Financial advisers can work in one of three ways – 'tied', 'multi-tied' or independent:

• tied advisers usually work for banks, building societies or insurance companies, and only offer that company’s financial products
• multi-tied advisers deal with a number of companies and sell products from only those companies
• independent financial advisers (IFAs) offer whole-of-market advice.

A financial adviser's work involves:

• setting up meetings with clients
• finding out about clients’ current finances and future plans
• researching financial products
• explaining details of products so that clients can make informed choices
• meeting sales targets
• negotiating with providers of financial products
• keeping detailed records
• producing financial reports
• keeping clients regularly updated about their investments
• keeping up to date with new products and changes in the law.

IFAs have to follow strict rules and guidelines from the Financial Services Authority (FSA), to make sure that you act fairly and are properly qualified to give appropriate financial advice.

There are no set entry requirements for becoming a financial adviser. Many employers consider ‘people skills’ and a strong background in customer service, sales or financial services to be more important than formal qualifications.

You will often start as a tied adviser in a bank, building society or insurance company, after being promoted from a customer service role and working towards a Financial Services Authority-approved qualification.

You could also start as a paraplanner, providing administrative support and research for independent financial advisers. If you are not already working in financial services, you could take an FSA-approved qualification for trainee financial advisers before you join the industry.

Some banks, building societies and large firms of IFAs offer graduate training schemes for new advisers with degrees or similar qualifications.

Training usually consists of a mixture of practical experience and study for qualifications in financial planning. The most widely-known qualifications are:

• Chartered Insurance Institute (CII) Certificate in Financial Planning
• ifs School of Finance Certificate for Financial Advisers (CeFA).

Advanced qualifications are:

• CII Diploma in Financial Planning
• CII Advanced Diploma in Financial Planning.

You can achieve Chartered Financial Planner status with the CII when you have the CII Advanced Diploma in Financial Planning and at least five years’ experience in the industry. See the CII and Personal Finance Society websites for more details.