0
Within the structure of a brokerage firm, there are several functions each performed by different positions or departments that contribute to the success of the firm. The actual brokers sell securities and investment products to clients and sometimes carry out transactions on behalf of their clients. Financial analysts analyze different investment products, securities and even entire markets in order to identity opportunities for high returns with a low level of risk. Some of the menial work, ensuring that transactions are carried out, writing the orders for the purchase or sale of stocks or bonds, etc. are performed by brokerage clerks.
Brokerage clerks rarely if ever interact with clients. Instead, they focus entirely on the mechanics of fulfilling client orders. These mechanics used to involve a lot of paperwork, but the spread of information technology and automation has made these tasks redundant for human performers, leaving brokerage clerks at greater risk for downsizing and layoffs. Brokerage clerks can still find niches within smaller firms that cannot afford to install automated software equipment.
The work of a brokerage clerk revolves around handling the details of transactions. Depending on the size of the brokerage firm, the clerk may have a large workload. Clerical duties as applied to brokerage firms include delivering dividends, accepting and releasing securities on behalf of the client, and of course keeping records of daily transactions and account changes. This work can be overwhelming if the firm serves a large enough client list, so multiple clerks are often required.
Brokerage clerks used to be hired with only a high school diploma and the ability to perform basic mathematical calculations, but recent trends have resulted in greater demand for clerks with a degree from a two-year or four-year college. Brokerage clerks have decent wages, though nowhere near some of the higher-paying positions within a brokerage firm. A typical range is thirty to forty thousand dollars per year. Brokerage clerks have the opportunity to gain exposure to the finance world and even move up within a firm to higher-paying positions.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Brokerage Clerks Handle The Firm’s Detail Work?
A brokerage firm is a complex organization that involves many different employees in meeting the needs of clients. The purpose of the firm is to broker deals between the client and the particular securities exchange the broker is connected with. For example, a stock broker firm facilitates the buying and selling of stocks on behalf of their clients. Since accessing the stock market directly is too costly for the average small or retail investor, brokerage firms exist to provide the necessary service. The brokers themselves are the workers that actually place the trade orders for their clients. The brokers are supported by support staff of varying capacities. The daily operations of the firm create a large amount of paperwork and electronic data. Forms have to be filled out and filed, accounts have to be opened and closed, orders have to be written and sent, etc. This aspect of the work of a firm is handled by brokerage clerks. A brokerage clerk performs clerical work on behalf of a brokerage firm. They keep the firm running smoothly by taking care of the clerical work that brokers need but cannot do because of their other duties. They keep records of daily transactions as well as holdings, write the actual orders for the purchase and sale of securities, verify the transactions of said securities, accept and deliver securities on behalf of the firm or the client, distributing dividends and making sure that the taxes of clients are in order. Obviously this is a lot of work, which is why brokerage firms tend to hire more than one clerk. Information technology and the shift of securities dealing to the use of electronics and computer technology means that the career prospects of a brokerage clerk are endangered. There will still be jobs, but the availability is expected to decline slightly as automation becomes more prevalent. The above notwithstanding, the working conditions of brokerage clerks are usually well-lighted and pleasant, despite the stress of working for a brokerage firm. The median salary for brokerage clerks in 2008 was around thirty-seven thousand dollars per year, although some clerks can make as much as forty-two thousand per year.
What does it mean that securities are registered in the street name?
Securities are registered in the investor's name when paper certificates are physically held by an investor. To trade such certificates nowadays, one has to first deposit them into a brokerage account where they loose their physical status and become only electronic data. This electronic record of ownership administered by a brokerage house is called registration in the street name. Trading of securities in the street name involves no physical delivery of securities. All brokers have to do on client's behalf is to exchange electronic information between themselves and transfer agents.
Enjoy A Career In Finance As A Securities Broker?
A securities broker or stock broker is a registered professional who buys and sells securities on behalf of clients. A security is a financial instrument such as a stock or bond. Brokers usually charge fees for their services. Securities brokers advise everyday people on the best way to invest their money. As such, they have a responsibility to their clients to behave in an ethical and responsible manner and to handle their money appropriately. Securities brokers often undergo intense training and examinations before being set loose to earn their own way. The most important aspect of a broker’s job is finding and retaining clients. If a broker has no clients, they make no money and they have no job. Thus, a broker’s primary task is to sell themselves or their firms to potential clients. In fact, the internship program at major firms consists mostly of cold calling potential clients and selling them on becoming a client of themselves or the firm they work for. The actual work of brokers is to buy and sell securities on the open market for their clients. A broker’s client list can be made up of retail investors with small amounts of money to invest, or institutional investors with large amounts of money to invest, or a combination of the two. Investors turn to brokers to place and carry out their trade orders; the largest brokerage firms have billions or even trillions of dollars of assets under management, and they have clients from all over the world. A career as a securities broker can be fulfilling and very satisfying if they enjoy working with different clients and possess mathematical and analytical abilities and skills. Finance involves understanding the meaning of multiple sets of numbers, and of being able to act based upon careful analysis of the data and not merely upon emotion or even the profit motive. Securities brokers work usually work in brokerage firms, since it is the firm that has access to the various exchanges in which securities are bought and sold.
What responsibilities do you have being a real-estate agent?
It depends on the brokerage relationship you have with your client. No Brokerage, Transaction Brokerage or Single Agent. With some you are resposible to both parties, with others you are only responsible to your client. It also varies by state.
Can a broker charge a broker fee for Admitted business in the State of Texas for professional liability insurance?
Yes, A brokerage fee is common practice for brokered business of all types. It's also common in all other financial fields including mortgage brokers, stock brokers, buisness brokers, loan brokers, real-estate brokers and brokers of all types. That's how brokers earn a living. they may also earn a negotiated commission on the final transaction. Generally brokerage fees are non-refundable. If the client/s back out of or fails to close on a transaction the broker has worked hard on and perhaps spent many hours negotiating, then the broker hasn't done all that work for nothing. If you feel your brokers fees are too high and you have developed a relationship with them, you can probably negotiate a lower fee with them, especially if you utilize their services frequently.
What is the definition of a brokerage firm?
A firm that conducts transactions on the behalf of the client. Brokerage firms derive their profit from commissions. Most brokerage firms must be registered with the SEC.
How much does a senior client associate earn in brokerage industry?
100k
A is a person who buys and sells securities for client?
A Stock Broker.
Business Brokerage and Services Provided ?
The business brokerage acts as a type of middle man. This firm or organization is the mediator between buyers and sellers of small businesses. The business brokerage is also known as business transfer agents. This firm assists the buyers and sellers of small businesses. These firms are skilled at estimating the value of a business. They can then advertise the business. Oftentimes, the identity of the business is not yet revealed. The business brokerage handles the initial process of interviewing prospective buyers. A business brokerage normally handles all of the negotiations and discussions concerning a potential deal. Traditionally, the brokerage provides a full-service commission based service. There is a signed agreement that states that the business brokerage represents the client and act on behalf of the client. The majority of states have laws that state that this agency relationship creates certain fiduciary obligations. Many states have certain requirements and licensing requirements for this relationship. Furthermore, there are different types of brokerage relationships. In some U.S. states, business brokers act as transaction brokers. A transaction broker represents neither party as an agent; however, the transaction broker works to facilitate the transaction. There is equal levels of trust with each party in this relationship. The dual or limited agency is when the same broker represents both parties. Individual laws in states regulate the duties and obligations of the dual agency under this signed contract. In some states, this dual relationship is not allowed. The state considers it to be a conflict of interest in these cases. A business brokerage can provide a number of services for the client. For example, this firm can assist the client in establishing a Most Probable Selling Price. Another service that can be provided by the business brokerage is preparing a Information Memorandum. This document can be 15-30 pages long, and the document gives a detailed description of the company to potential buyers. The brokerage can also assist in the marketing process. This is often one of the most important activities for the company. The brokerage can eliminate bad buyers by doing a thorough screening of the buyer. This is also an important service provided by the firm.
Where to get medallion signature guarantee in Spencer Iowa?
The investment/brokerage company located in the Farmers Bank has it, but you must be a client with them.
The antifraud provisions of the Securities Act of 1933 apply to?
The antifraud provisions of the Investment Advisers Act of 1940 apply to all conduct that concerns the integrity of the client relationship from an advisory standpoint. As far as actual securities transactions, those are covered under the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Advisers Act differed in that the activity did not have to be directly related to actual conduct in the offer or sale of securities, but extended to any deceitful conduct in the rendering of investment advice, the results of which constitute a fraud upon the client.
What types of financial problems can finance brokers help with?
A finance broker can help a client who has a lot of consumer debt or a poor credit score. They can also help a client who is having trouble obtaining a loan for a car or mortgage.
