Account representatives for financial planning & insurance are often required to pass Series 6 or/and 7 exams that are administered by the Financial Industry Regulatory Authority, a government agency. Account representatives in financial industry must follow rules and regulations from various government agencies, such as the Security Exchange Commission, Internal Revenue Service, Department of Labor's Employee Retirement Income Security Act.
In banking, these account representatives are called personal bankers. At some mutual fund companies, they are called customer representative associates. They have direct contact with clients or customers. Therefore, various communications skills are required, and they need to have excellent people's skills. They are required to have good ethics. The appearance of a conflict of interest is not acceptable in finance-related organizations. Account representatives must follow ethical procedures and guidelines established by their organizations.
Bachelor's degrees in business, finance, marketing, or economics are usually required. Computer skills are always required. Knowing how to work with a clients' database is a must. Proficiency with Microsoft Office (Word, Excel, Outlook) and their organizations' computer systems is required. Knowledge of a second language, especially Spanish in the United States, is often a plus. They must be able to work with diverse clientele and coworkers. They must dress appropriately because they serve clients or customers directly. They need to maintain knowledge of their organization's products. Senior account representatives are often required to coach and/or train new hires. On the job training is often provided.
Account Representative, Financial Planning & Insurance Tasks
Analyze customer information and make recommendations for additional services.
Sell insurance or financial services to potential and current customers through phone calls, mailing campaigns, and interviews.