Those who prefer working on their own and running the show may find a career as an independent financial advisor (IFA) a good choice. Setting working hours, building a client base and earning potential are the main benefits of this path. However, the amount of income relates directly to an advisor’s reputation and work ethic.
Most IFAs operate their own business, usually starting out as general financial advisors before moving into a specific area such as taxes, investment funds or pensions. To gain a foothold in this competitive field, it’s important to obtain the proper licenses, certification and degrees in accounting or finance.
Usually, an independent financal advisor will spend several years working within an established firm before branching out on their own. A client base is essential to making money, and this is something that can take years to accumulate. An ability to network is essential for this kind of job
Unlike working for a company, independent operators only earn as much as they work. The earning potential is unlimited, but can also be virtually nothing without clients to serve. Joining associations, groups and other organisations can help a lot when building the client base. Average salaries range from £26,000 to £34,000 per year.