A financial representative can perform a variety of tasks. A wealth manager, for example, works for an investment services firm and advises clients on how to invest and plan for major financial events. Consultants are a type of financial advisor who may assist a large investor, such as a pension fund, in allocating money to the financial markets. Retail banks and investment brokerage houses both have financial representatives on staff.
Wealth management professionals can assist individuals, both wealthy and not-so-wealthy, in making financial plans for the future. These financial advisors may be able to assist clients with estate planning and real estate asset management in the most tax-efficient way possible. Wealth managers may recommend an investment plan with a strategy to allocate money to various asset classes in the financial markets, such as stocks and bonds, after determining a client’s goals. A good wealth manager will help a client protect their assets from inflation and possibly creditors. Finally, this financial advisor should assist a client in achieving long-term goals, both during retirement and for future generations.
A stockbroker is a type of financial representative who performs investment trades on behalf of individuals and institutions in the financial services industry. These are licensed finance professionals who have obtained some level of industry certification in order to carry out these responsibilities. Different types of brokers exist, and some are better equipped to provide financial advice than others. A full-service broker has been trained to provide clients with investment advice, whereas a discount broker is typically limited to executing trades in response to client orders.
A large, institutional firm frequently seeks investment advice from a third-party financial representative. For the institutional client, this financial professional may also perform some logistical tasks. For example, when a large investor, such as the plan sponsor of a retirement plan, is looking for a money manager to manage the fund’s assets, a financial representative may be in charge of the search. Of course, the finance professional will be involved in the selection process, but he or she may also be in charge of all submissions and queries received on behalf of a client.
A financial representative in a retail bank could be a teller who accepts deposits and performs withdrawal transactions on behalf of customers. Certain customers may be assigned to more qualified bank financial professionals who will be responsible for issuing loans, including mortgages. Customer service is involved in almost every function at a retail bank, and weekend hours may be required.