A financial services sales representative's duties can be demanding but rewarding.
A financial services sales representative uses financial, tax, economics and accounting skills to review a client's personal data and recommend investment strategies that are appropriate to the client's goals. A financial services sales representative typically holds a four-year college degree and works for a bank or an insurance company.
Responsibilities
A financial services sales representative reviews a client's investment goals, levels of disposable income and employment history and recommends strategies that fit the client's profile. Disposable income is the income remaining after all expenses are paid. For example, a financial services sales representative may advise Mrs. A, a 52-year-old university professor, to buy certain types of stocks, bonds and mutual funds after reviewing her financial statements, tax returns, employment history and long-term and short-term financial goals.
Education/Training
A financial services sales representative typically holds a four-year college degree in finance, accounting, tax or investments. A financial services sales representative often may have a liberal arts background, such as a degree in psychology, geography or literature, but may receive practical on-the-job training prior to performing duties. Alternatively, a financial services sales representative may hold a master's degree in a business field. Most financial services sales representatives hold licenses required by state or federal regulators.
Salary
Salary levels for financial services sales representatives typically depend on seniority, industry, company size and educational credentials. Bureau of Labor Statistics surveys indicate that median wages of financial services sales representatives were $68,680 in 2008. Experienced financial services sales representatives or those holding managerial positions may earn more. The same government polls show that median wages, excluding cash and stock options, of financial managers were $99,330 in 2008, while the middle 50 percent earned between $72,030 and $135,070.
Career Development
A financial services sales representative's chances of career growth typically depend on financial performance (for example, the number of clients reached per month), industry, company size and economic outlook. A financial services sales representative may be promoted faster by seeking professional licenses or enrolling in a master's degree program at a university. For example, a financial services sales representative selling mutual funds may seek a Series 6 license, which relates to investment company products/variable contract representatives.
Work Conditions
A financial services sales representative typically does not work a standard 8 a.m. to 5 p.m. shift. A financial services sales representative may work long hours depending on business needs, required sales quotas and clients' schedules. For example, a financial services sales representative may call a high-net-worth client late at night to evaluate investment options, assess personal financial history and recommend appropriate stocks, bonds and mutual funds for the client's portfolio.
