Most commonly reported Work Activities

• Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
• Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
• Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
• Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
• Communicating with Persons Outside Organisation Communicating with people outside the organisation, representing the organisation to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
• Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
• Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
• Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
• Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

The Work

Independent financial advisers (IFAs) provide financial advice to suit the needs of their clients (ranging from individuals to large companies). They also make arrangements for that advice to be carried out if the client wishes. Clients may be seeking investment advice for the short, medium or long term.  
 
IFAs are known as independent because they advise on products from a range of companies; they are not 'tied' to dealing with only one company. The products that IFAs deal with are known broadly as personal investment products. These include things like mortgages, life insurance, pensions, savings accounts, protection policies (for example, income protection and personal health insurance) and stock market investment schemes. New products are being designed all the time, so IFAs need to keep up-to-date. Some IFAs specialise in one kind of product.  
 
When the IFA first meets a client they discuss the client's current situation and their financial needs. For example, a person may be self-employed and need to make financial plans to provide an income in case they are ill. Another may want to set up a health protection policy to cover their family for private medical care.  
 
The IFA then researches the financial market for appropriate products and recommends different options to the client. The client might then ask the IFA to act on the recommendations (for example by making arrangements for a policy to be set up) or to do further research.

Most commonly reported Work Tasks

• Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
• Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
• Manage client portfolios, keeping client plans up-to-date.
• Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
• Analyse financial information obtained from clients to determine strategies for meeting clients' financial objectives.
• Answer clients' questions about the purposes and details of financial plans and strategies.
• Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
• Contact clients periodically to determine any changes in their financial status.
• Investigate available investment opportunities to determine compatibility with client financial plans.
• Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.

Further Information

• Financial Adviser - from: N.C.S. [UK]
• Financial Adviser - from: GradIreland
• Financial Adviser - from: GradIreland
• Financial Adviser - from: N.C.S. [UK]
• Financial Adviser - from: N.C.S. [UK]
• Financial Adviser - from: N.C.S. [UK]

This occupation is typically suited for people with the following Career Interests:

Enterprising

Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.

Administrative

Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.

They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.

Social

The Social person's interests focus on interacting with the people in their environment. In all cases, the Social person enjoys the personal contact with other people in preference to the impersonal dealings with things, data and ideas found in other groups.

Many will seek out positions where there is direct contact with the public in some advisory role, whether a receptionist or a counsellor. Social people are motivated by an interest in different types of people and like diversity in their work environments. Many are drawn towards careers in the caring professions and social welfare area, whilst others prefer teaching and other 'informing' roles.

Apprenticeship Route

The official entry route for a Financial Adviser is through undertaking an apprenticeship.

Click here to find information on the International Financial Services Advanced Specialist apprenticeship

Financial advisers will develop their career from many pathways in Financial services. 

Training & Development 

FET Centre Traineeship: Business Admin, Customer service, Management in centres around Ireland NFQ Level 5-6 Search FET Courses

FET PLC Courses: Business Management, Sales, Marketing, Commerce, and Accounting at NFQ Levels 5-6 Search FET PLC Courses

Apprenticeship: Accounting, Finance, Sales Apprenticeships NFQ level 6-8 Search Apprenticeships

Higher Education CAO Entry: Business, Commerce, Economics, Maths & Statistics, Accounts & Finance NFQ Levels 6-8 Search CAO courses

Postgraduate Study Options Sales, Business, Accounts, Management, Financial advice NFQ level 9

Some Independent Financial Advisers are qualified accountants & financial services.

-Transition from NFQ level 6-8 program with level 2.2, entry based on interview

-Mature applicants considered on application 

To qualify as an accountant, you need to register with one of the appropriate professional bodies. You then combine on-the-job training with part-time study and written examinations.  

The relevant bodies are:  

• Association of Chartered Certified Accountants  
• Chartered Institute of Management Accountants  
• Institute of Chartered Accountants in Ireland  
• Institute of Certified Public Accountants in Ireland  

If you want to register with one of these bodies you must meet their minimum educational requirements. If you exceed the minimum entry requirements you may be exempt from some written examinations.  

International Financial Services Skillnet Network 

Irish Banking & Payments federation 

Financial Services Union

The 30% club: Growth Through Diversity 

Last Updated: November, 2023

Salary Range (thousands per year)* €35k - €100k

Salaries vary based on employer, location, experience, duties, and role.

Data Source(s):
Sigmar / Brightwater / CPL/ Lincoln/ Morgan McKinley/ Excel

Last Updated: July, 2024

* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.

View Salary information from Indeed.ie
Note: data not aways available

This information has been derived from the Solas National Skills Bulletin (2023).

Financial administration roles accounted for the largest occupation in this group. Employment declined marginally between 2021 and 2022, although the annual average employment growth rate over the five-year period was slightly above the national average. Despite the fall in employment, there was a high volume of recent job hires indicating that job churn is a feature of this occupation. Almost three quarters of those employed in these roles were female, and 62% held third-level qualifications.

Approximately two-fifths of persons employed were in the financial sector, with the remainder spread across most other sectors. The number of online job adverts grew strongly (nearly 12%) in 2022 driven entirely by increases for book-keepers/payroll managers etc. Difficult-to-fill vacancies (noted in the Recruitment Agency Survey and the Skills for Growth data) related to accounts administration (payable/receivable) staff, fund accountants, and credit controllers (some with languages) and payroll administration; skills in particular demand included digital skills and knowledge of accounting systems. For such a large occupation, and with a high level of job churn, demand for these roles is likely to continue in the short to medium term.

• Irish Brokers Association

  • 87 Merrion Square, Dublin 2
  • (01) 661 3067
  • [email protected]
  • Click Here

• FINANCIAL PLANNING STANDARDS BOARD IRELAND DAC

  • FPSB Ireland DAC 185a Kimmage Road West Dublin 12
  • 01 4550150
  • [email protected]
  • Click Here