How to Become a Great Stockbroker
The term stockbroker is a colloquial term for a someone who has passed the examination required to sell securities to the public. Formally known as a registered representative, stockbrokers are also known as financial advisers or financial consultants. In order to become a great stockbroker, you must be extremely knowledgeable about stocks, bonds and other securities that you are legally permitted to sell. Beyond that, you must know how to cultivate and maintain long-term relationships with clients by serving their needs.
Other People Are Reading
Instructions
-
-
1
Pass licensing exams. Before you can begin a career as a stockbroker, you must pass the General Securities Registered Representative Examination, also known as the Series 7 exam. The Series 7 is administered by the Financial Industry Regulatory Authority, or FINRA, and consists of multiple-choice questions about securities and how they function, sales practices and obligations, and regulatory requirements.
-
2
Obtain advanced degrees. While the Series 7 will license you to sell stocks and other securities, further education in the industry will teach you advanced financial planning concepts and help you to provide additional financial solutions for clients. The industry standard for advanced financial planning education is the Certified Financial Planner designation, issued and maintained by the Certified Financial Planner Board of Standards in Washington, D.C.
-
-
3
Ask for referrals. In order to serve your clients well, you must devote time to their individual situations. If you spend all of your time on the phone trying to obtain new clients, you will not have as much time for each individual client. Successful networking and happy clients result in referrals, which are an easy and rapid way to develop your client base without taking all of your financial consulting time.
-
4
Listen to client needs. Clients have unique financial situations, and treating them as anything other than individuals does them a disservice. Ask your clients how you can best serve them, and listen to their responses. Tailor your advice and attention based on what your clients tell you they want.
-
5
Remain current on industry news and trends. In order for your clients to look to you for information and consider you the great stockbroker you want to be, you have to pay attention to changes and developments in the industry. Bringing news or opportunities to your clients before they have the chance to discover them on their own is one of the characteristics of a great adviser.
-
6
Ask for help. No stockbroker, no matter how great, has all the answers. Most financial services firms have various departments that can help you with everything from historical stock information to advanced estate planning. If you work independently, join a community group of similar advisers and share information.
-
1
