The COVID-19 pandemic led many workers to consider changing careers, perhaps for greater pay or flexibility. For those with an interest in personal finance and helping others, a career change into the financial planning profession could be an attractive option, particularly given that financial planners generally report having a strong sense of wellbeing and that they have the potential to earn significantly more than the national median income. And with all of the ways that aspiring planners can enter the profession, career changers have many factors to consider, including the type of work and career path they would ultimately like to pursue. Because the various financial advice career tracks come with different education and certification requirements, this decision will influence the career changer’s path as they pursue their first job in the profession.

For aspiring planners who want to work directly with clients but who don’t yet have experience with business-development strategies, one option is to start at a firm that assigns clients to planners (so that the planner can focus on practicing their financial planning advice skills as they learn how to generate new clients for the firm).

For career changers who want to work in financial planning but do not want to work directly with clients, pursuing a career track that allows them to construct financial plans and develop recommendations (without presenting them to the client) could be the best option. Working as a ‘paraplanner’.

Next, constructing a plan that makes the transition as smooth as possible (e.g., scheduling out time for training and job hunting; and budgeting the financial costs of a transition into financial planning) can help manage a potential salary reduction as they get up to speed in their new career.

Ultimately, the key point is that while a career change into financial planning can be a fulfilling decision, it is important to plan in advance to ensure a smooth transition, from considering what kind of role is of interest to the education and credentials needed for that career track. Because with proper preparation, the career changer can increase the chances that they will not only have a good first job in the profession, but also have a successful long-term career in financial planning!

For details of WealthFlow’s Second Career Financial Planning Academy, please contact Founder and Managing Director, Duncan R Glassey. duncan.glassey@wealthflow.com

Or contact Director and Financial Planner, Helen M Learmonth. Helen.learmonth@wealthflow.com

Duncan Glassey
Founder & Director – WealthFlow
duncan.glassey@wealthflow.com

 

This article is distributed for educational purposes and should not be considered investment advice or an offer of any product for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. Past performance is not indicative of future results and no representation is made that the stated results will be replicated. Errors and omissions excepted.

Back to Articles  

Head Office & Consulting Rooms: 10 Charlotte Square, Edinburgh EH2 4DR.

Mail correspondence to our Central Scotland Admin Hub: WealthFlow Group Limited, PO Box 14947, Grangemouth FK3 3AU.

WealthFlow Group Ltd is authorised and regulated by the Financial Conduct Authority.

The guidance/advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.

For your protection, unresolved complaints can be referred to the Financial Ombudsman Service.

To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

WealthFlow Group Ltd. Registered in Scotland No SC635011. Registered Office: 10 Charlotte Square, Edinburgh EH2 4DR.

Head Office & Consulting Rooms: 10 Charlotte Square, Edinburgh EH2 4DR.

Mail correspondence to our Central Scotland Admin Hub: WealthFlow Group Limited, PO Box 14947, Grangemouth FK3 3AU.

WealthFlow Group Ltd is authorised and regulated by the Financial Conduct Authority.

The guidance/advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.

For your protection, unresolved complaints can be referred to the Financial Ombudsman Service.

To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

WealthFlow Group Ltd. Registered in Scotland No SC635011. Registered Office: 10 Charlotte Square, Edinburgh EH2 4DR.