A retail broker serves as the link between retail buyers and providers. He or she may represent either of the two parties, and may work independently or for a brokerage firm. Common employers include commercial retailers, distribution firms, and manufacturers. Retail broker-advisor jobs deal with average of mid-level investors, as opposed to wholesale brokers who usually cater to institutional or large-scale buyers. In a firm, retail brokers report to an operations manager or purchasing manager. This is usually a full-time job and offers good opportunities for travel, since you'll have to travel on site for inspections and client meetings.
Retail brokers earn around $64,000 per year on average. However, this assumes a full-time post with a brokerage firm; independent brokers can earn more or less depending on their business. The pay largely depends on how well you market your business and build your reputation.
Job description
Retail broker jobs often involve several small tasks, which can have tight deadlines. Multitasking and time management are essential to making the business work. Some of the tasks to expect on the job include:
- Discussing with clients their current options according to their needs, budget, and preferences
- Drawing up a shortlist of prospective buyers or sellers that match the client's criteria
- Keeping and updating a list of providers, which you will use to find matches for new and existing clients
- Receiving and responding to client calls, answering basic questions, and referring them to the right person if necessary
- Maintaining constant communication with clients to stay up to date with their project progress
- Resolving or assisting in the resolution of conflicts between two or more client parties
Qualifications
As with other financial services jobs, you will need a relavant bachelor's degree to get into most retail broker-advisor jobs. Business, economics, finance, and accounting are some of the preferred majors. Although MBAs or other higher degrees are not needed, they'll give you a definite advantage for promotions and salary raises. Most companies also require at least one year of experience in a similar job.
