Managing your finances is a critical skill most of us need to develop to ensure we can effectively navigate the world. To an extent, most of us will manage finances to some degree throughout our lives. This management may be in the form of monthly budgeting, retirement planning, or investing our savings. To some extent, many of you may be able to contend with the more basic elements of these tasks without the aid of a financial advisor.
Beyond the financial management services above, the services of a financial advisor are also employed when the money management needs of individuals or corporations become more complex and require expert advice to navigate.
This article will cover the basics of what financial advisors do, how to become a financial advisor, and the benefits of embarking on this exciting career path with the deVere Group.
What are Financial Advisors?
Financial advisors are professionals trained to assist individuals and corporations in managing their finances. The specific duties of a financial advisor are dependent on the advisor’s area of expertise. In general, they may include the following:
- Evaluating a client’s financial position and developing a plan to achieve their financial goals.
- Developing investment strategies and products that will protect and grow the wealth of their clients. These may include investments in stocks, fixed income products, bonds, mutual funds, or ETFs.
- Monitoring the client’s investments and rebalancing the portfolio as needed.
- Advising clients on issues relating to tax planning, retirement planning, estate planning, or any other financial matters that may be relevant to their clients.
- Keeping up with developments in tax laws, economic trends, or any other relevant factors that could affect a client’s financial position.
- Maintaining regular contact with clients and updating them on relevant issues/developments as well as answering any questions they may have.
Financial advisors come in various forms, and all have different specialisations. Wealth managers, financial planners, or investment advisors are all forms of financial advisors although the services they offer will differ. Financial advisors can be employed by a variety of companies and institutions. These include:
- Insurance companies;
- Investment firms; and
- Registered Investment Advisors (RIA);
- Financial advisory companies.
How to Become a Trainee Financial Advisor?
In careers like law or medicine, regulatory bodies outline the path to qualifying and ensure that the same level of training is received by each candidate. Since financial advisors come in various forms and offer a wide range of services, there is no single pathway to becoming a financial advisor. Instead, there are several qualifications potential financial advisors can pursue depending on the speciality they are interested in.
As a general starting point, potential financial advisors should hold a relevant degree or qualification to begin their careers. These qualifications may be undergraduate degrees in finance, accounting, mathematics, or business. Alternatively, they may be industry-related qualifications such as a Diploma in Financial Planning (Level 4). If you hold one of these qualifications, you are well on your way to securing a career as a financial advisor.
Once you graduate, your next step will be to identify potential trainee financial advisor jobs such as the traineeship available at the deVere Group. These traineeships will allow you to gain the necessary industry experience to progress into more senior roles within the industry. Further, the traineeships will act as a foundation on which trainees can build their knowledge and professional backgrounds by pursuing industry-related qualifications such as becoming a Certified Financial Planner (CFP).
A financial advisor’s training does not end after a traineeship. Instead, financial advisors will be expected to continue to develop themselves professionally by advancing their industry knowledge through courses and further qualifications. As a financial advisor, it will be your responsibility to keep up to date with changes in legislation, regulations, or best practices that are relevant to the services you offer.
The final step to becoming a fully-fledged financial advisor in the United Kingdom will be to secure a license from the Financial Conduct Authority. Any financial advisors offering regulated financial service activities to the public must be authorised by the Financial Conduct Authority. You can apply for this license directly on the government website.
If you’re interested in becoming a financial advisor, read on to find out more about deVere’s trainee financial advisor jobs.
The deVere Group Traineeship
Founded in 2002, the deVere Group of companies is a world-leading independent financial advisory company offering its clients a powerful combination of personal financial advice and innovative digital solutions.
Traineeships will be conducted in one of our Malta or London academies. Here, we will give you the opportunity to work alongside industry-leading professionals and gain in-depth experience while studying for your professional qualifications. The training academy will last for one month. After this, trainees will spend a further 12-18 months training and earning the necessary qualifications to prepare them for life as financial advisors.
At the deVere Group, we offer you the opportunity to develop yourself personally and professionally by allowing you to study for the qualifications you believe best suit your aspirations.
Given that the role of a financial advisor is so diverse, we offer a wide range of qualifications from various awarding bodies throughout your traineeship. The qualifications you will be able to earn will ensure that you are equipped with the necessary skills to provide your clients with the best possible service. Let’s take a more in-depth look at two of the awarding bodies you will be able to secure qualifications from throughout your traineeship.
The Chartered Institute for Securities & Investment (CISI) is a professional body for individuals working in the securities and investment industry. CISI offers a range of qualifications and training courses designed to provide financial advisors with the skills they need to deliver their services to the highest possible standards.
The specific course or qualification you will undertake as part of your traineeship is dependent on your level of experience and desired career path within the industry. Here are some examples of courses offered by CISI:
- Investment Operations Certificate (IOC);
- Capital Markets Programme;
- Financial Planning Certificate (FPC).
Each of these qualifications will cover topics such as securities and investment theory, best market practices, as well as any relevant legislation or regulatory frameworks. Once you complete one of these CISI qualifications, you may also be eligible for membership with the CISI. Becoming a member of CISI offers you a range of additional benefits such as networking opportunities and access to industry-specific events and resources.
The Chartered Insurance Institute (CII) is a professional body for individuals working in the insurance and financial services industry. Like CISI, CII also offers several qualifications designed to develop the knowledge and skills needed to succeed as a financial advisor.
CII courses will examine insurance products, risk management, and financial planning. Here are three examples of qualifications that are currently offered by CII include:
- Diploma in Regulated Financial Planning;
- Certificate in Insurance;
- Advanced Diploma in Financial Planning.
All relevant governing bodies within the industry recognize these CII qualifications as adhering to the highest academic and professional standards. As a result, the qualifications remain highly coveted, with many employers requiring their employees to hold CII qualifications as a condition of their employment.
As with CISI, once you have completed your CII qualification, you may also be eligible for membership with the CII. Becoming a member of CISI offers you a range of additional benefits such as networking opportunities and access to industry-specific events and resources as well as the use of professional designations.
Application Process for a Trainee Financial Advisor
Applying for a role as a trainee financial advisor will require you to submit yourself to several interviews and assessments. These will not require you to have any industry-specific knowledge but are instead designed to measure the skills and attributes necessary to succeed in the Academy program.
Throughout these interviews and assessments, prospective candidates will also gain a deeper understanding of our development programs, the deVere Group and how it operates, and the role of a trainee financial advisor.
To apply, please head over to https://www.devere-group.com/careers/trainee-development/
- Our online application will require you to submit your CV and complete a number of questions to assess your interests and motivations for applying.
- You will be expected to attend a live interactive zoom webinar with the CEO of the deVere Group, Mr. Nigel Green.
- After this webinar, you will participate in a screen call with our Talent Acquisition team.
- If successful, you will then move on to an interview with dV Global Head of Talent Acquisition.
- The final stage of the application process is a 1-week online assessment. Further details on this will be provided before the assessment period begins.
The deVere Group prides itself on being an equal-opportunity employer. We are committed to recruiting and developing a diverse workforce that remains inclusive of race, religion, age, gender, sexual orientation, and disability. If you have specific requirements concerning accessibility or mobility that may impact your recruitment process, please let us know in your application. We will make any reasonable adjustments that may be needed to ensure your recruitment process flows as smoothly as possible.
The deVere Group offers its trainee financial advisors a range of benefits. At deVere, we believe in rewarding results and your remuneration will be structured to support this. Beyond a competitive compensation package throughout your traineeship, your earnings after completing the traineeship will be uncapped. The better you perform, the more you will earn.
Further, with offices in locations across the globe, the deVere Group can offer its financial advisors several options regarding location.
Beyond this, deVere offers:
- 22 days annual leave;
- Top performer overseas trips;
- Housing assistance/relocation packages;
- Health insurance; and
- Continuing professional development opportunities.
The professional life of a financial advisor can be highly rewarding. Working in such a diverse profession allows you to pursue pathways that interest you and forge a career that fits your personal and professional aspirations. If you’re a recent graduate interested in pursuing a career as a financial advisor, we recommend applying for one of our trainee financial advisor jobs today!