Job Title: Registered Client Service Associate
Education: BA in Economics, minor in accounting, UMASS Boston
Previous Experience: I started working third shift as a computer operator while also working part time at a local retail store. I then became the full time manager of the store which led me to a managerial position in a very high volume retail stores in Copley Place. I used these people skills and my education in economics and accounting to begin in the finance industry.
Job Tasks: I worked at a brokerage firm where my main responsibility is maintaining client's accounts and processing client's requests for trades. At times it can be rather stressful when a client calls to place a trade and wants it done quickly and, more importantly, correctly.
During tax time I spend a lot of time gathering information from client's accounts to help them calculate the cost basis for any transactions that may have been processed in the previous year. I do so by accessing the archives for specific accounts, ensuring all shares are accounted for including any possible stock distributions that may have occured since their original purchase and forwarding this information to the clients. At times I may have to contact a mutual fund company directly to have a client's old year end statements retrieved. Also during tax time I need to make sure client's retirement contributions are received in due time to be considered for the previous year's tax return.
At year end I help with clients who have reached age 70 1/2 process their required minimum distributions from their retirement accounts. In addition to help calculate client's year end tax loss to offset any possible gains they may have obtained in the current year and processing these security transactions as requested.
My day involves answering a lot of phone calls, answering client inquires into their brokerage accounts and solving any possible issues in a timely manner. The most challenging part of my job is keeping track of all the ongoing inquiries. There is some down time during the summer months but depending on the number of clients I have, it will dictate the volume I work I need to process.
Best and Worst Parts of the Job: The best part of my job is the client interaction. I have established some great relationships with our clients and enjoy talking with them and being able to help them reach their financial goals. The worst part of my job would be the stress when a client's trade is not entered correctly and therefore and "error" would need to be covered which could, at times, be costly to the broker.
Job Tips: You need to be resilient, "don't sweat the small stuff"
You need to like to figure out "puzzles" and like doing detective work when trying to help figure out a client's cost basis
You need to be able to work independently. Everyone is so busy and it is such a fast paced environment that if you need something then you need to be able to figure it out on your own as much as possible first.
Additional Thoughts: This job is best for a "people" person. There is so much client interaction that you need to know how to talk to people on the phone, how to disarm them when they are upset and more importantly you have to know how to listen. Client's will only tell you half of what they know and you need to be able to extract the whole story so you can properly help them.
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