Nikita Phillips, Candidate Support and Business Development Adviser, shares her insights in this article about her new position and what she believes individuals should focus on to successfully transition into a career as a Financial Adviser.
When I first joined the industry in 2019, as a junior administrator, I told myself I would be a Financial Adviser one day.
I therefore began to sit my R0 exams, with a view to moving into advice when the opportunity arose. My career took a slightly different pathway to the one I anticipated, but after 5 years, I am finally in a position to move into giving Advice. Are you?
I truly believe that there are four key elements essential for successfully transitioning into a Financial Adviser role. They are:
Let’s explore each of these components, in a bit more detail.
This shouldn’t come as a surprise to anyone, but to become an Adviser, you need to have a good level of knowledge. That’s not to say you need to know everything, but I personally wasn’t ready to move into an Advisory position after sitting my diploma.
Some individuals may feel ready after completing their Level 4, especially if they have a strong support network of Paraplanners and technical experts around them, so this is different for everyone.
Over the past few years, I’ve taken many more exams, and I now feel that my understanding is at a level where I can comfortably offer advice. However, it’s important to recognise that you will never know everything, and that’s perfectly okay.
Gaining knowledge goes beyond just passing exams. I enjoy listening to various podcasts and reading extensively. One podcast I highly recommend for both aspiring and established financial advisers is The Real Adviser Podcast (TRAP). So, consider expanding your knowledge and make an effort to network as much as possible.
I have worked in the industry since 2019 in various roles. From being a junior administrator, senior administrator and a Paraplanner, I have gained some really good experience.
I actually think that starting as an administrator and transitioning into advice is one of the best pathways you can take.
Mainly because you appreciate how hard your administrators and Paraplanners work, and you know how to make their life easier.
It’s important to note that you don’t necessarily need prior experience in financial services; I’ve met many individuals who have successfully shifted into advisory roles from diverse backgrounds over the past year.
However, I do think having client-facing experience is essential. Whether your background is in customer service or sales, being an advisor revolves around your clients, so having that experience will greatly enhance your chances of making this transition smoothly.
To be a successful Adviser, there are several essential soft skills you should possess. Consider these questions:
I used to worry about my limited sales experience and didn’t see myself as a natural salesperson. However, over time, I’ve realised that while advising does involve some element of sales, if the advice you provide truly benefits the client, it shouldn’t feel like a hard sell.
Naturally, some clients may choose not to move forward, but that’s just part of the process.
I also had concerns about my emotional nature. I invest a lot of passion into everything I do and I genuinely care about my clients. While some might see this as a flaw, I’ve come to understand that it’s actually one of my biggest strengths.
This is the last and, in my opinion, the most crucial element in making the transition.
Throughout the years, I have accumulated knowledge, gained experience, and enhanced my soft skills.
Self-belief was the only thing missing for me, and because of this I never felt like I would become an Adviser.
My time at BTS has been incredible, as it has encouraged me to step out of my comfort zone, connect with a diverse range of people, and accomplish things I never imagined I could do.
It’s important to understand that you are somewhat in control of your own success, and often, you won’t realise your capabilities until you find yourself in the thick of it.
Once you change your mindset, everything changes.
I can’t be a Financial Adviser whilst also being part of the BTS team, so I’ll be stepping away to pursue this new opportunity.
I’m incredibly grateful for all the knowledge I’ve gained in such a brief period and for the confidence BTS has helped me build.
From a business perspective, my decision to move on is a significant testament to the positive impact BTS has had on me.
This experience really highlights how the right environment can help you thrive.
So, I’m ready. Are you?
Read our Newly-Qualified Financial Adviser Role Profile for information on salary expectations, entry requirements, exams, and where to look for vacancies.
Browse all R0 Exams, including an overview of each and exam resources BTS supply to help you pass your R0 exams.
Read another insightful article on ‘A Day in the Life of a Newly-Qualified Financial Adviser’ to find out more about information about the Financial Adviser role.
View our Jobs Board page to find your next role as a Financial Adviser or other roles within the financial sector.
