So, you want to advise people on their finances?
Well, my first piece of advice would be to first get some commercial experience in the wider world, if you can. Say at least three to five years.
After that join a reputable independent firm and try to avoid the big outfits. While there, take all the exams. The Chartered Institute for Securities and Investment is a good place to start. Work towards the Certified Financial Planner qualification.
You can achieve chartered status via the CISI. You may well commence as a paraplanner.
The most important thing to remember is to bring with you a healthy dose of cynicism. Don’t take the providers' word; do your own due diligence.
Look for the warts! They will always tell you how wonderful their products are - but not every problem needs to be solved with a product.
With your past experience and the work in financial services you may build up enough of a nest egg, so don’t spend more than, say, five years with the firm.
The aim is, if at all possible, to start your own firm, (as difficult as that might seem nowadays).
Remember you will inevitably be advising people with assets, so ensure you, too, have ‘skin in the game’. Try to invest in those products that you are advising others to take.
It puts you on a much sounder footing with clients. Yes, it all takes money, but as they say ‘owt for nowt’.
Harry Katz is a consultant trading as HA7 Consulting who ran a financial advice business for 25 years
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