Commissions constitute a big slice (more than two-fifths on average) of overall compensation for Financial Representatives, and the median take-home for this group lies near $42K. Including potential for bonuses and profit sharing — peaking near $8K and $10K, respectively — total cash payment to Financial Representatives can bottom out near $26K or peak near $53K depending on individual performance. This group's pay is mainly influenced by career length, followed by the company and geographic location. Job satisfaction is high and work is enjoyable for most Financial Representatives. Men make up the majority of Financial Representatives (61 percent) survey respondents. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$23,920 - $50,331
(Median)
$24K
$40K
$50K
MEDIAN: $39,728
10%
50%
90%

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$11.40 - $21.74
(Median)
$11
$19
$22
MEDIAN: $18.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$27K$54K$81K
Salary
$23,920 - $50,331  
   
Bonus
$690 - $8,095  
Profit Sharing
$195.74 - $10,067  
Commission
$700 - $80,000  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$25,638 - $53,299  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 130
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$14$28$42
Hourly Rate
$11.40 - $21.74  
   
Overtime
$18.26 - $32.09  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$28K$56K$84K
Bonus
$690 - $8,095  
   
Commission
$700 - $80,000  
Profit Sharing
$195.74 - $10,067  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$25,638 - $53,299  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 61
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Job Description for Financial Representative

A financial representative works at a financial institution and offers services to clients. This is a sales position, and the representative is expected to acquire new customers via referrals, advertising, cold-calling, networking, and/or lead follow-ups. Commission is usually offered based on sales, and there may also be targets that representatives must reach. When working with clients, a financial representative should have a solid understanding of their needs and their financial goals. The representative should also understand the performance of the clients’ portfolios and make changes (or offer to do so) when necessary. They should also follow-up with current clients to make sure they are satisfied with their service; when clients are dissatisfied, their representative must find a way to remedy the situation.

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Financial Representative Tasks

  • Monitor market trends, identify and pursue potential customer leads, and meet sales goals.
  • Discuss customers' financial concerns, questions, and needs.
  • Provide financial advice and match financial products with customers' needs and goals.
  • Develop long-term rapport with customers and foster profitable relationships.

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Pay by Experience Level for Financial Representative

Median of all compensation (including tips, bonus, and overtime) by years of experience.


People who have worked for fewer than five years bring home $42K on average. It is reported that median compensation in the five-to-10 year group declines to approximately $41K. People with 10 to 20 years of experience make an average of about $41K in this role. Financial Representatives who have spent more than 20 years on the job report earning a significantly higher median of $56K.

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Experience Affects Financial Representative Salaries

Late-Career
up arrow 33%


National Average
$42,000

Mid-Career
up arrow 3%

Experienced
up arrow 3%

Skills That Affect Financial Representative Salaries

Financial Advisor
up arrow 19%

Customer Service
up arrow 8%

Sales
up arrow 4%

National Average
$42,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 11 votes.

Gender

Female
39 %
Male
61 %

Years of Experience

Less than 1 year
20%
1-4 years
61%
5-9 years
9%
10-19 years
8%
20 years or more
2%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 75%
medical benefits
Vision: 54%
dental benefits
None: 13%
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