6235 Financial sales representatives
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Lead statementFinancial sales representatives sell basic deposit, investment and loan products and services to individuals and businesses. They work in banks, credit unions, trust companies and similar financial institutions.
- credit officer
- financial services officer
- financial services representative
- loan officer
- mortgage officer
- sales associate – personal banking
Financial sales representatives perform some or all of the following duties:
- Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services
- Interview applicants for personal, mortgage, student and business loans
- Promote the sale of deposit, investment, credit and loan products and services
- Assist clients by proposing solutions to address financial objectives such as business expansion, debt management, investment and other financial goals
- Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan
- Complete credit and loan documentation
- Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
- Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action
- Review and update credit and loan files
- Act as joint custodian for cash and securities.
- Completion of secondary school and extensive general banking experience is usually required.
- A bachelor's degree or college diploma related to commerce or economics may be required.
- A mutual funds licence is usually required.
- Registration with the securities regulatory authority in the province or territory of employment is usually required.
- Completion of a loan or credit training program, ranging from six to twelve months, is usually required.
- Various training programs and courses are offered by the Institute of Canadian Bankers and may be required by employers.
- Financial services officers who sell regulated financial products and investments are required to be licensed by the appropriate governing body.
- Progression to higher levels of financial planning and wealth management is possible with experience.
- Progression to credit and loan management positions is possible with experience.