Hollywood has a particular view of the world of finance which we are all familiar with. Whether it’s Gordon Gecko or the Wolf of Wall Street, it’s fast cars, stacks of cash and run-ins with the law. But the reality is a world away from the imagination of screenwriters. Every day financial advisers are working hard to help their clients, families, businesses and investors, to make their money go further. Their work helps people plan for retirement, secure their children’s education and grow their portfolios. So what is life actually like as a financial adviser?
What does a financial adviser do?
In one sense, it’s in the name – financial advisers give advice. But the role of an adviser is much broader. They act as a trusted partner, working with their clients to create and action bespoke plans to help achieve their financial objectives. This can often involve the creation of deeply personal, as well as professional relationships.
This means that financial advisers don’t need to just be good at numbers and understand markets, but they must also have strong interpersonal skills and an ability to build relationships. Financial advisers will be expected to manage dozens of clients simultaneously while monitoring the market and looking forward all at the same time.
A day in the life of a financial adviser
So, we know working as a financial adviser means more than just giving advice; what specifically do they do? Well, financial advisers are multi-skilled individuals who take on many roles, including looking for prospective clients, reviewing their client’s portfolios, responding to concerns, dealing with admin and working on plans.
The specifics will depend on the area of finance the adviser operates in, whether it be investment, debt management, estate planning, tax planning and so on. But ultimately, the role of a financial adviser comes down to working hard for their clients to ensure they get a return on their investment.
How much do financial advisers earn?
While financial advisers can often work long hours, many are attracted to the profession for the high salaries it can bring. In the UK the average trainee financial adviser earns between £25,000 and £40,000, according to data from Reed.co.uk.
Wages for financial advisers are increasing amid a shortage in the industry. In 2023 adviser earnings were up 15 per cent on average, at £96,000 in the UK, as per the FT. However, one of the benefits of working in finance is the ability to live and work across the world, often in countries with higher salaries and more generous tax regimes.
Climbing the ladder in finance
The finance industry values merit. Financial advisers who deliver for their clients tend to be noticed and recognised, not just by their own firms but also often by clients who will reward success with return business. It’s for this reason that finance is usually considered one of the better industries for upward mobility – particularly for those who deliver.