Financial Service Representative (FSR) Salary
Job Description for Financial Service Representative (FSR)
A financial service representative (or FSR) generally works for a bank or credit union, although there are also a limited number of FSR positions available in insurance agencies, financial groups, and other institutions. The financial service representative holds a customer-facing position that requires that the employee be well-versed in the various financial offerings of their company.Read More...
Individuals in this position generally work “banker’s hours” (first shift) in an office setting. If serving at a teller’s window is part of the job description, institutions may also require the ability to stand, walk, and carry items such as bags of change during their shifts.
Excellent sales and customer-service skills are critical to this position.
Some banks and credit unions require all of their tellers to be financial service representatives, while others separate the two duties. Regardless, basic math skills and cash-handling abilities are necessary. Many companies require a high school diploma or equivalent to become an entry-level financial service representative. However, depending on how extensive the offerings of a financial institution are, there may be considerable internal training or examinations. In addition, many institutions desire previous experience in banking or retail environments. Non-bank institutions that employ FSRs may have different - or higher - education and experience requirements. For example, working for an insurance company, one might need to be licensed in their state for the various insurance products offered by their company.
Financial Service Representative (FSR) 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.
Common Career Paths for Financial Service Representative (FSR)
Advancing into a Banking Branch Manager role seems to be a popular career move for Financial Service Representatives, and folks who currently work in the latter position report a notably larger median income of $52K per year. Becoming an Assistant Branch Manager of Banking or a Financial Services Representative is often the next step for a Financial Service Representative.
Financial Service Representative (FSR) Job Listings
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Popular Employer Salaries for Financial Service Representative (FSR)
SunTrust Banks Inc., San Diego County Credit Union, TD Bank, N.A., State Employees Credit Union - North Carolina, and State Employees' Credit Union are all popular places to work. Financial Service Representatives flock to TD Bank, N.A. for generous paychecks, where average earnings of $43K lead the pack in compensation; however, TD Bank, N.A. also provides employees with a wide spectrum of compensation ranging from $36K at one end to $65K at the other end. Other leaders in compensation levels are Fidelity Investments at $41K, TD Banknorth at $37K, and SunTrust Banks Inc., where Financial Service Representatives annually earn $36K.
Also approaching the lower end are Trustmark National Bank at $30K, State Employees Credit Union - North Carolina at $30K, and Bank of The West at $31K.
Popular Skills for Financial Service Representative (FSR)
Survey results imply that Financial Service Representatives put a diverse skill set to use. Most notably, skills in Loan Processing, Customer Relationship Management, Sales, and Consumer Loans are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Banking. Most people who know Customer Service also know Microsoft Office.
Pay by Experience Level for Financial Service Representative (FSR)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Individuals who have worked for fewer than five years bring in approximately $33K on average. Those in the five-to-10 year range can expect an average that is only a touch bigger at $34K. For Financial Service Representatives, 10 to 20 years of experience on the job amounts to an average salary of $36K. Veterans who have acquired more than 20 years report a median income of $40K, which is generally higher than the pay reported by other tenure groups.