Working with a financial advisor might be beneficial if you require guidance on how to establish or maintain your portfolio and grow your money for retirement. What you may not realize is that your financial adviser (or advisors) may have their own team of people that assist them in running their business on a daily basis. Client service associates may perform a supportive role on that team. If you’re unfamiliar with what a registered client service associate is, what they do, their salary, or other similar jobs, here are some of the most important things to know.
What Is a Client Service Associate?
A client service associate supports one or more financial advisors or other wealth management specialists. This person assists financial advisers with specialized activities that may or may not involve client interaction. They do not, however, provide financial advice. Clerical and administrative labor are examples of the kind of activities that a client service associate can perform.
Client service representatives can work for banks, investment businesses, or financial consulting firms. As a result, they must understand both financial regulatory requirements and the intricacies of various forms of securities, such as stocks, mutual funds, and bonds. The extent of what a client service associate accomplishes on a daily basis is often determined by the demands of the firm or financial institution for which they work.
What Does a Client Service Associate Do?
Client support representatives can perform a variety of jobs. However, they all serve the same aim in general: to develop advisor-client relationships and assure client satisfaction.
With that in mind, below is a list of activities that a client service associate might be asked to do:
- Responding to client requests for product and service information.
- Meetings between advisors and clients should be scheduled.
- Writing or sending electronic or written communications on behalf of advisers.
- Keeping track of consumer calls and emails.
- Maintaining client information databases for advisers.
- Customer complaints must be recorded and resolved.
- Organizing and filing client paperwork.
- Managing the social media accounts of advisers.
- Assisting with client requests, such as money transfers.
- Notifying customers of new items or services.
- Ensuring that regulatory guidelines are followed.
In a nutshell, a client service associate is similar to a concierge in that this personnel are concerned with keeping clients happy and providing their demands. For two reasons, this is an important function.
First, when investors are content with the quantity and quality of service they are receiving, financial advisers find it simpler to keep their client base. Clients who are satisfied are less likely to spend their money elsewhere. In addition, they may be more likely to refer their financial counselor to friends and family.
Second, having a client service associate on board frees up financial advisors to focus on the most critical aspects of their business’s growth. For example, by delegating administrative or clerical chores like paperwork filing to a client service partner, the adviser has more time to nurture current client relationships or focus on outreach to expand their client base. These types of initiatives might be critical to increasing the bottom line of an advisor or advisory business.
What’s Required to Become a Client Service Associate?
Although previous office experience is advantageous, there are no fixed educational or certification requirements for this role. Typically, the sole educational need is a high school diploma or equivalent. Many businesses, however, prefer candidates who have at least some college credit.
Previous work experience in a business setting, such as retail sales, restaurant work, or financial advice, can be beneficial for developing appropriate professional relationships and skills that will be used on the job.
Employer experience requirements vary and may include an internship, volunteer work, part-time work during college, or past job experience with a significant client base at another organization.
Additionally, the following skills are advantageous in this role:
- Time management skills
- Mathematical ability
- An understanding of investment concepts
- Basic tech skills (i.e. using email, working with spreadsheets)
- Ability to work independently with minimal supervision
When looking for opportunities in this industry, one thing to look for is whether you need to be a registered client service associate. This entails getting professional certification from the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). You might need a Series 6 or Series 7 license, for example.
You may be required to pass the Security Industry Essentials Exam (SIE) as well as meet other state registration criteria. It also helps to have additional certificates, such as the Certified Financial Planner (CFP) title. The more abilities and experience you have, the higher your chances of securing a job.
Career Path to Becoming a Client Service Associate
After education, the next natural stepping stone is to work for a bank or other financial organization that deals with securities. Working as a customer service representative, for example, can help you hone some of the communication and organizational abilities you’ll need as a client service associate.
To qualify for a client service associate position, you may need to have at least a year or two of experience working in the financial services field. There is no one-size-fits-all career route, but having the correct education and combining it with industry experience are the most crucial things you can do to position yourself for that role.
Client Service Associate Salary
If you’re thinking about becoming a client service associate, one of your main concerns might be how much money you could make. Financial clerks had a median wage of roughly $39,570 per year, or $19.02 per hour, according to the Bureau of Labor Statistics. However, your income as a client service associate may be heavily influenced by your level of experience and the type of organization you work for.
Brokerage clerks, for example, earn the most, with a typical annual salary of roughly $51,400. This figure does not include the value of any benefits you may receive as a client service associate, such as health, life, and disability insurance, paid vacation, paid sick leave, wellness benefits, retirement plan matching contributions, or reimbursement for higher education expenses. All of these perks can be valuable in addition to your base wage as a client support associate.
How Client Service Associates Help Financial Advisors
Client service employees are the primary point of contact between financial advisors and their clients. They are the hosts for new accounts opened on behalf of clients by financial advisors.
Understanding account setup, data entry, technology interaction with software, data analysis on investment holdings and transactions, training new representatives or team members on client files as needed, and communicating with existing clients via back office correspondence via email, phone calls, or meetings are all responsibilities of the CSA.
Client service employees handle secretarial work for financial advisors so that they can focus on their client’s long-term goals.
What is a typical day like for CSAs?
CSAs start their days by checking and responding to emails, phone messages, and faxes. They may also meet in person or over the phone with executives or managers to obtain approval or advice on initiatives. Market updates, sales data, and the availability/pricing of company products and services all require CSA research information. The primary function of CSAs is to conduct administrative activities such as filing papers, arranging mailroom operations such as deliveries and pick-ups, and providing customer care to clients and internal workers who require assistance with specific transactions by phone or email.
Alternative Careers and Similar Jobs to a Client Service Associate
You have transferable abilities as a Client Service Associate that would make you an excellent fit for similar jobs. Based on the talents you’re likely to have as a client service associate, here’s a list of comparable positions, prospective career moves, and alternative careers:
- Client Services Manager
- Client Service Representative
- Wealth Management Associate
- Client Associate
- Operations Associate
- Service Associate
- Director Of Client Services
Client Services Associate Job Description Sample
You may get a decent idea of what employers are looking for when hiring for this position by reviewing our Client Services Associate job description sample. Remember that each organization is unique, and each will require distinct qualities when hiring for a Client Services Associate position.
Job Description:
We are looking for a dedicated Client Services Associate to assist our financial experts in providing exceptional client service. You will collaborate closely with our team, preparing documents for client meetings, organizing sales and presentation materials, taking meeting notes, and establishing client access for new customers. You will also manage various administrative activities on a regular basis, such as answering phone calls and emails, reminding consultants of deadlines, and updating our customer database.
Responsibilities and duties:
- Compile and update all applicable contracts and documentation.
- Gather presentation materials.
- Compile meeting notes and place them in client files.
- All client information and transactions must be obtained and processed.
- Create new accounts and keep customer portfolios up to date.
- As needed, perform administrative and clerical duties.
Qualifications and requirements:
- A high school diploma or its equivalent is required, with an associate or bachelor’s degree in business, finance, or a related profession recommended.
- Experience working as a Client Services Associate or in another administrative function in the financial industry is preferred.
- Microsoft Office proficient
- Excellent communication and organizing abilities
- Detail-oriented
- Ability to work autonomously
- Excellent customer service abilities
What Is the Job Role of a Client Associate?
A client associate is a person who develops great relationships with customers by supporting their account needs and offering training as needed. Client associates must communicate with their customers via the phone, via email, or in person.
What Skills Are Required for Client Service Associate?
Among the most important customer service abilities are:
- Problem-solving skills
- Patience
- Attentiveness
- Emotional intelligence
- Clear communication skills
- Writing skills
- Creativity and resourcefulness
- Persuasion skills.
What Is a Client Services Job Description?
They handle client inquiries by phone, email, online, or in person, keep client records, and handle client complaints. Their responsibilities also include delivering technical product information to clients as well as general support.
How Much Do Client Service Associates Make in NYC?
As of May 25, 2023, the average Registered Client Service Associate pay in New York, NY is $74,270, although the compensation range frequently ranges between $66,727 and $83,804.
What Can I Do After Being a Client Service Associate?
Here is a list of positions that a former Client Service Associate could be interested in:
- Wealth Management Advisor.
- Financial Advisor.
- Investment Advisor.
- Client Specialist.
- Paraplanner.
- Wealth Manager.
- Financial Planner.
- Relationship Manager.
What Makes a Good Client Associate?
CSAs are in a unique position to understand business operations from the ground up. If you haven’t already settled on a job type or industry, this could be an excellent time to learn more about it. Job security is strong in this sector because administrative assistants will always be needed, especially in large organizations with hundreds of employees spread across multiple sites.
What Is the Objective of a Client Service Associate?
Client support representatives can perform a variety of jobs. However, they all serve the same aim in general: to develop advisor-client relationships and assure client satisfaction.
The Bottom Line
Client service representatives are essential in the financial advisory sector. These professionals can labor in front of or behind the scenes to ensure the smooth operation of advisor-client relationships. To become a client service associate, you must meet certain standards, just like any other financial services position, but it may be a financially and emotionally rewarding role.
Related Articles
- MARKETING ASSOCIATE: What Is It & How Do You Become One?
- ASSOCIATE PRODUCT MANAGER: What They Do & How to Become One
- CUSTOMER SERVICE ASSOCIATE: Job Description, Duties, and Salary
- SOFTWARE DEVELOPMENT SERVICES: Best Providers in 2023
References
