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A client services associate works in the financial or wealth management industry. Client services associates function as sales associates and are referred to as brokerage clerks, depending on the employer. These associates provide administrative and client support to financial advisers. Common tasks include providing clients with quotes, recording investment trades, building and tracking portfolios, computing charges and providing general customer assistance.
Client services associates work with financial securities, including stocks, bonds and commodities, supporting the investments of the hiring firm's customers. A client services associate prepares orders relating to buying and selling stocks and calculates the associated brokerage fees, transfer taxes and commissions. Other duties include preparing receipts and other forms, along with general administrative tasks such as filing and copying.
Registered Client Services Associates
Client services associates work for investment advisers but they don't provide investment advice. Since there's a fine line between accepting client orders for securities transactions and providing investment advice, investment firms have strict rules to protect their clients and ensure compliance with federal security exchange commission regulations. As one example, UBS Financial Services Inc. requires that client services associates register with the appropriate administrative bodies in the states in which they operate before accepting any client orders.
Skills and Abilities
Client services associates assist financial advisers and clients in solving problems, setting up new accounts and answering questions about services or the status of orders. To successfully accomplish these duties, associates must have strong written and verbal communication skills. Client services associates should recognize the importance of speaking clearly and politely at all times when representing the firm. Skills in social perception help to keep each client satisfied with the work of the firm's investment team. Client services associates also should have strong math, time management and critical thinking skills.
Education and Outlook
Client services associates might get a foot in the door without a full bachelor's degree, but some college courses in business and economics are typically required. According to O*Net, client services associates or brokerage clerks earned a median salary of $45,450 in 2012. The US Bureau of Labor Statistics projects job growth through 2022 at only 3 to 7 percent, which is slower than the national average for all occupations.
- Connecticut Department of Banking: In the Matter of -- UBS Financial Services Inc.
- US Bureau of Labor Statistics: Occupational Outlook Handbook -- Financial Clerks
- O*Net Online: Summary Report for 43-4011.00 - Brokerage Clerks
- University of North Caroline: Career Profile -- Client Services Associate
A careers content writer, Debra Kraft is a former English teacher whose 25-plus year corporate career includes training and mentoring. She holds a senior management position with a global automotive supplier and is a senior member of the American Society for Quality. Her areas of expertise include quality auditing, corporate compliance, Lean, ERP and IT business analysis.