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The differences between registered representatives and finance advisors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a registered representative, becoming a finance advisor takes usually requires 2-4 years. Additionally, a finance advisor has an average salary of $64,993, which is higher than the $54,074 average annual salary of a registered representative.
The top three skills for a registered representative include financial services, financial products and securities. The most important skills for a finance advisor are team support, wealth management, and securities.
| Registered Representative | Finance Advisor | |
| Yearly salary | $54,074 | $64,993 |
| Hourly rate | $26.00 | $31.25 |
| Growth rate | 10% | 15% |
| Number of jobs | 17,622 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 74% |
| Average age | 43 | 45 |
| Years of experience | 6 | 4 |
A registered representative's job involves researching market conditions, liaising with potential clients, implementing advertising campaigns, cultivating personal contacts, and creating investment plans. Their duties and responsibilities include soliciting business from potential clients and selling financial products and services to clients for investment purposes.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Registered representatives and finance advisors have different pay scales, as shown below.
| Registered Representative | Finance Advisor | |
| Average salary | $54,074 | $64,993 |
| Salary range | Between $33,000 And $88,000 | Between $34,000 And $121,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | New York Life Insurance | Enbridge |
| Best paying industry | Finance | Finance |
There are a few differences between a registered representative and a finance advisor in terms of educational background:
| Registered Representative | Finance Advisor | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between registered representatives' and finance advisors' demographics:
| Registered Representative | Finance Advisor | |
| Average age | 43 | 45 |
| Gender ratio | Male, 77.4% Female, 22.6% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 5.8% Unknown, 4.2% Hispanic or Latino, 12.3% Asian, 10.3% White, 67.2% American Indian and Alaska Native, 0.2% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |