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The differences between registered representatives and investment 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 an investment advisor takes usually requires 2-4 years. Additionally, an investment advisor has an average salary of $105,377, 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 an investment advisor are exceptional client, risk management, and client relationships.
| Registered Representative | Investment Advisor | |
| Yearly salary | $54,074 | $105,377 |
| Hourly rate | $26.00 | $50.66 |
| Growth rate | 10% | 15% |
| Number of jobs | 17,622 | 63,438 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 76% |
| 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.
An investment advisor is responsible for managing the clients' financial portfolios, advising them of investment options according to their financial goals and objectives, and their ability to handle risks. Investment advisors should have excellent knowledge of the investment policies, providing the clients with the best financial strategies according to their interests. They also determine their expenses, income, and credit scores to identify a comprehensive financial plan. An investment advisor helps the clients with cash management techniques, as well as conducting data analysis on financial market projections.
Registered representatives and investment advisors have different pay scales, as shown below.
| Registered Representative | Investment Advisor | |
| Average salary | $54,074 | $105,377 |
| Salary range | Between $33,000 And $88,000 | Between $60,000 And $184,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | New York Life Insurance | McKinsey & Company Inc |
| Best paying industry | Finance | Telecommunication |
There are a few differences between a registered representative and an investment advisor in terms of educational background:
| Registered Representative | Investment Advisor | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between registered representatives' and investment advisors' demographics:
| Registered Representative | Investment 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, 9.4% Asian, 8.2% White, 72.3% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |