What do Brokerage Clerks Do?
Brokerage clerks are responsible for managing the sales of investment securities. This includes working with clients to buy and sell stocks, managing and paying taxes, transferring investments to owners, and monitoring the stock market for fluctuations. The brokerage clerk is the expert middleman between clients and the stock market, providing guidance when necessary.
Brokerage Clerks Skills and Abilities
As a brokerage clerk, you must have computer skills as you will be working with them daily to complete most of your tasks. This includes any software programs to trade stocks, record client information or lookup trade information. You should have active listening skills in order to accurately gauge what clients need and want, while also having the critical thinking skills necessary to problem solve, act quickly and decipher what a better plan of action may be for a clients financial well-being. Because the job can be fast paced, you must have great time management skills to juggle many clients and the various tasks per client. Communication skills, both verbal and written, are necessary skills to have, as well.
Brokerage Clerks Duties
Maintaining client accounts is one of the main duties of your job as a brokerage clerk. This means you must communicate with clients and coworkers to come up with a financial plan, correct issues with accounts, answer client questions and file documents. Records of payments, purchases, sales and transfers must be kept up on a regular basis. Here are other duties a brokerage clerk is responsible for:
- Respond to client correspondence through phone or mail.
- Calculate all taxes, interest, dividends and other fees for clients and the business.
- Prepare documents and money allocations to send off to appropriate persons or agencies.
- Observe market fluctuations to give the best advice to clients.
- Maintain a document system for transfers, receipts, confirmations and withdrawals for clients.
Brokerage Clerks Tools and Technology
Calculations are a daily activity for you as a brokerage clerk, which means you are required to use a ten-key calculator. A computer and multi-line phone system is also heavily used to complete your daily tasks. There is a wide range of software programs that must be used to keep track of clients, money and securities. Accounting software and spreadsheets are used to keep track of the flow of money, while database programs allow you to store client information and transactions. Trading software is also necessary to make daily trading easy.
Education and Training for Brokerage Clerks
It is possible to be hired as a brokerage clerk with a high school diploma, but most employees obtain at least some college. Most brokerage clerks come with the skills and training received from a Bachelors degree in accounting, bookkeeping or other finance areas. You will receive moderate training when you do begin the job to learn the specific details of the business.
Brokerage Clerks Salary
From the low to top end of the spectrum of experience and education, brokerage clerks generally make a decent salary. The bottom 10% of earners make approximately $31,000 a year, while the median salary is $47,000 a year. The top 10% earners make an average of $73,000 a year, but the top doesnt necessarily stop there. Depending on the state in which you reside and your resume, you have the potential to make more than $100,000 a year. Washington D.C., Connecticut and New York are the top payers for the brokerage clerk position.
Brokerage Clerks Jobs by Geography
On average, approximately 1,900 brokerage clerk positions are open for hiring every year. With a 4% projected increase in this job over the years, you can expect to find a growing number of openings. Some states provide a better chance at finding employment. Texas, Florida, New Jersey, New York and Pennsylvania offer many thousands of brokerage clerk positions to residents.