London is one of the world's financial hubs, so it's not surprising that there is a broad range of financial advisor jobs in the UK. However, Brexit has taken a toll and with much work yet to be done on the financial sector of the Withdrawal Agreement, and there are questions about the likely impact on the employment market in Britain.
The world of finance remains a lucrative industry to work in, but there’s a lot of competition for the best jobs. With this set to increase as an after-effect of Brexit, it’s even more important to understand how to make the transition from studying to being employed. Here’s a closer look at some of the key elements to becoming a financial advisor.
Broad Range of Practical Skills
Your qualifications will demonstrate that you have an understanding of the theory, but so will all other candidates who are applying for the same role. If you want to stand out from the crowd, you need to give yourself a competitive edge by developing practical skills which go above and beyond the core knowledge.
Learning the basics of CFD trading is an excellent step as it provides direct and demonstrable skills. You can choose to specialize in a relevant sector or develop a broad portfolio depending on your ultimate goals.
It can take some practice to have strong trading skills, so a demo account can be an excellent place to start. You won't be risking any real money, but the simulated environment is just like actual trading, giving you invaluable experience that a potential employer will appreciate.
Strong Sales Skills
Being passionate about finance and giving good advice isn't enough to be a successful financial advisor. Although it's true you can't be an effective financial advisor without having strong technical knowledge; there's more to the role than just what you've learnt.
Your job is to bring in new clients and to expand the customer base. It's not merely about finding the right products for the people who come to you. This means that you'll need strong sales and networking skills and need to be prepared to face multiple rejections.
Many companies require you to hit a sales target, so if you find it difficult to sell or persuade people to buy, this may not be the right career for you.
Your Learning is Not Over
Once you've passed your financial exams, you'll inevitably be breathing a huge sign of relief. You're probably looking forward to being able to concentrate on the job rather than continually poring over textbooks.
However, as a financial advisor, you’re learning is never complete. If you want to progress and sell an increasing range of products, you'll need to pass more advanced exams - which means more studying. Even if you don't have ambitions to move on up, the world of finance is never static.
As one of the most highly regulated industries, legislation is frequently being updated and changed. Aside from updates to the law, regulators often change their recommendations for good practice and to prevent any complaints from being upheld; you'll need to stay on top of this too.
All of this can be demanding, but on the flip side, it guarantees that a job as a financial advisor never gets boring!
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