Let’s not kid ourselves here – moving overseas will be an unsettling and challenging experience. Changing jobs is traumatic enough on its own, but when you are also moving house and leaving your native country at the same time, you can expect to experience quite a bit of stress.
The benefits of moving abroad to become an international financial adviser are immense and any initial discomfort will be quickly replaced by the rewards of the new experience. The key to a successful move is for you to be well prepared and to have done sufficient research. The first part of that research will be understanding just what it is your new “boss” is expecting from you.
This article will state the obvious and although it does that and applies common sense, I am aware that common sense isn’t very common. So let’s ask the question – What do Recruiters want?
Most international IFA organisation are SMEs with limited budgets and infrastructure. The businesses tend to be run “lean and mean”. The reason they are seeking recruits is to expand their business base, increase sales, and generate more income. They are not building empires. They are looking for early results and for a quick return on their investment.
So do not expect to be offered a salary – international financial advisers are paid for producing results. So commission-only contracts are the most common reward structures. If you are seeking a salary you’ll need to work in bancassurance.
Do not expect a relocation package – your new boss will want to see you arrive safely and to ensure that you get looked after on arrival. So you may be offered discounted local accommodation and perhaps even have the cost of your flight covered. But they are not there to cover all your costs. As a general rule you will need to have sufficient cash to cover 3 months expenses. I usually suggest that candidates have at least £6,000 available.
Do not expect to be handed leads or orphan clients. Your new boss wants a salesman who knows how to prospect and how to network. Yes, they will be able to provide some orphan clients (but they are orphans for a reason – nobody else in the office wants them!) they may have a telesales or coordinator team in place to support you. But the bottom line is that they will want you to generate business. Quickly. And that is what you should be focusing on too.
Successful financial advisers share common attributes:
This is what recruiters want. Your approach must be that of an entrepreneur rather than an employee. Do not forget that this is a tough job and that’s why successful financial advisers get paid so well. It is also why our industry has a high turnover – many believe they have what it takes but few can deliver results on a consistent basis.
What you are being offered is an opportunity to operate as a quasi-franchisee – the franchiser will provide the brand, the facilities and the services; you can concentrate on what you do best – advising and selling. So you can expect to be provided with an office, administration support, and training. You will operate under the “franchiser’s” license, terms of business, and working visa. They will work on the business you will work in the business. So you will not be troubled by financial, compliance or marketing issues. You will work within agreed processes and procedures and in accordance with the internal compliance rules.
The first part of your research is now done. You know what recruiters want. If you can deliver against those expectations you will have an immensely rewarding career as an international IFA.
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