Personal bankers help people make financial decisions, including short-term planning with assistance in day-to-day cash transactions and monthly budgeting.
They also assist clients with long-term investments and estate planning. Banks and financial institutions typically hire personal bankers with college degrees in business or finance and require the employee to qualify for a bond that insures the company against fraud or theft of client funds.
While there isn't just one banking required, state and federal laws require personal bankers to hold individual s to offer specific investment products. Personal banking requirements depend on the type of financial services sold to clients. For instance, financial institutions offering securities require the personal banker to hold a to sell this product.
Banks also require their bankers to complete in-house training programs to market securities and follow all legal requirements in offering products to financial clients. States regulate personal bankers through various organizations, including securities commissions, bank divisions and banking departments.
State agencies require personal bankers and bank managers who supervise these bankers to hold federal s and registrations according to the products and services offered. All states require personal bankers to hold a to sell insurance, including life insurance policies and annuities. States provide a list of approved online, traditional and continuing education courses for the and the of study hours required before taking the licensing exam.
States also determine the type of exam and the passing exam scores to qualify for state s. Many states, including California and Minnesota, contract with private testing companies for the -qualifying exams. The Financial Industry Regulatory Authority regulates American securities and brokerage firms and registered securities representatives.
FINRA provides a series of qualifying examinations for personal bankers handling commodity futures, options, variable contracts, securities, analyst, equity trading, investment products, and mutual funds as part of potential investment options. Bankers can then provide variety of additional investments to their clients.
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