In order to acquire enough capital to expand, many businesses sell stock. In order to make a profit and protect wealth from inflation, many private individuals and companies invest in other companies. Since a thorough understanding of the market is necessary in order to invest successfully, many individuals hire a financial broker in order to act as an adviser and help the investors make smart investment decisions.
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A financial broker is responsible for investing money into the stock market for his clients. A financial broker often has to sit his clients down and discuss the benefits and risks of each investment in order to help them make the best decision. This is done by taking into consideration both the current state of the stock market and the needs of the client, according to Princeton Review. The broker is also responsible for buying the stock that the client chooses for the client and is also responsible for transferring the title of the stock to the investor. A financial broker also sometimes teaches classes intended to help clients learn how to understand the stock market.
While a financial broker spends the majority of the time in the office, she does have to sometimes travel to meet with clients, according to Princeton Review. A financial broker usually works 40-hour work weeks, though he usually needs to be flexible with the scheduling for clients, according to the Bureau of Labor Statistics, or BLS.
A financial broker usually has a degree in finance, economics or accounting. A financial broker has to pass an exam held by the General Securities Registered Representatives. The financial broker then spends two years working and training before becoming a full financial broker, according to Princeton Review. A financial broker is usually hired if he can prove that he has been successful in other fields related to finances. Very good mathematical, analytical and interpersonal skills are needed in order to become a successful financial broker, according to the BLS.
The need for financial brokers and other financial advisers is expected to grow by 30 per cent between 2008 and 2018, according to the BLS. Part of the growth in the need for financial brokers is driven by retirees who will rely on investments to have funding for their retirement.
The median earnings for financial brokers and other financial advisers in 2009 were £44,330, according to the BLS. The highest 25 per cent earned more than £75,777, while the lowest 10 per cent earned less than £21,963.
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