Financial Services Representative Salary
Job Description for Financial Services Representative
A financial services representative works for a bank or other financial establishment to assist customers with a variety of the investments. They may also serve as the point person for handling regular loan applications for home mortgages, which includes providing information to customers on the application process. The financial services representative must be familiar with - and able to speak to customers about - a variety of investment strategies to suit the varying needs of the bank’s customers. The representative must be able to gather information from clients such as age, time until retirement, family size, and income to help the client determine appropriate investment options. The representative also looks at the client’s current investments and debts, and they may also be expected to make recommendations related to reducing payments or interest. Many banks also sell investment insurance and life-event insurance. The financial services representative presents these products to clients and customers as well.Read More...
The educational requirements for this position vary by institution. Some establishments allow practical banking and demonstrated financial product knowledge to supersede formal education, but many banks prefer individuals with at least a bachelor's degree in business, finance, or a related discipline. A financial services representative typically works in an office environment during regular business hours.
Financial Services 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.
Financial Service Representative (FSR) Job Listings
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Popular Employer Salaries for Financial Services Representative
TD Bank, N.A., State Employees' Credit Union, State Employees Credit Union - North Carolina, Fidelity Investments, and TD Banknorth are top-notch employers for Financial Services Representatives in this area. Charles Schwab & Co., Inc. offers the highest compensation with a median salary of $50K. Those in search of high salaries should also consider Fidelity Investments, TD Bank, N.A., and TD Banknorth, top-paying firms where Financial Services Representatives rake in a respectable $42K, $41K, or $35K, respectively.
With a median employee salary of $28K, State Employees Credit Union - North Carolina pays significantly less than its competitors (79 percent less than the top paying company). Bank of The West, State Employees' Credit Union, and TD Banknorth also scrape the bottom of the pay scale, with median earnings hovering around $29K, $33K, and $35K.
Popular Skills for Financial Services Representative
Survey results show that Financial Services Representatives use a fair number of skills. Most notably, skills in Oral / Verbal Communication, Customer Relationship Management, Financial Analysis, and Sales are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Banking and Cash Handling. Those educated in Customer Service tend to be well versed in Insurance.
Pay by Experience Level for Financial Services Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $34K, but folks who have racked up five to 10 years see a notably higher median of $36K. Financial Services Representatives bring in $38K after working for 10 to 20 years. For some reason, Financial Services Representatives with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $37K.