Financial advisor: Training, further education, course, provider overview

According to an education survey conducted by the Ausbildung-Weiterbildung.ch platform, participants contact schools about the financial advisor course for various reasons. 55 % of respondents make inquiries to schools because they have read about them online. 22.5 %, on the other hand, were recommended the school/s. 22.5 %, on the other hand, already knew the schools from which they requested detailed information from previous training or further education courses. Some people gave us the following additional reasons with the voluntary response options:

• due to the place of training
• I'm looking for further training so that I can invest money properly and in a targeted manner
• nearest school
• because it has an online offering
• Google search

The prerequisite for admission to the final examination as a financial advisor IAF requires proof of basic vocational training (EFZ) and at least 2 years of professional experience. Anyone who cannot provide proof of basic vocational training needs 5 years of professional experience in the financial services sector. Larger financial service providers often give career changers the opportunity for a professional reorientation. This allows them to start working and gain solid basic training on the job through coaching from experienced financial professionals. Later, once they have gained professional experience, career changers in financial consulting complete their training with an IAF qualification. There are often even specific job advertisements for career changers.

Financial advisor training lasts 9 to 12 months. It is divided into two blocks - the main course and the exam training. This is supplemented by approximately one day of online self-study. Between the two blocks, the school's internal intermediate examination is held to assess your personal situation. The IAF financial advisor training course covers the following topics:

• Taxes
• Law
• Assets (incl. FIDLEG)
• Precaution
• Insurance
• Real estate

Following the financial advisor training, those who wish can prepare for the exam with additional intensive training. The IAF financial advisor courses are offered as face-to-face courses or as blended learning courses, whereby the main course and the intermediate examination can be completed online. In both options, the exam training takes place in the classroom.

Financial advisors who are employed by a bank or insurance company usually earn a basic salary and the rest through commissions. Self-employed financial advisor jobs are usually financed by hourly fees and commissions. Commissions should be disclosed in financial advice. This is because hidden commissions can promote conflicts of interest, as brokering expensive financial instruments usually brings higher commissions than more cost-effective solutions. In most cases, commission is not only paid during the advisory and implementation phase, but also during subsequent asset management. A good financial advisor provides neutral - not product-related - advice. After all, long-term customer satisfaction is more important than the high commission that comes with a bad recommendation.

The qualified financial advisor IAF advises the broad middle class of employed persons in the employment phase. With this qualification, graduates fulfill the educational requirements of the Financial Market Authority (Finma) for financial sales and can register as insurance brokers. They can then go on to complete the federal certificate as a financial planner. Financial advisors are employees of banks, insurance companies and other financial institutions as well as independent advisors. They are able to provide independent financial advice to private individuals in the active acquisition phase, taking into account the legal framework. The main areas of advice include the initial presentation, situation analysis, recommendation of measures and closing the sale.

Financial advisors are entrusted with analyzing the financial markets and insurance and financial products, which serves as the basis for their advisory activities. They use their knowledge to provide comprehensive advice to private clients on all aspects of financial planning. This includes both pension provision and asset accumulation, for example with investment funds, as well as real estate. In all their activities, financial advisors always focus on the personal needs of the customer, whom they accompany from the initial consultation through to the conclusion of the contract.

IAF Finanzberater/innen haben beispielsweise folgende Weiterbildungsmöglichkeiten:

• Fachmann / Fachfrau für Finanz- und Rechnungswesen (BP)
• Finanzplaner/in (BP)
• Finanz- und Anlageexperte/-expertin (HFP)
• KMU-Finanzexperte/-expertin (HFP)
• Finanzanalytiker/in (HFP)
• Vermögensverwalter/in (HFP)
• Bankwirtschafter/in (HF)
• Versicherungswirtschafter/in (HF)
• NDS-HF Steuerberater / Steuerberaterin (HF)
• Weitere Angebote des IfFP Institut für Finanzplanung, von höheren Fachschulen und von Fachhochschulen
• Zahlreiche Nachdiplomstudiengänge CAS, DAS und MAS an Hochschulen

The definition of a financial advisor is as follows: Financial advisor is the professional title for a service provider who advises clients on financial investments, loans or insurance. Financial advice is provided in relation to an event or as part of structured financial planning. A financial advisor therefore brokers financial products. They are employed or self-employed. Self-employed advisors are often contractually bound to providers of financial products (banks, insurance companies) or financial sales companies.
Financial advice focuses on four central points:

• Capital formation
• Pension provision (today and in old age)
• Optimum insurance cover
• Home financing

In addition to advice, financial advice also includes the implementation of measures and the sale of suitable financial products.

According to a survey conducted by the education platform Ausbildung-Weiterbildung.ch, people are interested in financial advisor training for the following reasons:

• 83.5 % check whether the course meets their needs
• 12.5 % have received a recommendation for this course
• 4% of survey participants show interest because of mentions in job advertisements.

Four people gave private reasons for their interest. They gave a free answer option:

• "I would like to use the knowledge I have acquired to manage my assets and pension assets after payment."
• "I will retire in five years, have a lot of savings and want to invest them properly."
• "I would like to make financial consulting a mainstay of my self-employed activity."
• "Deepening my specialist knowledge"

The IAF Financial Advisor Training (Interessengemeinschaft Ausbildung im Finanzbereich) requires the following criteria at the latest at the start of the examination:

• Federal certificate of proficiency (EFZ) or equivalent qualification

And

• at least one year of professional experience after graduation

Or

• At least five years of professional experience