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Investment Professionals
Everyone can use help deciding how they should invest their hard earned money. Whether they’re individuals with a few hundred dollars or large institutions with millions, they use securities, commodities, and financial-services salespeople. Also called brokers, stockbrokers, registered representatives, account executives or financial consultants, they perform a variety of tasks: Most importantly, they help people meet their financial goals. They do this by advising people about buying and selling stocks, bonds, shares in mutual funds, insurance annuities, and other financial products.
Additionally, they provide advice on investments, estate planning, retirement planning, college funding and other important financial matters. They also explain stock market terms and trading practices, give advice on the purchase/sale of particular securities, and design client portfolios.
Characteristics of Successful Securities Professionals
Those who excel in the securities industry tend to be well organized multi-taskers, skilled negotiators, confident communicators, independent and self motivated, computer-savvy, driven by high personal goals, and at ease with many types of people. They are comfortable with daily variety and are able to cope with pressure. They are educated in business, economics and/or finance.
Who Should Consider Becoming a Registered Investment Representative?
- Accountants
- Real Estate Agents/Brokers
- Mortgage Originators
- Bank Loan Officers and Branch Managers
- Investment Advisors
- Attorneys
- Lending Officers
- Sales Professionals
- Teachers
- Formerly Licensed Individuals
- Individual Traders
- Anyone interested in a career helping people achieve their financial goals
Starting Out
A broker must be licensed with both the Financial Industry Regulatory Authority, Inc., formerly known as the NASD, and the state they reside in (and in any state where they conduct business). Additionally, a broker must be affiliated with or be sponsored by a securities firm that it also registered with FINRA. Before new brokers can qualify as registered representatives, they must pass a FINRA licensing exam (Series 6 or Series 7), and be an employee of or affiliated with a registered firm. New brokers spend a great deal of time learning the firm’s products and services and studying for exams to qualify to sell other products. Most employers provide on-the-job training to help brokers meet the registration requirements for certification.
Starting out, brokers also spend much of their time prospecting for clients. They also may meet clients through business and social contacts. Some brokers even inherit retired brokers’ clients. And brokers in banks may receive large numbers of referrals.
Who Hires Licensed Investment Professionals?
There are exciting careers for licensed Investment Professionals at:
- Stock Brokerage Firms
- Mutual Fund Companies
- Insurance Companies
- Financial Planning Firms
- Asset Management Companies
- Real Estate Firms
- Banks
- Trust Companies
- Many Other Financial Services Firms