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
- Provide financial advice and match financial products with customers' needs and goals.
- Develop long-term rapport with customers and foster profitable relationships.
- Monitor market trends, identify and pursue potential customer leads, and meet sales goals.
- Discuss customers' financial concerns, questions, and needs.
Financial Service Representative (FSR) Job Listings
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Popular Employer Salaries for Financial Services Representative
Many Financial Services Representatives can be found at TD Bank, N.A., State Employees' Credit Union, State Employees Credit Union - North Carolina, Bank of The West, and TD Banknorth, firms that are at the top of the field. The biggest paychecks can be found at Charles Schwab & Co., Inc. — the median salary there is $50K. Other big spenders include TD Banknorth, Fidelity Investments, and TD Bank, N.A., top-paying firms where Financial Services Representatives see paychecks nearing $46K, $43K, or $41K.
Relative to other names in the field, compensation is very low at State Employees Credit Union - North Carolina — the median salary comes to just $28K, 79 percent lower than the top payer. Bank of The West, State Employees' Credit Union, and TD Bank, N.A. also scrape the bottom of the pay scale, with median earnings hovering around $29K, $33K, and $41K.
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 seem to negatively impact pay include Banking and Cash Handling. Those proficient in Customer Service are, more often than not, also skilled in Insurance.
Pay by Experience Level for Financial Services Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. Folks with fewer than five years of experience take home $34K on average, and those who have worked for five to 10 years see a bigger median salary of $36K. On average, Financial Services Representatives make $37K following one to two decades on the job. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $39K.
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Key Stats for Financial Services Representative
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