What does an IFA administrator do?

If you’re interested in starting a career in finance, you may find that working as an independent financial adviser (IFA) administrator will give you the necessary experience and knowledge before possibly moving into different areas of the finance sector.

You’ll find masses of information around becoming a financial adviser and other related job roles, including what it entails and where to start, but there’s less information available concerning what’s involved in becoming an IFA admin. In this blog, we explain what an IFA administrator is, the typical duties associated with the job and how you can train to become one yourself.

What is an IFA administrator?

For those looking to work in the financial services industry, working as an IFA administrator can be a great place to start. The job is essentially assisting independent financial advisers, paraplanners and other finance professionals in the industry with a variety of administrative tasks and responsibilities.

When working as an IFA administrator, effective communication as well as good organisation and timekeeping is key. This is because IFA administrators are responsible for ensuring that all tasks are completed as directed, as well as keeping in contact with the necessary people. 

As an IFA administrator, you’ll have a number of different tasks to complete. For example, you may need to: 

• Be a point of contact between clients and your colleagues
• Gather information (new and historical) on individual clients
• Keep records of communication with colleagues, clients and third parties, whether that’s verbal, written or electronic
• Collaborate with financial advisers to collect data for the preparation of financial reports
• Evaluate client objectives to identify and target the most suitable solution
• Draft and present suitability letters to financial advisers, focusing on specific company policy and current regulations 
• Assist financial advisers by obtaining information about business processes, taxation, and other relevant areas that may be useful for the client
• Perform duties in compliance with the Financial Conduct Authority’s rules and regulations
• Monitor financial industry trends and developments to better serve client needs.

How to become an IFA administrator

Many independent financial advisers will have started their career as an IFA administrator. This is due to the level at which you start this role and the potential opportunities you have for progression over future years.

To make the first step towards becoming an IFA administrator, you will at least need some experience of working within the financial industry. But if you want to stand out from the crowd during the application process or simply want more knowledge on how the role works, you should consider a financial service apprenticeship.

Several courses are applicable to people who have aspirations of becoming an IFA admin, with courses such as Level 3 Financial Services Administrator, Level 4 Paraplanner and Level 4 Financial Adviser all providing training relevant to the role.