Natalie Dawes, Academy Support Adviser at BTS, talks about the role of an administrator and how it helped her cultivate her career within Financial Services
With a background in retail banking, I had a good foundation for a career within financial services. I also have experience working within education and it would be fair to say, that my role at BTS is a bit of a dream, with bringing two of my passions – education and financial planning – together at last!
When I made the decision to leave my job in education, it was by chance that I ended up going full circle back into financial services, following a catch up with a friend and a potential opportunity to cover ‘a little admin work’ for his firm, which I started in January 2017.
Well, the job that initially started at just 8 hours a week, was what led me to my DipPFS qualification and the discovery that the opportunities to progress within this industry are huge.
I will always be very grateful to the almost six years that I conducted this role, due to the exposure it gave me to the industry as a whole, because of the people I have met and learned from along the way but mostly because of the little journey of self-discovery that occurred, giving me clarity about what it is I love and my career goals.
In the early days my work was primarily based around preparing for client reviews. Once I’d got to grips with the various systems and data required to produce documents such as valuation reports and portfolio analysis, it allowed the two advisers I worked with to concentrate more of their time on existing clients, as well as new business.
It wasn’t long before my intrigue set in and to a degree, probably a little frustration too, due to not really understanding a lot of the documents I was producing. Essentially, I wanted to know more about what it all meant and that meant I needed to learn.
This is where my study journey began, starting with R01 – Regulation & Ethics. Little did I know at the time that I would go on to complete a diploma!
The studies really enhanced my role as an administrator and as time went on, I was adding more tasks to my workload. This included talking to providers to obtain data, dealing with basic (non advised) client enquiries and new business setup and tracking.
These areas alone provided more opportunity to further develop and upskill. Contacting providers is a great example of this due to the varying processes and ways of communication – you definitely have to be on the ball and learn to adapt to ensure that good levels of service are maintained.
My role as an administrator led me, very organically, into more of a paraplanner position. I began writing the simpler suitability reports for cases until eventually I was writing the majority of reports for the two advisers I worked with. This meant I had to have a hands-on approach to client cases, in order to be able to complete this work effectively and appropriately.
I got to know the advice process from beginning to end which also meant other workload could come my way such as conducting research and at times, making recommendations.
This stood me in good stead for the ultimate goal (at the time) of becoming a client facing adviser, again another natural next step in my progression. I qualified in March 2022 and it felt great to have the Diploma under my belt, with new doors opening as a result.
Since then, with having a little break from studies and gaining back some time, I’ve become even more aware than I was about the opportunities, across varying sub sectors and roles, that exist within our industry.
I was so focused on getting through the exams, on top of a busy family and working life, that I’d not really considered other options besides the natural steps that I was taking.
I’m glad that I had the ‘time out’ (specifically a holiday in Turkey!!) to really consider my options, my likes and dislikes and where I want to be. It’s this thought process that ultimately led me to a very difficult decision to leave my existing firm, to explore other areas of financial planning.
CAS is a requirement for both employed and self-employed advisers, and if the path for employed advisers isn’t straightforward, it can be even more challenging for those wanting to take a self-employed route.
One of the biggest challenges for a newly certified, self-employed adviser is reconciling an eager entrepreneurial spirit with the need to be closely observed whilst achieving CAS. These two things that don’t naturally go together!
So, what are the options for achieving CAS as a self-employed adviser?
One option to consider is to be self-employed under the banner of an established brand. The benefits of an arrangement like this are that you can effectively run your own business while receiving a similar level of support to an employed adviser – including achieving CAS through structured scheme with dedicated mentor support.
As mentioned, the plan was always for me to go into a client facing adviser role, due to the natural progression that came from the administration role, studies and the firm’s needs.
However, the massive learn here was how unaware I had been to the wider areas of financial services. In the end, I felt like a tiny fish in a huge pond and for me, it was time to go swim. This was definitely about trusting my gut, which isn’t always an easy thing to do, but you know what they say, if it doesn’t feel right, it probably isn’t, so make sure you consider all of your options.
I sort of ‘fell’ into the role of an administrator, but I encourage others to purposely look at the role. Whatever your circumstances, this role can suit a multitude of people. It’s a great starter role within the industry but equally, it’s absolutely a career in its own right. Administration will always be pivotal to the overall financial planning process and therefore the requirement for administrators will continue to remain high.
Whether you use it as an intro in the industry or whether you end up in a much more technical/senior admin role, you’ll always have plenty of opportunities to learn, develop and progress.
There is also a huge element of choice with the type of firm you choose to work. I worked for an independent firm, under a network, who offered bespoke advice on pensions, investments and protection, so a real insight available to me. However, you might want to focus on just protection or just mortgages.
Equally, you might want to consider working for a firm that is directly authorised as opposed to under a network – so many options. Going back to my point about trusting your gut, remember that if your existing admin role doesn’t feel right, it isn’t necessarily the role, it could be the sector or type of firm that you are within. So do your own research and if you get stuck, look to your peers and wider financial services colleagues.
If you’re not already active on platforms such as LinkedIn, I really recommend it. If I’m honest, it’s developing my network, watching and learning from others and building some great relationships that has encouraged me to take action and listen to my gut.
There are so many people that are willing to help or offer advice about your studies or your next career move.
There’s certainly a lot to consider when thinking about looking for an administration role, whether you are new to the industry, coming back to financial services or considering a change. However, I hope that this article has demonstrated that there is huge opportunity to develop, learn and progress in your future, no matter which direction you choose to go.
You can also tune in to the below webinar for more insights in to how your can build your career within the role of an IFA Administrator.
BTS were invited to host this webinar with Lewis Byford, of Anthony George Recruitment.
Read our Financial Administrator Role Profile for information on salary expectations, entry requirements, exams, and where to look for vacancies.
View Our R01 Exam overview/toolkit to purchase any R01 Study support including Study Guides, e-Learning modules, online workshops and study buddy.
Read another insightful article on ‘A Day in the Life of a Financial Administrator’ to find out more about information about the Financial Planner role.
