Become a professional: Working in the financial sector. Fourth part.

April 28, 2010 | Doing business

It is a free-trader to 360 degrees. Offers targeted advice to clients on investments and savings, without ties whatsoever with banks or finance companies. It is the financial consulent, a recent professionality, whose role has been introduced by a European directive. An operator of Finance holding the work for client’s behalf and he receive the payment of the bill from its clients. The difference between the consultant and financial advisor, we had already explained in the first part of our report devoted to financial professionals, but it is good to brush up a bit the concept.

The promoter depends on a bank or company acting on its behalf and in its account and after receive commissions; the consulent, only works for the customer. In this new episode of our report, and having explored the role of financial advisor, we want to shine the spotlight on the role of financial consulent, to understand who he is, what it does, what form and how to earn this professional.


Meanwhile, let’s start by saying that before the European regulations, the financial advisor was confused with the consulent.

In fact we use to define the acronym CFI (independent financial consulent). The consultancy offered to customers is pure, the customer will continue to work with your bank, but will seek advice on the choices that will work with the institute.

The consultant is a very popular figure in the English-speaking world for several decades, which is also called fee-only financial consulent, that is named : only fee. In Europe, financial counseling service is introduced by the European Directive MiFID of 21 April 2004, implemented in Italy only since 2007.

This directive introduces the financial advisory service on investment that is the ability to provide personalized recommendations by an independent professional service to clients who request it or an investment company that wants to perform various financial transactions. The independence and transparency that characterize this figure consulting, make it attractive to operators of Finance, because it allows you to act and choose wisely, without running the risk of other influences.


The world financial transactions today is so complex and full of options that investors are not always able to choose for themselves. The growing interest towards the job of financial consulent, can, in fact, offers interesting earning prospects.

The criteria of transparency, is guaranteed fron inclusion in the Register.

The authorization process for the profession of CFI is indeed similar to the promoter. The CLF, art. 18 and 18a speak about under the activities of financial advice. This may be exercised by banks and investment firms, but also by individuals in possession of certain conditions.

The Consolidated Law on Finance (CFA) with all the articles governing the activities of financial advisory and of the consultant is available with the latest legislation of 2009, at the Consob.

On the base of the new rules the financial consulent must register At the Register of individuals financial consultants, recently introduced by Regulation of Ministry of Economy and Finance dated 24 December 2008. The Register is maintained by an appropriate body (we had already spoken in the case of promoters) to the principles and directives of Consob. To subscribe, you must have good repute and professional standards, as promoters. The minimum qualification required is the degree of maturity of five years.

A degree in Accountancy and a BA in economics and banking, would be ideal. The registration to the Register occurs after a test evaluation, to which, are exempted professional with experience in the industry as well as in the case of the promoters.

Notice that the training process and authorization to practice as a consultant and facilitator, is the same, but different is the relationship you have with a financial institution and with the client and also the method of payment. To the consultant is prohibited from retaining customers monies, that is to collect money for investment. This professional is limited only to advise, not to carry out operations. His gain will be given by the fees against our customers.

The financial advice, may also be exercised by companies as provided by CLF, but in this case there is a limit of minimum share capital to be deposit and if you start from scratch, this is a big problem.

Local with office phone, multifunction, wireless Internet and PC, waiting room and services. If the professional, has received available the local from parents, he has made a big saving in terms of rents. Having registered you to the Register, you will get a VAT request by the Inland Revenue. The operation is free.


Rosalba Mancuso

images sources:

Articoli correlati:

Other posts :