A financial specialist is someone who works in the finance industry and helps people achieve their financial goals. A financial specialist’s typical responsibilities include assisting clients with investment decisions, processing loan applications, and offering long-term financial planning advice. Banks hire financial specialists with a wide range of responsibilities, whereas accounting firms hire financial specialists primarily for tax preparation and accounting. The majority of financial specialists are paid a base salary with the possibility of earning commissions based on sales.
When working for a bank, a financial specialist will perform some of the same responsibilities as a customer service representative, such as handling customer complaints. Financial specialists, on the whole, are primarily concerned with sales. Financial specialists are assigned monthly and quarterly new account sales goals, as well as dollar-based lending goals, by banks. Financial specialists who are newly hired go through training to learn how to recognize sales opportunities and how to turn service issues into sales. Financial specialists are required by most banks to make teleconsulting sales calls to potential customers as well as cross-sell new products to existing customers.
Many banks have a licensed financial specialist on staff who has the necessary licenses to sell investments and insurance. Customers’ retirement accounts are set up by licensed financial specialists, who also assist wealthy clients with estate planning. Term life insurance, whole life insurance, and annuities are typically the only insurance products they sell, though they are expected to refer customers to other employees who handle homeowner’s and health insurance. A portfolio of the bank’s most profitable customers is assigned to some licensed financial specialists, and they work exclusively with them.
Command Financial Specialists (CFS) are employed by the US military to manage the Personal Financial Management (PFM) program on a day-to-day basis. Service members who are having financial difficulties seek financial counseling from the CFS. The CFS is appointed by the unit commander, and the person in this position must have a broad understanding of investing, banking, money management, and taxation.
Accounting firms frequently hire tax-certified personal financial specialists who are assigned to a pool of high-value business clients. Personal financial specialists meet with their clients on a regular basis to provide advice on business acquisitions, mergers, and taxation. Financial advice on retirement planning is also available from personal financial specialists for business owners. Accounting firm financial specialists are generally not licensed to sell insurance or investment products, but they can advise clients on the tax implications of investing in various types of products.