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How to Be a Financial Advisor in the Philippines

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A financial advisor is a very rewarding job but, it is also a job that requires lots of patience and hard work. Just like any other earning opportunity, you need to dedicate time and money to run this kind of business. The income is small at first, but as you grow your network, your income will also start to grow. The income potential in this career is endless! You can earn whatever amount you want, but you need to put in the right kind of effort to make it work.

Do you want to be a financial advisor? In this article, you will learn what a financial advisor does and the steps required to become a financial advisor.

What Does a Financial Advisor Do?

In a nutshell, a financial advisor guides clients in managing finances wisely. The term “financial advisor” is too broad and doesn’t fully explain the scope of work. 

A financial advisor possesses various skills that allow them to provide various kinds of financial planning. From planning wealth-building strategies to diversifying investment portfolio, they accompany you every step of the way.

Financial Advisor Job Description

A financial advisor has a wide scope of work, but here are their primary tasks they do:

  1. Create a prospect list or list of potential clients
  2. Discuss financial goals with clients 
  3. Explain the services that you offer and how they can benefit the client
  4. Recommend services that will help the client achieve their financial goals
  5. Ensure that the client understands the benefits and the risks involved in investing
  6. Help clients plan for basic needs such as health expenses, education, and retirement
  7. Monitor client’s accounts and be able to give recommendations as the need arises

Financial Advisor Salary

Being a financial advisor is listed to be one the highest paying jobs in the Philippines. However, there is no definite answer as to how much a financial advisor can earn because that depends on how many sales you can close in a month and whether you’re working full-time or part-time.

In a blog published by Aetos FPH Insurance Agency, founder Mark Fernandez stated that he started with a monthly income of 15,000 PHP to 20,000 PHP. As he continued to improve his skills, he eventually started earning up to 50,00 PHP a month including commissions. 

There are also three payment structures that advisors use to increase their earnings based on the type of work they do:

  1. Commission-based. This is based on the number and kind of financial products that they successfully sell. The commission ranges from 1% to 5%.
  2. Flat fee or hourly fee. Some advisors charge a flat rate that can be anywhere from 15,000 to 50,000 PHP for a full range of their services. Their hourly fee generally starts from 3,000 to 10,000 pesos commensurate to their experience and credentials.
  3. Combination pay plan. This is a combination of the aforementioned types. Advisors will earn a commission from selling the products and a separate fee for their services.

Common Benefits of a Financial Advisor

  1. Huge income potential
  2. Balance between personal and professional life
  3. Flexibility to work at your preferred time and place
  4. Control over quality and quantity of clients
  5. Networking opportunities
  6. Travel incentives
  7. Free access to financial management and investing trainings

Financial Advisor Qualifications

These are the general qualifications needed for a Filipino citizen to become a financial advisor:

  1. Must be at least 18 years old.
  2. Should have taken and passed the training and exam of the insurance company they want to work for.
  3. Should pass the Insurance Commission’s exam. 

You are not required to graduate from any business or finance-related course to be a financial advisor. You will also be accepted if you do not have a college diploma. As for the skills, insurance companies hold regular trainings and seminars to help their agents learn the skills they need to effectively help their future clients.

Do you need to be a full-time financial advisor?

No. You can work part-time if you have another job that requires your full attention during weekdays. Most agents working part-time meet with their clients during weekends. The decision to transition to full-time depends on how you see yourself as a financial professional in the future and if you want to commit to improving your skills and expanding your client base.

Steps to Becoming a Financial Advisor

1. Choose an insurance company that you believe in.

The first step to becoming a financial advisor is to choose an insurance company that you believe in. You need to do your research so that you won’t join a company based only on your first impression. Find out what their products are and how their investment funds are performing. Find out how long they have been in the insurance business. You can also ask people you know who bought their products and ask them about their experience. By learning more and more about the company, you will be more confident in selling their products. In the Philippines, many reputable insurance companies can help you start your financial advising career. AXA, Sun Life, and PRU Life are among the top reputable insurance companies you can join in.

2. Contact a financial advisor from your selected insurance company.

Financial advisors are not limited to working with clients who want to buy insurance products. They also serve as resource persons for those who are interested to start a career in financial advising. To help you gain a better perspective, it is better to set up a meeting with a financial advisor. They can give you advice and help straighten out your expectations. They can also explain the pros and cons of this work and the risks and rewards of being a financial advisor.

Applying as a financial advisor is free. If you are interested to become a licensed financial advisor in the Philippines, you can fill up the application form below and receive calls within the next 72 hours from different companies.

Please indicate your mobile number in order to receive the application status
You must be at least 18 years to apply for this job.


3. Secure an agent’s training program from the company.

Many insurance companies give two kinds of training: insurance-focused (traditional) and financial products involving mutual funds and UITF (variable type). Both trainings can take up to a week to complete. After the training, you will take an exam where you will apply everything you have learned from the training.

4. Take the licensing exam given by the Insurance Commission

You need to take and pass the exam given by the Insurance Commission. Once you pass the exam, you can apply for licensing so that you will be issued an agent code. The expenses of the exam plus coding can cost up to 5,000 pesos or more.
You can check here the requirements for the insurance agent’s license application.

5. Submit your application requirements to the insurance company.

The financial advisor requirements vary for each company but here are the usual documents you need to prepare:

  • ID Pictures
  • NBI Clearance
  • Document Stamps
  • IC Exam Results
  • Licensing Application
  • Latest ITR
  • SSS
  • BIR ID or TIN card
  • Company ID or clearance from previous company.

Final Thoughts

Becoming a financial advisor in the Philippines is a journey that offers diverse opportunities and rewards. Aspiring advisors can embark on this path with minimal educational requirements and a commitment to learning and growth. 

With the guidance of reputable insurance companies and dedicated mentors, individuals can navigate the training process and licensing exams to establish themselves in this dynamic field. The flexibility of part-time or full-time engagement allows for a balance between personal and professional life, while the potential for significant income and networking opportunities adds allure to the profession. 

Ultimately, by embracing continuous learning, honing essential skills, and meeting regulatory requirements, individuals can carve out a fulfilling career as financial advisors, empowering clients to achieve their financial goals and secure their futures.

Frequently Asked Questions

Can you be a financial advisor without an accounting degree?

Yes. Insurance companies don’t require you to be an accounting graduate.

Do you need to be a college graduate to be a financial advisor in the Philippines?

No. The minimum education requirement is Grade 12. Also, what matters most is that you finish the company training and pass the licensure exam.

How long does it take to become a licensed financial advisor?

The road to becoming a licensed financial advisor starts once you attend company trainings for newbies. The training duration depends on the insurance company you choose. Some give self-paced trainings that can be completed in a week while others take around a month to finish.  After that, you have to start reviewing for the exam.

Overall, it can take around two to three months to become a licensed financial advisor.

How much is the financial advisor licensure exam?

The financial advisor licensure exam costs 1,010 pesos each while the licensing fee costs 1,545 pesos. The license is valid for three years.

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