Internal Advisor Consultant: Job Description & Average Salary
An internal advisor consultant is responsible for understanding and promoting the wholesale financial products offered by a hiring financial services firm. The internal advisor consultant introduces these products to financial professionals as part of their sales lines to retail and commercial customers. The primary duties involved in this position are sales-centric and goal driven.
The position entails creating and implementing marketing plans that promote the sale of financial products within a given territory to meet company sales quotas and goals. The internal financial consultant works with a company's advisor consultant to facilitate successful sales and develop marketing plans.
A significant duty of the internal financial consultant is to contact financial professionals who have the necessary licenses to set up contractual agreements to sell that company's products. The product lines may include mutual funds, annuities and insurance contracts. The internal consultant meets prospective financial professionals through trade fairs, career fairs, personal introductions, email campaigns, outbound calls and letters. Once the internal consultant has set up the agreement with the financial professional, he serves as a liaison between the firm and the representative.
The average salary for an internal advisor consultant is $75,000. Positions open in New York City tend to pay more than in other parts of the United States, with salaries in this part of the country falling in the range of $90,000- to $120,000. The low end of the salary range for an internal advisor consultant falls at $50,000.
Many firms are likely to offer internal advisor consultants base salaries plus incentives based on the performances of the financial professionals with whom the internal advisor consultant sets up contractual agreements.
Navigating the Sales Environment
Relationship building is a key part of driving company sales. The internal advisor consultant is expected to develop relationships with a variety of individuals to obtain referrals, meet new financial professionals and open new doors to sales opportunities.
As the liaison between a company's advisor consultant and the financial professionals who sell products, the internal advisor consultant is responsible for handling novel sales situations and expediting the sales process through the application of sales expertise. A company's sales desk may require that the internal advisor consultant work on specific projects and campaigns run by the company.
If the primary source of sales derive from the outbound calling efforts of financial professionals, the internal advisor consultant may be expected to track call volume, ensure federal and state laws are followed, and listen to sales calls as part of the sales training process.
As each company has its own specific workflow and paperwork processes in place, the internal advisor consultant must learn the company workflows to resolve client issues, financial professional issues, and deliver contracts and paperwork to the sales desk in an efficient and timely manner. If a complaint is filed against a financial professional, the internal advisor consultant is expected to handle the content of the complaint in a manner that adheres to Financial Industry Regulatory Authority
(FINRA) rules and prevent future issues with clients.
Depending upon the hiring firm, the sales team under an internal advisor consultant may change often, with new individuals coming aboard frequently. As such, the internal advisor consultant should be comfortable with these changes and with handling changes in company policies or industry policies that reflect new government restrictions and regulations on the sale of financial products.
Experience and Education
Candidates applying for this position should have one or two years of sales experience, preferably working in the financial services industry.
Employers looking to fill this position typically require candidates to hold a bachelor's degree in business or a related field.
To make the best use of his time and effort, the internal advisor consultant should have high organizational and prioritization skills. To access the potential ability of financial professionals to sell company product lines, the internal consultant should be a good listener and be able to ask the right questions.
An internal advisor consultant must have high communication skills. To deliver sales goals to the parent company for which the internal advisor consultant works, he should be equipped with many creative sales ideas to drive sales for financial professionals who have agreed to sell the company's products. Referrals as sources of sales leads are likely to be an integral component of end of quarter sales. The internal advisor consultant should be comfortable asking for referrals from financial professionals and encouraging them to obtain referrals from others. The internal advisor consultant may be required to coach the financial professional in the correct manner to ask for referrals. The ability to transfer knowledge and skills to others through successful tutoring on sales methods is likely to be a desired skill of a candidate seeking to fill this position. The internal advisor consultant may be expected to conduct group or one on one training sessions. High interpersonal skills are critical in a sales environment.
The internal advisor consultant is often asked to provide Web-based hypothetical illustrations of the performance of financial products. Computer literacy and the ability to learn new software and correctly set up illustrations per the needs of clients to avoid misleading performance expectations will be a requirement of this position.
If the internal advisor consultant runs sales teams in an effort to meet production goals, he will be responsible for running meetings in an efficient, time-conscious manner to provide valuable insights to financial professionals. This position entails periods of independent work and group work, and the internal advisor consultant should be comfortable working without direction from a manager at any given time.
A Series 7 is likely to be required by firms hiring for this position. Many firms may also require candidates to hold a Series 63 or Series 66. Some employers are likely to ask that a new employee obtain these licenses within a given time frame after being hired by the firm if he does not already hold the licenses.