Introduction to Financial Services Sales Representative
As a financial services sales representative, you will work closely with clients to help them manage their financial portfolios, including investments, insurance, and retirement plans. Your primary responsibility is to sell financial products and services to clients, which requires building relationships, assessing needs, and providing customized advice.
Career Values, Traits, Skills
To succeed in this role, you should possess strong sales skills and be able to communicate effectively with individuals from all backgrounds. Some key traits and skills that can be beneficial for a financial services sales representative include:
- Strong communication skills
- Persuasive abilities
- Analytical skills
- Attention to detail
- Exceptional organizational skills
- Ability to work well under stress
- Strong work ethic
- Integrity and an ethical approach to selling
Career Path
Many financial services sales representatives start their careers with a bachelor’s degree in finance, economics, or a related field. Some companies may require sales representatives to have a Series 7 license, which is administered by FINRA (Financial Industry Regulatory Authority) and permits individuals to sell securities.
It’s common for new representatives to begin their careers with training at a financial company or brokerage firm, where they undergo training in financial products, services, and sales techniques. After gaining experience, individuals can progress to more senior sales roles or move into management positions.
Salary range
According to Glassdoor, the average salary for financial services sales representatives in the United States is around $50,000 per year, with the potential to earn commissions and bonuses, which can increase that salary significantly. Successful representatives can earn six-figure salaries with experience and a strong track record of sales.
Tips for Success
To succeed as a financial services sales representative, here are several tips:
- Get licensed: Obtain the necessary licenses, certifications, and registrations to sell financial products and services.
- Build relationships: Clients will be more likely to trust advisors with whom they have built personal relationships.
- Stay informed: Stay up to date with the latest trends, news, and regulations in the financial industry.
- Network: Attend industry events, join professional associations, and cultivate relationships with other sales representatives to expand your network.
- Be Results-oriented: Focus on results-driven initiatives.
References
Here are some helpful resources to learn more about becoming a financial services sales representative:
- FINRA’s licensing information, including information on the Series 7 exam: https://www.finra.org/registration-exams-ce/qualification-exams-series-6-7-24-57-79-82-86-87
- The National Association of Insurance and Financial Advisors (NAIFA): https://www.naifa.org/
- The Financial Industry Regulatory Authority (FINRA): https://www.finra.org/
