Personal Finance: Careers in Personal Finance and Consumer Services

Think of an advertisement that you found particularly effective. Describe the product and the advertisement. Explain why you believe it was effective.

The product is the Credit card of Mastercard, it is a card offered by banks that allows you to pay in almost any place without using cash. The advertising for this card is based on the slogan "priceless" and the phrase "There are certain things that money cannot buy, for anything else exists MasterCard". This slogan and phrase are used in memorable situations as the born of your first child, the food your mom's do when you are sad, sports celebrations etc. I believe it is effective as the slogan "priceless" become part of the popular culture almost all around the world. Then, there is an strong brand recognition .

help individuals and families manage and grow their money

personal finance manager

help clients buy, sell, and rent properties

real estate broker

manage their clients' taxes

tax accountant

Kevin meets with a young man who wants to start saving for his son's college education. What is Kevin's profession? A. real estate broker B. insurance sales agent C. financial manager D. tax accountant

C. financial manager

Which of the following is a duty of a personal finance manager? A. selling property insurance B. filing tax returns C. tracking clients' investments D. selling houses

C. tracking clients' investments

John took a call from a customer who wanted to purchase 1,000 shares of a company's stock, which just went public. What is John's profession? A. tax accountant B. insurance sales agent C. real estate agent D. financial services sales agent

D. financial services sales agent

In this activity, you will choose a career in the financial services industry and analyze the required certifications for the chosen career. You will further identify the technological and interpersonal skills required for this career. Directions and AnalysisTask 1: Careers and Educational RequirementsPerform online research and choose a career in the financial services industry. Determine the education you will need to prepare for this career.Type your response here: Task 2: Certification RequirementsFor your chosen career, identify the certification or licensing required. Develop a strategy to prepare for certification.Type your response here: Task 3: Information Technology and Interpersonal SkillsFor your chosen career, describe the skills you will need to learn and develop.Type your response here:

INSURANCE AGENT Task 1: Careers and Educational Requirements You need a high school diploma or equivalent and an insurance license from your state to work as an insurance agent. The licensing requirements vary between states but they typically require that you take an insurance course plus pass an exam given by your state. Task 2: Certification Requirements For your chosen career. An insurance license allows a person to solicit and sell insurance products. The license is issued by the state insurance commissioner in the state where you intend to solicit and sell insurance and is separated into different insurance types, including life and disability, health, auto or worker's compensation Task 3: Information Technology and Interpersonal Skills Positive attitude. At Combined Insurance, we call this PMA: Positive Mental Attitude. Communication. Insurance agents work with both internal and external customers every single day. Customer service. Helping people, listening, creatively solving problems...that's customer service! Quick learning. Patience and persistence.

meet customers to determine their risk profiles and recommend different types of insurance to mitigate those risks

Insurance sales agent

Choose two consumer services careers and research online to determine what kinds of professional organizations exist for these professions. Write a paragraph describing the purpose of the organization, the requirements for joining, and the benefits of membership.

International Association of Insurance Professionals It provides a platform for people who want to establish a career in insurance. It offers various programs for entry-level professionals and for those who want to continue their education. One of the most popular certifications it offers is the Certified Leadership Program (CLP). This program has four modules, with papers ranging from strategic planning to self-leadership. The benefits of joining this organization are that it provides mentoring opportunities, has various educational programs and certifications, and—most important—offers partnerships with other business organizations that could prove beneficial in the long run. Market ResearcherThe Marketing Research Association (MRA) is a professional organization for market researchers. It provides information to its members on how to improve marketing research for businesses and individuals. The MRA gives its members important industry news and information through their website. Their code for marketing research standards also protects members from bad actors and improves the public perception of marketing research. The association also has a full time lobbyist representing the market research industry before government officials. The MRA has various membership categories as well. The membership fee differs for each category.

________ is a process in which an amount of money gained from illegal activities is made to appear as if it is earned from a genuine source.

Money Laundering

Which certificate does Jenny require? Jenny is a financial planner and wants to sell fixed-income investments. For this purpose, she requires a(n) ___________ certificate.

Not CFP

Choose a trend in the consumer services industry that is not covered in this lesson and describe it for each of the following categories: -Education -Social -Economic -Regulatory

Online answer example: (Answers may vary) Mobile payments. Trend in education: There are several apps and mobile learning platforms available on smartphones and digital tablets to facilitate learning on the go. They help in bringing together different individuals or groups to collaborate and share their ideas. Many companies are working on expanding the virtual classroom experience with features such as live participation, universal access, and so on. These platforms help in lifelong learning. Social trends: Today, certain consumer service organizations are forming non-traditional partnerships between the non-profit sector and private sector to maximize resource utilization and offer fresh ideas. This partnership results in a new consumer service ecosystem in which organizations forge interactive and interdependent relationships that are directed towards a common goal. The social trend toward minimalism supports mobile payment technology. Consumers dislike having to carry too many things that could get lost, particularly something that could hurt their finances if lost. However, most consumers keep careful track of their mobile phone because they use it so often, so mobile payment technology is convenient for them. Economic trend: During the economic crisis of 2008, very few banks were willing to lend money to consumers. However, now banks have become more open to lending money to consumers. Large banks have strict lending regulations, whereas credit unions and community banks have fewer restrictions and offer loans at lower interest rates. The gradual strengthening of the economy has opened the way for mobile phone apps, which are highly technical but quite inexpensive, often free. Mobile phone apps have made a huge impact in the way people live. The slow recovery from the economic recession has actually helped this industry, who made their products easy to obtain without a financial commitment. Regulatory trend: Banks have to meet formal expectations set by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC). To meet these expectations, they have to raise their standards for governance and enterprise risk management so that they can meet increased and more formal expectations. The overall assessment of risk-management frameworks will set the standard for the bank's current structure and processes against regulatory standards. It will also help in the development of a well-defined remediation plan. Mobile phone payment apps must meet the same regulatory conditions as other financial products. Because Internet payments paved the way for making transactions secure, mobile phone payment apps were able to build on this technology to guarantee safety and privacy when making mobile payments.