Financial Sales Training
A financial sales training program instructs financial sales professionals on how to evaluate a client's data, detect investment goals and recommend appropriate asset selection strategies. A financial sales training program also helps participants become familiar with regulatory requirements, industry practices and corporate policies regarding financial advice and professional ethics.
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Purposes
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A financial sales training program ensures that financial sales associates understand rules and requirements with which they must comply when providing financial advice or evaluating clients' information. The U.S. Securities and Exchange Commission (SEC) rules and state laws require a financial sales associate to keep a client's information confidential. A financial sales training program also may teach financial sales representatives various types of financial instruments that they may recommend to clients, such as stocks, bonds and mutual funds.
Types
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A financial sales training program coordinator may provide financial sales associates with relevant courses on-site, online, at a university or an industry event. For instance, Mr. A.B., a financial sales associate working for a Missouri-based insurance company, may log onto a secure Web portal, select relevant courses and then take a pass/fail exam at the end of the session. He also may attend a professional conference, take courses on company premises or enroll in a special financial sales training course at a local university.
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Features
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A financial sales training program covers regulatory requirements with which a financial sales representative must comply when providing financial advice. Let's say Mr. A.B., our insurance sales representative from Missouri, attends a financial sales training course about regulations. He may learn National Association of Securities Dealers (NASD) rules regarding professional ethics. A financial sales training program also may cover various types of financial products available on securities exchanges (for example, options, stocks or bonds).
Benefits
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A financial sales training program helps a financial sales associate become competent and productive. A well-trained financial sales associate may be more likely to reach sales quotas that top management requires (sales quotas are sales amounts that a financial sales associate must reach every month, quarter or year). For instance, Mr. A.B., of our sample Missouri-based insurance company, may learn about emerging market mutual funds at a financial sales training program and how they may help a client diversify portfolio investments.
Expert Insight
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A financial sales training program occasionally may cover complex topics or subjects in which corporate staff does not have expertise. In such cases, a financial sales training program coordinator may hire a specialist to help explain complex topics. For example, a program coordinator may hire a former SEC enforcement division lawyer to explain professional rights and duties of financial sales associates.
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References
Resources
- Photo Credit financial charts image by Chad McDermott from Fotolia.com
