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Discount Brokerage Department Manager Career Overview

Career News June 9, 2014

Discount Brokerage Department Manager Job Description

Discount brokerage firms are relatively new to the world of finance. Bridging the gap between the extremely wealthy and the relatively affluent, they buy and sell securities in an online exchange that allows clients to choose their stock investments for smaller brokerage fees.

Traditional brokerages offered two main types of services; managing their clients’ investments and making decisions on their behalf and advising clients about various investment opportunities. Typically, a discount broker offers one service; executing client requests without offering advice or making decisions on behalf of the client.

The Brokerage Industry

Although discount brokerage eliminates the expense of financial help, to acquire a department manager position in discount brokerage, the candidate must still have seven years of experience in handling investments. The minimum educational requirement is a bachelor’s degree in finance, business or a related field. Stockbrokers must be licensed and certified through state and federal requirements.

There are two exams they must pass to receive certification; the General Securities Registered Representative Examination and the Series 63, which covers the policies in conducting business and the legal aspects involved with transactions. Certification allows the broker to have the authority of all securities and investments, with the exception of real estate, life insurance and commodities.

Managers must pass the NASD Series 7 for licensing. Management brokers must first serve an internship with a company. Internships are available with most discount brokerage firms and can be completed online while still taking formal college courses.

Managers must have a portfolio that demonstrates their success in establishing a customer base and finding good investment options. They must exhibit dedication to public relations and may be asked to attend public functions, including charity events and local activities.

Department managers generally work from small offices and handle customers directly. They may submit ideas at department meetings for improving a group website or handling issues with customer complaints or services. The role of training interns and entry-level brokers may be given to you.

Skills Required

Some department managers are involved in developing new software to make online services for their clients easier. Services include allowing clients to view their full portfolio and study investment models, options and products.

Discount brokerage is an evolving field. Although services were once limited to the direct buying and selling of stock, some companies now offer credit cards, mortgages and other banking needs. A brokerage department manager may even consult with clientele, offering guidance and research information that was once available only through full-service firms.

Discount stockbroker managers receive a median salary of $110,000 a year. Their duties entail the development of marketing programs and increasing of the company’s profitability. They must have good communication skills, a high level of computer knowledge in programming and software applications and relate well to the public.

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