Financial specialists help clients achieve financial goals by providing investment advice, long-term planning, and accepting loan applications. They are employed by banks and accounting firms, and may earn commission based on sales. They may also be licensed to sell investment and insurance products. Command Financial Specialists in the US military provide financial advice to service members. Personal finance specialists in accounting firms offer tax advice and retirement planning guidance to business clients.
A financial specialist is someone who works in a finance-related field that helps people achieve their financial goals. Typical duties of a financial specialist include helping clients with investment decisions, accepting loan applications and providing long-term financial planning advice. Banks employ financial specialists whose responsibilities are many and varied, while accounting firms hire financial specialists whose primary task is tax preparation and accounting. Most finance specialists are paid a base salary, but have the opportunity to earn commission based on sales.
If a financial specialist is hired by a bank, he or she will perform some of the same duties as a customer service representative, such as handling customer complaints. Generally, financial specialists focus primarily on sales. Banks assign financial experts monthly and quarterly new account sales targets, as well as dollar-based lending targets. Newly hired financial specialists undergo training, during which they are taught how to recognize sales opportunities and turn service problems into sales. Most banks require financial specialists to make teleconsulting sales calls to potential clients, as well as cross-sell new products to existing clients.
Many banks employ a licensed financial specialist who has the necessary licenses to sell investment and insurance products. Licensed financial experts set up retirement accounts for clients and help wealthy clients with estate planning. The insurance products they sell are typically limited to life insurance, whole life insurance and annuities, although they are expected to make references to other employees who deal in home and health insurance products. Some licensed financial specialists are given a portfolio of the bank’s most profitable clients and work exclusively with those clients.
The US military employs Command Financial Specialists (CFS), who handle the day-to-day aspects of the Personal Financial Management (PFM) program. Service members who are experiencing financial difficulties meet with the CFS to seek financial advice. The unit commander appoints the CFS, and the individual appointed to the position must have an extensive knowledge of investing, banking, money management and taxation.
Accounting firms typically employ personal financial specialists who are tax-certified professionals and who receive a high-value group of business clients. Personal finance specialists meet regularly with their clients and offer advice on business acquisitions, mergers and taxes. Personal finance specialists also provide business owners with financial help related to retirement planning. Generally, financial experts employed by accounting firms are not licensed to sell insurance or investment products, but they can provide clients with guidance on the tax implications of investing in different types of products.
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