to the customer (tip to keep em' coming back).

3. Regulatory oversight: Financial advising is highly regulated, with advisors needing to follow strict ethical and legal guidelines. This can make the job more challenging, as advisors need to navigate complex regulations and compliance requirements regularly.

Ultimately, only you know that whether a career in Financial advice is for you, but hopefully this will have given you a little more insight to help shape your decision.

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