How to start a career as a successful finance broker

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Are you yearning to become a prosperous finance broker? Nearly everyone appreciates that they have to manage their finances prudently, but they usually lack the know-how. As such, they seek the assistance of finance brokers since these professionals have the necessary expertise. Indeed many people aspire to become financial advisors, and there’re two main elements that determine who gets the lion’s share in the business:

Two business men shaking hands at international business meeting.
Two business men shaking hands at international business meeting.
  • Locale: The highest paying financial institutions as well as clients generally live in the biggest metropolises.
  • Length of practice: Financial brokers who have practiced for long have huge client base.

Finance advisors have to undertake thorough education to acquire necessary accreditation as well as gain meaningful work experience to horn their skills and have a fruitful career. Read on to learn how to start a career as a successful finance broker.

In-depth finance education 

Although there’s no specific or technical educational requirement for a finance broker, it is necessary to have in-depth knowledge in the fields of accounting and finance in order to taste success. The lowest educational requirement is usually a bachelor’s degree in disciplines such as finance, accounting, statistics, economics or related fields. It is important to study topics like investment, taxation, risk management among others. Many will to get better results. As a finance broker, you will need to understand the long- and short-term financial needs and objectives (such as accumulating enough college fees and retirement) of your clients to advise them accordingly. As such, you’ll need to comprehend the running of a business and the keeping of various business record. Additionally, it is crucial to know how to evaluate a firm’s financial well-being in order to digest and explain the respective details to clients.

Know what kind of financial brokerage services you’ll offer

A finance broker links individuals or firms to sources of financing like banks and other lenders. There are various kinds of finance brokerage services that require similar skills and know-how, but serve different niches. It is important to think through the various available options prior to centering on one. If you wish to become a commercial loan broker, you will mainly link firms searching for loans to lenders. Apart from commercial loan brokerage, you may want to become a mortgage broker where your clients are primarily prospective home buyers searching for the most attractive mortgage. Also, a finance broker can use her/his skills and proficiency to provide financial counsel to businesses and thus be referred to as a financial consultant instead of a broker. The term financial consultant comes with more prestige, improved credibility, and a bigger clientele base.

In addition, you will need to make a decision regarding working independently or under a financial brokerage company. Lending your services to a company will repay you with precious credibility and work experience if you’re yet to gather some. Although the company may offer lesser remuneration, it is always advisable to trade money for credibility and experience.

Fulfill licensing requirements

Check your respective licensing authority for the requirements you need to have in order to become a licensed financial broker. While no licensing is needed in some areas, it is important to conduct a thorough check regarding licensing requirements so as to sidestep any penalties that may be slapped on you for unlicensed operations. Some requirements include fingerprint processing, passing an exam and criminal background checking.

Spread the word

You’ll have to market your services to various firms and individuals that you can provide them with the financing they need. This usually boils down to going to a corporation, leaving your business card or other marketing material, going to places and joining groups that allows you to access the executives of corporations in your area. Initially, you will have to put up with investing so much time and money to market your services without getting much business. Stay on track nurturing clients, expanding your network and generating new deals. There are deals you can seal all over; at the gymnasium, restaurant, school, and etcetera. Take note not to be pushy in your marketing, but offer help to prospective clients.

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Parting shot

The above advice will go a long way to becoming a successful finance broker. Also, seek to have a great mentor who will give you more tools of the trade. You will need to have a great deal of patience and determination in order to persevere and prosper.

Written by
Jeremy Kaplan

A 50-something year old lifestyle, career, and education blogger based in Atlanta, Georgia. Years of experience in the office setting working with others and still loving it year-after-year.

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