What Do Financial Brokers Really Do?

Brokers are a core part of the financial world. Their Job description is vital to just about any financial venture and transaction. Perhaps, you are considering pursuing a career as a financial broker, want to hire one, or are simply curious about what they do, we lay it bare in simple terms and sentences!

Job Description — What do Financial Brokers do?

Financial services brokers work as middlemen for individual clients and organizations looking to invest or sell financial assets like stocks, bonds, and the like. They also assist clients in developing financial strategies, decision-making and getting loans. Essentially, they help clients draft and implement feasible investment strategies and buy assets that are on par with their financial status and long-term goals. Good financial brokers serve as a liaison between parties and work to establish and retain relationships.

Education and Qualification

Of course, you have to study to become a financial broker. The first step to establishing a career in financial services brokerage is a Bachelor’s degree in a related financial field such as Accounting, Business, Economics and Marketing. Holding a master’s degree in any of these fields is a plus.

Additionally, brokers are required to obtain a form of certification within the state or government to attain work eligibility. Also, the vast majority of financial firms offer intensive on-the-job training for recruits, so they can get a good grasp of the speciality, develop good business practices and familiarize themselves with the products and services being offered. Training varies across establishments, so don’t be surprised if a specific firm demands you take some assessments to gauge your expertise and qualification for the role.

Required Skills

As with all jobs, an institutional certificate isn’t enough to merit your suitability for the job. You need to possess certain skills in addition to your degree and certifications. First, a financial broker is required to have excellent communication and oral skills. They should be great team players and be willing to work under pressure. A professional broker should have excellent people skills and should be prepared to meet with different clients to discuss sensitive financial information.

Most importantly, financial brokers should be trustworthy as clients want assurance that their brokers can handle life-altering financial decisions and investments without a qualm. A client needs to trust that you are reliable enough before they commit huge sums of money in your care — especially in situations where things can easily go south.

Finally, a good financial broker is a good marketer. He/she should know how to explain various financial services and investment opportunities to prospective clients and convince them to commit. This goes hand in hand with having self-confidence and the ability to handle rejection. You are bound to meet difficult clients with trust issues or those who will downright turn down your offer without batting an eyelid. Hence, you must master the art of confidence and be a good sport.

Salary Expectations and Job Prospects

According to statistics from Reed.co.uk, the average financial broker gross salary in London, United Kingdom, is £74, 375. Brokers can earn as low as £30,000 and as high as £90, 000 per year. Salary expert.com provides nearly the same value at £71,304 (GBP)/year with an average hourly rate of £34.28 (GBP) /hour and an average bonus salary of £2,988 (GBP)/year. Entry-level brokers get a yearly salary of about £50, 269 while senior brokers earn about £88,425.

Financial brokers can climb the corporate ladder by opening their own brokerage firm or working for big-wig investment companies and firms. You can attain rapid career advancement and boost your work profile through hard work and by possessing good work ethic and sales techniques.