Setting up as a Financial Adviser/Planner

B

babylon

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I qualified recently as a QFA but there seem to be no jobs out there. I'm thinking of setting myself up as a Financial Adviser/Planner but dont know where to start. Any advise?
 
Not yet. I want to find out more about the correct way to proceed before I approach anyone about an agency, or the Financial Regulator. What would they be looking for?
 
I believe you first must register with the financial regulator and this I believe can take a few months.

Your best bet may be to approach one or two of the large Insurance co. like Irish Life, Eagle star and meet with the person who looks after the agents. Normally each co. will have one employee who stays in contact and assists all the agents like accountants etc who hold agencies. This I think should be your fist port of call.
 
If you are looking for agencies from Insurance Co's etc, they will want to see where you expect to get business from.
What is your target market?
Are you intending to specialise in any particular area?
What business volumes are you expecting to deliver?
What's your business plan?
 
I set up a few years ago under my a/cing practice but after a year, decided to stick to my core business

The insurance companies will give you forms to complete. To get an agency you will probably require the following at a minimum:

Life Assur Registration Council (LARC) number - free
Buiness Investment Authorisation Cert - mine was about €650 annually through ACCA
Professional Indemnity Insurance policy - annual premium will depend on client value/volumes
Contribution to investor compensation fund annually approx €350
Proof of CPD hours

May be easier for tied agents. ACCA required independence - i.e. multiple agency

Don't dabble in this area. Get all the templates, paperwork and processes in place first.
 
Do you have any experience ? Have you got any training under an experienced advisor ? Can someone set themselves up as a "financial advisor" on the basis of a few exams. Solicitors/accountants etc must serve their time and show a record of experience, 3 yrs I think.
 
I have worked in various financial institutions over the last twenty years, including Bank of America, Bank of Ireland and Eagle Star but not in the area of financial adviser.
 

An authorised financial advisor must either be grandfathered (ie had years of experience verified by the regulator) or have a QFA diploma (a bit tougher than a few exams, believe me..). They also need to build up CPD hours every year to keep their knowledge current.
OP, have you thought about approaching an existing broker/adviser and seeing if you could work part time on a split commission basis only (i.e use his agencies & back office support in return for a portion of your commission). You could possibly do this part time until you get a feel for the job.
 


So you can hold yourself out as a "financial advisor" with either (a) experience but no qualification i.e. no necessity to show show that you can understand even the simplest maths or (b) qualification and no experience.
I don't think this is good enough anymore. Both experience and qualifications should be a prerequisite before being allowed to hold yourself out as a "financial advisor".
 
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