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The differences between registered representatives and investment consultants 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 consultant takes usually requires 2-4 years. Additionally, an investment consultant has an average salary of $109,300, 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 consultant are financial services, FINRA, and financial products.
| Registered Representative | Investment Consultant | |
| Yearly salary | $54,074 | $109,300 |
| Hourly rate | $26.00 | $52.55 |
| Growth rate | 10% | 15% |
| Number of jobs | 17,622 | 48,111 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 77% |
| 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 consultant is an individual who gives investment products, planning, and/or advice to investors. Investment consultants formulate investment strategies to help clients fulfill their necessities and realize their financial objectives. They create internal research documents that outline real estate investment opportunities and private equity. It is also part of their job to review strategies of asset management that recognize estate and income tax needs.
Registered representatives and investment consultants have different pay scales, as shown below.
| Registered Representative | Investment Consultant | |
| Average salary | $54,074 | $109,300 |
| Salary range | Between $33,000 And $88,000 | Between $60,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | New York Life Insurance | Bailey & Glasser |
| Best paying industry | Finance | Finance |
There are a few differences between a registered representative and an investment consultant in terms of educational background:
| Registered Representative | Investment Consultant | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 77% |
| 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 consultants' demographics:
| Registered Representative | Investment Consultant | |
| Average age | 43 | 45 |
| Gender ratio | Male, 77.4% Female, 22.6% | Male, 79.7% Female, 20.3% |
| 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, 5.7% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.4% White, 71.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |