You have just undergone the rigorous requirements of being qualified as a financial adviser and now you are wondering where best to use your personal level of expertise.
At the very beginning, it may be advisable to work for a large financial institution or investment firm until you’ve gained experience on the job. However, there is nothing to say that you can’t work independently if this is something that interests you most. For a number of reasons, you simply don’t want to work in a corporate environment and would rather strike it out on your own. If so, here are some key benefits of working as an Independent Financial Adviser, IFA.
The ability to choose your recommendations
One of the main benefits of working as an IFA rather than a tied or multi-tied financial adviser is that you are working independently and are not limited to the financial products you can recommend to clients. A tied financial adviser tends to work for a firm that has a list of financial products they are literally ‘allowed’ to recommend. Multi-tied FAs have a bit more leniency, but IFAs can pick and choose those investment and other financial institutions they wish to recommend. IFAs are the most fluid of all and that’s a major consideration for you.
The ease of finding an established business for sale
At this point in time, it is possible to find an established IFA business for sale because of the rapid rate at which Boomers are retiring! With such a large group of people about to retire, there are businesses of all kinds for sale, which of course, includes established IFAs. One of the current key benefits of choosing to work as an IFA is the sheer number of retiring IFAs seeking to sell their businesses. You can find a suitable match for your particular style at a site like Retiringifa.co.uk. This site is dedicated to matching buyers with sellers and is a wonderful opportunity for IFA entrepreneurs.
Structuring your business to suit you
Working as an IFA will enable you to work by yourself if that’s what you would rather do, or you could build a network of IFAs working within the framework of your company. You will have the freedom to structure your business the way you see fit and this includes days and times of operation as well as the financial products you intend to work with. When working for a firm you are probably limited to a set schedule of office hours which you are required to maintain. Any clients you need to meet with ‘after hours’ are seen on your time and this often means working almost double duty.
Why not find a retiring IFA business for sale so that you will have a ready made client base to continue working with while also seeking to capture a new audience over the coming years? The key benefit of working independently is that you can tailor your business to grow in the direction you want to move in without the limitations of a corporate environment. Are you newly qualified? This just might be the career path for you.