How to become A Broker

• Intermediary Agent
• Middleman
• Intermediator

What do Brokers do?

A Broker would typically need to:

• Organize and execute financial transactions on behalf of another party and charge them a commission for the execution
• Sell commodities; investigate insurance policies; renew policies; provide investors with research, investment plans, and market intelligence; cross-sell other financial products and services offered by their brokerage firm
• Create potential customer and client relationships; document comprehensive customer information; assess customer needs
• Be able to discuss the function and offerings of their company articulately and accurately; guide clients toward a product or service that fits their needs
• Work with variant budgets; ensure market liquidity and respond rapidly to the needs of the client; Identify and answer any questions or concerns a client may have; recommend solutions and follow up regularly
• Represent clients; get sellers and buyers on the same page regarding price and terms of the deal; assist clients with the necessary documentation and paperwork; successfully close deals
• Process the transaction, ensuring the customer is accurately charged and all required receipts and invoices are given and filed
• Collaborate with other teams to provide recommendations for the improvement of customer experience; network to increase clientele; liaise with insurers, loss adjusters or adjusters Analyze complex data; recognize market trends; deal with a high volume of calls and emails; respect the confidential nature of client transactions

Brokers work within a wide variety of private industries and typically work within a company’s sales department. They work below sales managers and supervisors. The position is often an ideal entry-level job for people interested in sales. Anyone handling money must maintain a professional image even when their clients do not. Generally people do not care to see the Broker who is handling their serious money dressed casually. Business formal wear is essential when dealing with large accounts.

Brokers may need to work extended hours, arrive at work early, leave late, and possibly work per specific time zones assigned to a global market.

Brokers may specialize in several areas, including stocks, insurance or claims, mortgage, commodity, and investments.

Brokers are commonly employed by:

• Banks
• Investment Firms
• Mortgage Companies
• Consultancy Outfits

Professional associations and organizations are a crucial resource for Brokers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your Resume while bolstering your credentials and qualifications.

• Political instability; cybersecurity; increased customer expectations
• Talent acquisition; demand to specialize; commoditization and self-service
• The rise in automation; lack of insurance among SMEs; uncertain markets

A Broker who has significant industry-specific experience along with experience in finance, business administration, brokerage, or sales will be better able to serve clients and have better chances of advancement.

A Broker usually possesses some finance or banking qualifications. Brokers may have a bachelor's degree in accounting, international business, economics, insurance, statistics, mathematics, finance, or banking. With a masters or an MBA, a Broker has the chance to land a lucrative position in a highly competitive industry.

Brokers must be registered and approved by the Financial Services Authority (FSA) equivalent in their location to practice. Proficiency in Microsoft Word and Excel is a prime requirement, as is an industry-specific Brokerage license.

Other acceptable certifications include SII Certificates in Investment Management, Securities or Financial Derivatives, CFA Society Investment Management Certificate (IMC), CII Certificate in Insurance, CII Diploma in Insurance, CII Advanced Diploma in Insurance (ASCII), Certificate in Mortgage Advice and Practice (CeMAP) or their equivalents.

Advancement for Brokers usually takes the form of an increase in the number and size of the accounts they handle. Entry-level Brokers generally work with the funds of individual investors. With experience, they may be made responsible for substantial accounts, such as those of corporations.

Some experienced Brokers advance to the position of a branch or office manager. Managers supervise the work of other Brokers while handling orders for their customers. Eventually, some Brokers may advance to become partners in their firms.

Because simpler stock purchases can be made online without a Broker, financial firms will focus on hiring candidates with specialized areas of expertise and strong customer-service skills. Candidates who have the requisite education, expertise, experience, and ability to remain ethical and trustworthy will have the best career prospects.

Most large brokerages have a trainee program, which includes classroom instruction and on-the-job training. Courses available include accounting, corporate finance, bonds, financial statements, mutual funds, sales techniques, public speaking, and many other related subjects.

A student can also receive this training at accredited schools. Brokers are often required to update their knowledge through continual training and educational programs.

In Simple Words

Brokers don’t create or manufacture items and sell them to you. They are the middlemen who buy and sell products or investment vehicles for third parties. Brokers are specially trained and licensed to buy and sell complicated products, distinguishing them from a salesperson who sells simple goods on behalf of a manufacturer. They have a keen understanding of financial markets, economies, and world trading trends.

A Pure Intermediary

Regulatory restraints require the Broker to act as a pure intermediary, taking no positions or dealing risks in the financial markets. Working at the very heart of the markets, the Broker is in continual contact with leading players in the major financial centers enabling a unique, comprehensive knowledge of financial markets.

Discount Brokers

In the past, only the wealthy could afford a Broker and access the stock market. Discount Brokers execute trading on behalf of a client, but typically don’t provide investment advice. Their low fee structure is based on volume and lower costs. Most discount Brokers offer an online trading platform that attracts a growing number of self-directed investors.

StockBrokers

Individual investors cannot buy shares directly from the stock market. A stockbroker – also known as an investment broker – manages and executes the buying and selling shares on behalf of clients.

Forex Brokers

A forex broker, also known as a retail forex broker, buys and sells currencies on behalf of clients. Having a forex broker includes 24-hour market access and the ability to speculate on currency pairs worldwide. Forex brokers try to minimize their costs to stay competitive in the market.

Full-Service Brokers

Full-service Brokers provide execution services and tailored investment advice, market research, and retirement planning, on top of a full range of investment products. Investors can expect to pay higher commissions for their trades.

Real-Estate Brokers

Real estate Brokers are middlemen for a piece of property. You’ve dealt with real estate Brokers if you’ve sold or bought a home. One Broker represents you, and another represents the other party in the sale. They earn money through commissions that are based on the price of the deal they help facilitate.

While they perform similar functions, a real estate agent has less education and certifications. Brokers can work by themselves while agents have to work under the supervision of a Broker.

Insurance Brokers

Insurance Brokers work as middlemen for different insurance companies to offer their customers an insurance product such as health, auto, or life insurance. They generally make a commission from the company based on the type of insurance they sell you, so know that there is an inherent conflict of interest. An insurance Broker generally makes more money from selling more expensive insurance products.

Because many people get their health insurance through their job and buy their auto insurance directly through a company, the type of insurance Broker you are most likely to work with while planning your financial future is a life insurance Broker.

Old is Gold

Tradition is an acknowledged leader in the rapidly moving world of financial Brokerage, adhering to the fundamental principles of confidentiality, expertise, competence, and sophisticated service.

Online brokering allows investors to trade at a lower cost, but without personalized advice.

A Broker’s job is like a sales job dialed up to 10, with the potential to earn substantial commission rates to reward all your hard work. It's incredibly fast-paced and comes with a fair amount of pressure when working with big clients and giving advice about an investment. If you can roll with the punches, remain optimistic...a job as a Broker will prove exhilarating and rewarding beyond measure.

Greed is usually balanced by fear. If you work just for money, you will never make it; but, if you love what you're doing and always put the customer first, success will be yours. To give real service, you must provide something which cannot be bought or measured with money; that is sincerity and integrity.