Ezzat Daniel Nesseim Financial Advisor

Ezzat Daniel Nesseim

A great financial adviser has specialist knowledge of investments, savings and money management but also possess great people skills

Financial advisers provide clients with specialist advice on how to manage their money. The role involves researching the marketplace and recommending the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs and then securing a sale.

Advisers may specialise in particular products, depending on their clients, such as selling employee pension schemes to companies or offering mortgage, pension or investment advice to private clients. Others are generalists, offering advice to clients in all of these areas, as well as saving plans and insurance.

In order to give financial advice, advisers must have professional qualifications and follow strict financial industry rules.

Financial advisers are also known as financial planners or wealth managers.

Responsibilities

There are two different types of financial adviser and advice:

independentrestricted.

Independent advisers, also called independent financial advisers (IFAs), research and consider all retail investment products or providers available to meet the client's needs. They must provide clients with unbiased and unrestricted advice.

Restricted advisers only offer limited advice, focusing on a particular range of products or on products from one, or a limited number, of providers.

All advisers must inform their clients, before providing advice, whether they provide independent or restricted advice.

Your tasks will vary depending on your role but will typically involve:

contacting clients and setting up meetings, either within an office environment or in clients' homes or business premisesconducting in-depth reviews of clients' financial circumstances, current provision and future aimsanalysing information and preparing plans best suited to individual clients' requirementscompleting risk analysesresearching the marketplace and providing clients with information on new and existing products and servicesdesigning financial strategiesassisting clients to make informed decisionsresearching information from various sources, including providers of financial productsreviewing and responding to clients changing needs and financial circumstancespromoting and selling financial products to meet given or negotiated sales targetsnegotiating with product suppliers for the best possible ratesliaising with head office and financial services providerscommunicating with other professionals, such as estate agents, solicitors and valuerskeeping up to date with financial products and legislationproducing financial reportscontacting clients with news of new financial products or changes to legislation that may affect their savings and investmentsmeeting the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and also the advised products.SalarySalaries at trainee adviser level range from £22,000 to £30,000.Qualified financial advisers can earn between £30,000 and £45,000.Senior financial advisers working with an average-wealth client base can earn in the region of £60,000.Wealth managers or private client advisers who are based in the wealth division of major retail and private banks can earn in excess of £100,000.

Financial advisers may also earn bonuses and commission and have additional benefits on top of their salary.

Salaries vary considerably depending on the employer and location, as well as on the level of qualifications and experience.

Income figures are intended as a guide only.