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Financial Services Representative Duties and Responsibilities

Financial services representatives work for a variety of organizations, which can affect the duties they carry out. Based on job listings we analyzed, their duties typically involve:

Gather Client Information Financial services representatives provide information to their clients about the application process for mortgages or loans and gather client information (such as age, family size, and income) to determine appropriate investment options.

Provide Financial Advice Financial services representatives match financial products to their customers’ needs and provide them with appropriate financial advice to help them meet their goals. If customers have a particular concern about their financial status, financial services representatives discuss these problems with them and evaluate how changes in finances can affect the client’s situation. The representative also examines the client’s current investments and debts to make recommendations on how to reduce payments or interest.

Develop Client Relationships Financial services representatives develop a long-term rapport with their customers to promote and encourage profitable relationships. This includes establishing relationships with new customers and maintaining connections with existing clients to ensure their continued business.

Monitor Market Trends Financial services representatives stay up to date with the latest market trends to identify potential leads with their customers and confidently advise them, as well as to meet the sales goals determined by the senior manager.


Financial Services Representative Skills and Qualifications

Financial services representatives should be good at making decisions based on the data they’re given, have an analytical mindset, and have excellent communication skills to build rapport with clients. Employers typically require a bachelor’s degree in business, economics, or a similar field, as well as the following abilities:

  • Mathematics – financial services representatives need great math skills to calculate risk, reward, and other investment calculations
  • Analytical thinking – analyzing data and financial information to make assessments and suggestions requires strong analytical skills
  • Customer service – financial services representatives work with customers and clients on a daily basis, so applicants for this job should have strong customer service skills
  • Attention to detail – this job requires familiarity with regulations and legal procedures, as well as the ability to note and remember a customer’s financial situation and needs, so financial services representatives should be detail oriented
  • Initiative – financial services representatives should have the initiative to close sales and cold call customers to try and establish a business relationship and determine the clients’ needs so that they can recommend the right course of action or products

Financial Services Representative Education and Training

The minimum requirement to become a financial services representative is a bachelor’s degree in business, economics, finance, or a related subject. Some companies accept applicants who have practical banking experience and financial product knowledge without formal education, although this is rare. Many employers provide intensive on-the-job training to help employees gain the necessary skills for this role.


Financial Services Representative Salary and Outlook

The median annual salary for financial services representatives is nearly $38,000. Financial services representatives in the 10th percentile earn around $28,000 annually, while the highest paid earn close to $53,000 a year. Some companies offer packages that can reach up to $7,000 from bonus structures based on individual or group performances, and up to $6,000 in profit-sharing opportunities. Most employers offer dental plans and medical insurance as part of their benefits package. The Bureau of Labor Statistics expects this job sector to grow 6 percent through 2026.


Helpful Resources

We’ve collected some of the best resources to help you learn more about a career as a financial services representative:

The Ultimate Online Customer Service Guide – this book is a great reference for developing an authentic service for customers, using a mix of case studies and instructions to help readers execute quality customer service. Financial service representatives can benefit from these skills when establishing and maintaining relationships with clients and when making financial recommendations

Financial Services Marketing – with almost 25,000 members, this LinkedIn group is the perfect place to network with others, share knowledge, and learn new insights about the financial services sector

Selling Professional and Financial Services Handbook – this handbook, designed for everyone who sells professional and financial services, provides the tools and techniques necessary to become a valued resource to customers

Banking.com – this site explores the latest trends and insights in the finance industry, with blogs, in-depth articles, and opinions from industry experts to help financial services representatives stay up to date with the most recent news