If you think it sounds like too much work, hold on – you’re perfectly placed for an easy career transition.
How can your skills transfer to a financial advice career
As a finance or business professional, you already know investing, financial markets, and basic accounting principles. So, you’re already in possession of important information that financial advisers need to be effective in their roles.
Likewise, you have the communication skills necessary to be a financial adviser. Whether you work closely with colleagues or manage client relationships, financial advisers rely on strong communication skills when delivering comprehensive financial advice. With a strong communication foundation, you already possess this soft skill.
Finally, your time in business or finance has equipped you with some of the regulatory compliance information that financial advisers need to understand. While there’s complex data to wade through, and you need to understand the ins and outs of effective financial planning, having foundational knowledge puts you ahead of the pack in terms of a career transition.
Upskilling unlocks new opportunities
As a financial adviser, you are responsible for advising clients about retirement planning, budgeting, investments, tax planning, estate planning, and essentially, creating long-term financial stability to achieve their long-term goals.
You can’t just drop your career and be a financial adviser the next day, and there’s an upskilling process involved. However, you have a range of soft and hard skills that will translate well to a financial adviser career. Now, you need to build on those skills and develop the knowledge that financial advisers depend on.
In terms of upskilling – regulatory and compliance knowledge is critical. You need to understand the industry’s regulations and the ethical standards you will adhere to when offering financial advice.
You can take a formal education route and enroll in a financial planning course. What more practical pathway than an accredited financial planning course that will put you on the path to financial advising? Whether you’re interested in a Master’s in Financial Planning or a Graduate Diploma, this will give you the knowledge and credibility you need to succeed. The government has taken steps to reform the pathway to a financial advising career so an accredited course will ensure you stand out. Additionally, there are industry-recognized credentials that will add credibility to your new position.
The necessary steps
While formal education is important and choosing the right program is key to meeting the industry requirements, getting hands-on experience is also a must. You can do this the old-fashioned way by shadowing an established financial adviser, but you can also join professional associations to expand your network and access industry mentors.
Ultimately, the shortage means there is currently less competition, so it’s a good time to get in on the ground floor. In the meantime, you can leverage your strong communication skills to learn the language of a new industry and understand how you can leverage those skills in working with clients. Financial advisers are responsible for explaining investment options, detailing financial plans, and ensuring clients understand risk management strategies. Advising someone on their finances is a massive responsibility, and in addition to regulatory and industry knowledge, communication is a key asset.
Summing up
You might not have realized it before, but you have many of the soft and hard skills necessary to leave your current profession behind and start a new career in financial advice. You already have a wealth of knowledge and expertise to draw from. Now, you can upskill through education and certification to provide clients with long-term financial planning services.
If you’re itching to change careers or looking for long-term satisfaction in a job that suits your existing skillset, being a financial adviser might be the perfect match.
