Financial adviser : Job description

Financial advisers provide clients with advice on financial matters, making recommendations on ways to best utilise their money. The role involves researching the marketplace and advising clients on products and services available, ensuring they are aware of and understand those that best meet their needs, and then securing a sale.

Advisers may specialise in particular products, depending on their clients, e.g. selling employee pension schemes to companies or offering mortgage, pension or investment advice to private clients. Others are generalists, offering advice to clients in all of these areas, plus savings plans and insurance.

In order to give financial advice, advisers must have professional qualifications and follow strict financial industry rules.

Typical work activities

Financial advisers can work as:

• tied advisers - working for one organisation, such as a bank, building society or insurance company, and selling only their products;
• multi-tied advisers - selling several companies’ products;
• independent financial advisers (IFAs) - advising on any company's products and, by law, providing clients with the most suitable advice.

Tasks vary depending on the role but typically involve:

• contacting clients and setting up meetings, either within an office environment or in clients' homes or business premises;
• conducting in-depth reviews of clients’ financial circumstances, current provision and future aims;
• analysing information and preparing plans best suited to individual clients' requirements;
• researching the marketplace and providing clients with information on new and existing products and services;
• designing financial strategies;
• assisting clients to make informed decisions;
• researching information from various sources, including providers of financial products;
• promoting and selling financial products to meet given or negotiated sales targets;
• negotiating with product suppliers for the best possible rates;
• liaising with head office and financial services providers;
• liaising with other professionals, such as estate agents, solicitors and valuers;
• keeping up to date with financial products and legislation;
• producing financial reports;
• contacting clients with news of new financial products or changes to legislation that may affect their savings and investments;
• meeting the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and also the advised products.