Working in the Financial Industry

Hello All!  I am new here.  I posted a message on the welcome page, and now I have a question about working in the UK.

I noticed some of you said you work in the UK in the financial services industry (brokerage / insurance).  I am an american talking to a US company that is starting an operation in the UK.  They call the job a sales consultant (?).  I work in the brokerage arena in the US.  I am in management at a mid-sized firm.

As any of you that read the post on the welcome page, I have A LOT of questions!

What should I expect in income?  Will most of it be salary?  Will most of it be "at-risk?" 

I would be traveling 4-5 days a week all over my territory.  Should I expect a company car?

Is an "expense account" usually involved?

More specifically, what licensing / certification / testing would be required to sell "securities" in the UK?  What's more, would my securities license in the US apply in the UK?

I have MANY more if anyone can help, I would REALLY APPRECIATE IT!!!!

Thanks in advance,

Business_Man

I can't fault you for asking elementary questions.  This is the perfect place to do so.  But I am concerned at how elementary your questions are.  I must trump you and ask an even more basic question:

The UK must be one of the most highly developed (read: saturated) financial services markets in the world, apart from Japan, so hasn't your company done a market analysis for whatever products you intend to sell here?  Surely your compensation package would be derived from that figure.

Frankly I can't think of any untapped sectors of the financial services market in the UK, except for the many people whose pension plans have unexpectedly gone under.  But those people are not much of a market because by definition they don't have any money.

Hope you agree that now is the time for tough questions.

Jim H.

Well i'll try to help best I can business man, at least from what i have seem.

What should I expect in income?  Will most of it be salary?  Will most of it be "at-risk?"  From inteviewing at a bunch of firms here, it really runs the gamut.  Some positions were very much like the states....some different.  The company i'm at now, bonus is a big part of our compensation.....i've been told to expect about 50% of my salary next year which is insane.  (to me, as i'm in marketing).  I'm sure sales and traders operate differently.  My guess is if you're selling, they would be paying you comission....not bonus.  That's how my hubs is paid.

I would be traveling 4-5 days a week all over my territory.  Should I expect a company car?  One would expect a company car with that kind of travel.  BUt once again, it's up to the company!

Is an "expense account" usually involved? Ugh,  well the hubs travels a few weeks a month and doesn't have a company credit card (he works for a US company in their UKL branch) and that makes me mad. I do believe most have comapny cards.  (like my company here does that).

More specifically, what licensing / certification / testing would be required to sell "securities" in the UK?  What's more, would my securities license in the US apply in the UK?

It's strange. I had my NASD series 6,7,63 back in the states and since i left that firm they are gone.  But i have no idea what the equivalent is here.  I know there is the IMC (investment management certificate) but haven't done the full research.

I know this is vague, and i apoogize.....it's just as the poster above said.  Funny the company hasn't had all this set up. 

If you are going to be giving financial/investment advice, you've got to have pass certificates for all 3 modules of the Financial Planning Certificate (FPC1,2, & 3).
For giving mortgage advice, you've got to have CeMAP 1, 2 & 3  (Certificate in Mortgage Advice & Practice).

I left a 20+ year career in financial services 9 months ago.  They've tightened up so much on the rules, and i was sick to death of constantly having to take exams and get re-certified in various things.

Jim H, Aimiloo and otterpop,

Thanks for all the response!  I greatly appreciate it! 

Jim H,  I also appreciate your candor.  I am not very experienced with forums, so I am very cautious about what I say, ask, etc.  The company I am talking to is one of the largest insurance and investment companies in the world.  They have answered many of the questions that I am asking you (as well as some of my friends that have worked in other countries), but I figured hands-on answers from people that actually live in the UK now would be a great "scrub" againt what I have heard.

The company that approached me is huge in the USA, and has started operations in many other countries over the last 10 years (including Japan).  They have decided to start an operation in the UK and I am considering working in that start-up.

I don't understand what you mean when you say to read "saturated."  My insctincts tell me that it is a post on this forum some where.  Is that right???

Thanks again Jim H!

otterpop, thanks for your information about the requirements in the UK.  When you say you left a 20+ year career in the financial services industry, does that mean in the USA and then moved to the UK, or a 20 year career in the UK? 

Thanks!

otterpop, thanks for your information about the requirements in the UK.  When you say you left a 20+ year career in the financial services industry, does that mean in the USA and then moved to the UK, or a 20 year career in the UK? 

I've worked in financial services in both countries.... i started in mortgages when i was 18 in the US, moved to the UK when i was 23 and have done mortgages, life insurance, PEPs, and 'plain old vanilla' banking until my 'escape' at age 40.  I still work for the 5th largest bank in the world, but in a department that doesnt deal with anything financial at all.  Such a relief! 

Business_Man,

That's right, don't post anything here which reveals your company's identity or specific plans.

By saturated I mean mature, developed, no virgin territory.  So your company must have done some research to determine what products it can sell in the UK, and in what volume.  Your compensation package should be a percentage of that sales volume, I think.

Hope this all works out for you!

Jim H

Business_Man,


By saturated I mean mature, developed, no virgin territory. So your company must have done some research to determine what products it can sell in the UK, and in what volume.

Jim H

OOoh I dunno Jim, I still think there is room for some products to make it or break it over here.  The products i market here are VERY well known in the states....leading players.  But the UK and Europe are just getting exposed to them.  There is a lot of room for growth in them, and that's a reason I was hired (as well as a bunch of others).  To gain momentum on a product that was weakly rolled out years ago.

I do think there is room....but as i said to BM, he needs to do his research on what is on offer over here. 

And just because something exists over here doesn't mean another company can't come along and do it better. 

Aimiloo,  what products do you think would work over here? 

Well I hardly feel qualified to answer that BM. 

If only...........

There are SO many products....just like in the states.....

I don't understand what you mean when you say to read "saturated."  My insctincts tell me that it is a post on this forum some where.  Is that right???

For my own 2 cents, the UK is massively over-banked.  Not only retail, but also in the merchant and syndication sectors.  Everything has been securitized into retail products that can possibly be - HPI, RPI, FTSE caps/floors, country baskets, in fact, any index you can find *anywhere* you can buy it if you want.  As to the idea of an American house going into start-up in distribution, it boggles the mind.  But good luck!