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  • Heng Kim
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  • Last Posted: 2017-05-27 02:00:07
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Increase Your Salary in Four Ways

2015-04-24 02:11:36

According to the Bureau of Labor Statistics, the 2012 median pay of a personal financial advisor is $67,520 a year (or $32.46 an hour). The same government agency said a financial analyst earns $76,950 a year (or $37.00 an hour). Looking at these figures, majority of those who work in the financial services industry are underpaid but overwhelmed.



But there are some ways to raise your take-home pay. Let this article show you how.



Espousing on More Responsibility



The industry is difficult and complicated in nature. Therefore, it is hard to operate and establish a career in this field. To stand out in the industry, one should become more aggressive and equip oneself with adequate education.



Assuming more responsibilities can result to higher income or commissions. Professionals in the industry can volunteer to take on several new duties. Depending on the job function, responsibilities include running or participating in sales meetings, helping new workers within the team or group, or taking on current customer accounts. You may also consider engaging on managerial or project-related duties.



At the very least, these additional tasks can make the person way appealing within and outside the company, and can help improve a person’s profile.



Obtain New License



Successful registered representatives have Series 7 and Series 63 licenses, which they think have covered all the basics. But if you want to take home a higher salary, as well as to learn and improve in a professional sense, you should get more licenses.



The following are some of the licenses beneficial to you:





  • Series 3 - Selling commodities




  • Series 4 - Supervising options




  • Series 24 - Administering branch activities





If you are keen on gaining more knowledge, ask your immediate supervisors and your company’s human resources if you are qualified and the company can sponsor your education goals. Most broker-dealers put much effort in building their core and improving the skills of their registered reps.



Think Out of the Box, Explore



The Federal Industry Regulatory Authority (FINRA) is strict when it comes to any outside business dealings as this can lead to conflicts of interest. Hence, companies may prohibit their registered reps to do business beyond their scope.



In case your company do not permit transactions outside work, but you do outside work, make sure it won’t be considered a conflict of interest and breach the rules set by the firm or FINRA. Review FINRA’s Rule 3030 that outlines outside business relations.



Expand Network



Who you know is as significant as what you know. As much as you can, attend client functions and socialize with fellows in the industry. That way, you can discover new job openings and/or better career opportunities, and find potential strategies to gain advantage within the firm.



There are many other possible ways to take home a hefty cash flow. One has to work harder, learn more, have more licenses, and increase connections. Make that first move and mull over options inside and outside the workplace.