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Financial Services Broker Job Description, Career as a Financial Services Broker, Salary, Employment - Definition and Nature of the Work, Education and Training Requirements, Getting the Job

income brokers clients business decisions

Education and Training Bachelor’s degree

Average Salary $68,000 per year

Job Outlook Good

Basic Job Description

Financial services brokers work as the middle man between customers who are looking to invest money in stocks or other funds, or those who need assistance working with other financial investments and decisions. They work with clients to develop investment strategies and buy stocks that are based on their financial condition and long term financial goals. Financial services brokers can be licensed in a variety of financial investment aspects including handling hedge funds and buying and selling stocks between customers and companies invested in the stock market.

Education and Training Requirements

Financial services brokers usually have a Bachelor’s degree in business, accounting, economics, marketing or a related field pertaining to finances. Many will further their education by obtaining a Master’s degree to learn more advanced business practices that can be used in the real world.

Depending on what form of financial services a broker intends to work in, they will need to obtain a certification within the state or government. Some careers require brokers to take a state administered test to become licensed through the Financial Industry Regulatory Authority.

Most firms that hire financial service brokers will provide intense on-the-job training to get them familiar with business practices as well as services and products they provide. Some larger firms may even give new employees classroom instruction that involves tests and assessments to determine whether or not they are a good fit or what type of position would be best for them. They also teach business tactics, selling techniques, and effective public speaking skills that will help them succeed within the company.

Getting the Job

Financial service brokers need to have excellent written and oral communication skills. They should be comfortable working independently as well as in a team environment. Brokers must be comfortable meeting with a variety of clients and discussing personal financial information.

Financial service brokers also need to be trustworthy, professional people who can be trusted in helping decide potentially life changing financial decisions and investments. Clients rely on financial brokers to help them make huge financial decisions that involve large sums of money and could potentially make or break their financial future. Due to the extreme decisions brokers are involved in, they need to reassure clients that they are someone who is qualified to help them handle such large financial decisions.

Financial service brokers must also be good salespeople and able to explain different financial options and stock investment opportunities to clients. Effective salespeople have high confidence in what they do and can handle rejection well, as many clients will end up changing their mind or going with another broker even after meeting with them several times.

Job Prospects, Employment Outlook and Career Development

Jobs are expected to grow in the financial service broker industry no faster than average over the next several years. There are expected to be openings for financial brokers in all sorts of fields, but there is also expected to be increased competition and more candidates applying for jobs.

Financial service brokers can advance their career by moving on to open their own brokerage firm or working for larger investment firms. Financial service brokers can rapidly advance their career if they are hard working, have good work ethic, and a good sales technique. These qualities will allow a broker to gain and maintain clients to keep their career steady and secure. The more clients a broker maintains a positive relationship with, the more referrals they will gain and more opportunities they can develop.

Working Conditions and Environment

Financial service brokers spend most of their day meeting with clients and assessing their current financial situation to help them determine investment opportunities that will benefit their finances. When brokers are not meeting with clients, they are organizing paperwork, keeping track of financial records and monitoring accounts or other financial information for clients.

Financial service brokers often work under stressful conditions and have to deal with clients who can become frustrated, nervous about financial situations or overall unpleasant when it comes to dealing with their money. They may have to help make large decisions in a short period of time or be given a large work load without much time to complete it. Financial service brokers need to be able to stay calm and patient when the job gets stressful or complicated.

Brokers rarely work a standard 40 hour workweek. They often find themselves working late hours into the evening finishing up paperwork or doing last minute work for a client. It is also not unusual for brokers to work weekends or even over holidays to make sure they get everything that needs to be done for a client.

Salary and Benefits

The average salary of a financial services broker is about $68,000 per year. Salaries in this field vary significantly according to a broker’s education level and number of years working in the field. Over time, financial service brokers may make a six figure income as they gain more clients on a larger scale. Many brokers also work on commission, so the larger the business their clients plan to do and the more they can handle at a time, the more they can make. Financial service brokers who are hard working and aggressive will make a significant income and advance quite well in their career.

Most companies also provide excellent benefits packages for their financial workers and brokers. They will provide health insurance, pension and 401K plans, vacation time and sick leave allowance. Financial service brokers often work long, brutal hours, so it is important to their employers that they treat them well and provide them with good incentives that will encourage them to continue working hard and bring in new business.

Where to Go for More Information

International Business Brokers Association
401 North Michigan Avenue, Suite 2200
Chicago, IL 60611
(888) 686-IBBA
http://www.ibba.org

National Introducing Brokers Association
55 West Monroe Street, Suite 3330
Chicago, IL 60603
(312) 977-0598
http://www.theniba.org

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