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What do I need to study to become a Financial Broker?


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What is a Financial Broker?

A Financial Broker consults with many financial bodies and institutes, using their knowledge and experience to identify each client’s specific needs and advise them on the best ways to manage and invest their money.

Operating as independent agents, Financial Brokers arrange and manage insurance, leases and business or personal money loans on behalf of their clients for a fee or commission. They also facilitate the trading of commodities; planning, organising and negotiating the sale and purchase of goods, property, shares and other financial assets.

In order to maximise efficacy, Financial Brokers must maintain up-to-date knowledge of a wide range of finance and insurance products, conduct research, and analyse markets and other economic elements. They must also perform risk assessments, calculate and record transaction costs and provide clear, detailed documentation to their clients.

What do Financial Brokers do?

  • Analysing clients' financial status to determine their specific needs, discussing options and developing financial strategies.
  • Meeting with new and prospective clients to outline insurance policy conditions, risks, rates and benefits, and making recommendations on amount and type of coverage.
  • Liaising with banks, lenders, financiers and insurers to maintain up-to-date information on available finance and insurance products.
  • Monitoring prices, trends and other factors affecting supply and demand for commodities, negotiating the purchase and sale of such goods as grains, wool, metals and minerals.
  • Brokering complex and commercial leases and finance for equipment, projects and property development.
  • Arranging and presenting documents outlining the risks and conditions of finance, repayments and loan periods.
  • Facilitating the purchase of insurance, home loans, mortgages and other types of finance for clients through banks, lenders, financiers and insurance companies.

Career snapshot for Financial Broker

  • The average age of working Financial Brokers is 41.
  • 64.90% of Financial Brokers are male.
  • 81.00% of Financial Brokers work full-time and on average they work around 42.6 hours per week.
  • With An Associate Degree or Diploma, Financial Brokers get paid $1,400 per week Before Tax.
  • Unemployment levels are below average.
  • In 2015 records showed 25,400 employed Financial Brokers.
  • The projected growth of the profession is estimated to be very strong with employment numbers around 30,300 by 2020.