Financial adviser
Advise people about how to make the most of their money so they can plan for the future.
Also known as: independent financial adviser (IFA), financial planner
About the job
What it's like
You would advise people so they can make the best decisions about how to use their money. You’d help them plan both for the present and the future.
You’d advise your clients on the right financial products for them, confidentially and fairly. These could be investments, savings, pensions, mortgages or insurance.
You would:
Talk to clients about their current finances and future plans
Research financial products
Explain details of products to clients
Prepare clear recommendations
Negotiate with the providers of financial products
Keep detailed records
Deal with client enquiries
Produce financial reports
Keep clients regularly updated about their investments
You’d need to keep up to date with new products and changes in the law, and meet performance and sales targets.
There are different types of financial adviser.
If you work as a tied adviser you’d work for a bank, building society or insurance company and only offer your own company’s financial products. As a multi-tied adviser you’d sell products from a number of companies. Both of these types of adviser are also known as ‘restricted’ advisers.
An independent financial adviser (IFA) offers products and gives advice on all financial products on the market.
Some advisers work with businesses and give advice to companies on benefits for their employees.
Explore more information about this job
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Related industries
Many jobs can be done in lots of different industries. We've highlighted the ones we think are most important for this job.
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Financial and professional services
Top skills
Skills are things you're good at. Whether you know what yours are or not, everyone has them!
It's useful to learn which ones are important in a job so you know the areas you need to brush up on. It can also help you work out if you're suited to a career.
Meta skills
Here are some of the meta skills you'll need to do this job.
- negotiating
- developing a plan
- attention to detail
- researching
- observation
- working with numbers
- verbal communication
- listening
- building relationships
Your skills are important
Our unique skillsets are what make us stand out from the crowd. Learn about each skill in depth and discover what employers look for in your applications and interviews.
Getting in
Explore each section to find more information about getting into this career.
Colleges and universities will list subjects you'll need for entry to a course. Some useful subjects include:
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Accounting
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Business
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Economics
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Maths (Mathematics)
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Skills for Work: Financial Services
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Foundation Apprenticeship: Financial Services
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Applications of Mathematics
You can get a head start in this career by doing a Foundation Apprenticeship in S5 and S6.
You'll get an SCQF level 6 qualification which is the same level as a Higher. You'll also learn new skills and gain valuable experience in a work environment.
Discover what's on offer at your school on Apprenticeships.scot.
You must take an Financial Conduct Authority approved qualification at SCQF level 7/8.
You would need a degree (SCQF level 9/10) to enter a graduate training scheme. To enter a finance degree requires National 4/5s and at least four Highers at BBBC or equivalent qualifications.
Or you can take Financial Conduct Authority approved qualifications while working in another role within the finance sector. Though you can apply with any degree, qualifications with a numerate, business, or legal focus can be valuable.
It is helpful to have relevant work-based qualifications such as a Scottish Vocational Qualification in Providing Financial Services (SVQ level 2/3) or be willing to work towards qualifications once in a job.
Once in the job you must be authorised by the Financial Conduct Authority (FCA) to give advice on financial products and have a Statement of Professional Standing (SPS).
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Browse courses in Scotland related to 'Financial adviser'
