Career change - Personal Financial Planning

[nest egg]

Taking (heavy!) inspiration from another poster here, a career change is on the cards! In my case, I am considering doing a QFA and/or CFP.

Why?
I have an obsession with personal financial planning! I use my free time to consume information on it, I trial tools and fintech services, I informally help friends and family out, and of course I use our own finances as a guiney-pig for my strategies.

Experience?
None professionally in this field. My background is with MNCs running large investment initiatives, both here and internationally. I've been promoted into increasingly more senior positions, and am reasonably effective at getting things done - problem analysis, communication, coaching, resolving issues, navigating corporate politics and the like - all part and parcel of daily life. I earn about €170k all-in, which is a fortunate position and provides a good life, but two things have happened recently prompting me to take stock:

1. I turned 40 - am I going to have a better quality of life climbing the corporate ladder? and,
2. I have the option to get out, and take redundancy. This would net a sizeable payout (250k or so).

Prerequisites?
Before I go taking any big decisions, what I need to determine is what I can reasonably expect to earn doing this, in the mid to long term.

Contingency?
Based on the scenarios I've looked at, we could manage for several years if my earnings were low. My wife works full time, and has good career prospects. She's also supportive of the change (she's listened to me talking about this topic often enough!). We have two young kids however, and aspire to a comfortable life, so while I have some breathing room, there does need to be the prospect of earning a reasonable crust in this field.

Questions?

• QFA/CFP, are both required to secure work in Ireland, is one more useful than the other?
• How easy/difficult would it be to secure an apprenticeship?
• How could I find out what earning potential exists, and realistically, how long it could take?
• What common mistakes do people make starting out?
• What am I not considering, what other advice would you give?

Sin é!

 

[DublinHead54]

Do you want to be a independent financial advisor or work for a company? If it is the former then the questions increase to the details of running a small business. The latter seems to have earnings starting at 35k. I assume the best money is in running your own financial advisor business, but not sure on the earning potential.

You should get the qualification whilst you are still working, perhaps you could get the qualification and set up a small business offering advise on the side?

 

[nest egg]

Do you want to be a independent financial advisor or work for a company? If it is the former then the questions increase to the details of running a small business. The latter seems to have earnings starting at 35k. I assume the best money is in running your own financial advisor business, but not sure on the earning potential.

You should get the qualification whilst you are still working, perhaps you could get the qualification and set up a small business offering advise on the side?

Thanks for the suggestion. I expect I would likely do both - i.e. learn my trade within an established firm, for a period of time. I also would have no contacts / network in this area which is another barrier to starting out on my own.