In general, a financial service representative or FSR is employed by a bank or works for a credit union, although there are also FSR positions offered in financial institutions, insurance companies, and other similar organizations. The financial service representative job is usually a front line position that requires skills in customer interaction and good working knowledge on the various financial products and services offered by the company. A FSR can generally offer Professional Financial Services.
Financial service representative s typically work on "banker's hours" or the first shift in the traditional office setting. Based on statistics, majority of financial service representatives, or about 62% are female. Most people in this position say that they are generally happy and satisfied with their job.
Financial Service Representative Job Requirements
Some employers like banks and credit unions classify their tellers as financial service representatives, while others have different job descriptions for the two. In any case, math and cash handling skills are important to the job. Some companies require only a high school diploma or its equivalent for entry-level FSR positions, but offer extensive training and require passing thorough examinations, depending on how complex the products and services offered by the organization are.
Previous experience in a similar position is always an advantage for aspiring financial service representatives. However, some companies may set higher experience and education requirements. An insurance firm, for instance, may need FSRs who are state-licensed for the company’s various products.
Typical Tasks of a Financial Service Representative
Other than those mentioned above, a variety of tasks may be given to financial service representatives. These include:
• Monitoring market trends, identifying and pursuing potential leads, and meeting sales goals
• Providing sound financial advice, and matching the company’s financial products with a particular customer’s goals and needs
• Addressing clients’ financial concerns, requirements, and questions
• Developing long-term profitable relationships with customers.
Average FSR Salary in the US
In the United States, FSRs can expect a salary in the vicinity of $14.54 per hour. Overall, total cash remuneration can range from $25,000 to $45,000 on an annual basis that may include bonuses, profit-sharing benefits, and commissions. Financial service representative salary is basically influenced by factors like location, employer, and tenure. Benefits like medical, dental, and vision coverage may be thrown in as well.
Common Financial Service Representative Career Paths
An aspiring financial service representative has a lot of career path options to look forward to. It is therefore advised that before you take on an entry level job, study the possible career paths open for the entry-level position. Choose a job that can pave the way for you to achieve the higher position you desire.
From an entry level FSR position in a company, you can aspire for higher positions such as a branch manager, assistant branch manager, commercial banking center manager, banking loan officer, regional sales manager, administrative/office manager, administrative assistant, credit union branch manager, banking operations manager, credit analyst, and personal banker.
As you go higher up the corporate ladder, your salary will aggressively climb as well. Bank branch managers, for example, make $51k yearly. Prior to becoming a branch manager, however, you usually have to take on an assistant branch manager’s job that comes with a significantly lower annual pay.