A financial service representative is a professional who consults with clients and businesses about banking, securities, insurance, and other related services in a fast-paced environment. Loans, certificates of deposit, individual retirement accounts, credit cards, and estate and retirement planning are some of the products and services that the representative may be trained to provide. He may also be known as a broker, financial adviser, or financial service sales agent, depending on his licensing. Typically, someone in this position works 40 hours per week in an office, bank, or call center. He may also spend time developing or meeting with clients outside of the office.
A financial service representative is expected to provide sound financial advice for investments or purchases of financial products, whether they are meeting with an individual with a few hundred dollars or a company with millions. He may work on a commission-only basis or on a salary plus commission basis, and he will perform various tasks for the benefit of his clients. His responsibilities will vary, but he will typically provide advice on products that he believes will best suit his customer’s needs. He’ll also meet with his clients on a regular basis to manage their portfolios as their needs and financial circumstances change.
Because the financial service representative must establish a consistent clientele, he may be required to work more than 40 hours per week, including weekends. It could take months or even years to establish a consistent customer base. The representative may need to make cold calls, knock on doors, or attend financial seminars in order to gain clients.
These financial professionals also devote a significant amount of time to studying and keeping up with financial developments by attending conferences and seminars. On-the-job training may be provided to new hires to learn about specific products and services. Trainees may also receive classroom instruction in securities and effective selling techniques at large firms. Financial representatives may also be required to pass certain licensing exams, and maintaining licensure often necessitates months of study.
Certifications aren’t always required for a financial service representative, but they can help him advance in the industry. The Chartered Financial Analyst Institute offers certification as a Chartered Financial Analyst to some financial professionals. To earn this title, you must have a bachelor’s degree and four years of related experience, as well as pass three tests that can take hundreds of hours to prepare for.
A financial service representative’s career can be advanced by obtaining certifications and accumulating a growing number of accounts. Some professionals may advance to portfolio managers, with greater control over accounts. Others may choose to work in a financial firm as partners or in various management positions.