The sales representative is primarily a relationship manager acting as the conduit between the firm’s investment banking products (research and trading) and the customer (institutional portfolio manager).
The primary function of the sales representative is to market investment ideas and products to institutional clients and to take orders from institutional portfolio managers and buy-side traders. The sales representative then communicates client orders to the trader, who prices the requested product and executes the trade in a timely manner and at the best price available. If the bid or offer price or volume cannot be matched, the trader may counter with another product that is structured to fit the need, which the sales representative, in turn, communicates to the portfolio manager. The sales representative must negotiate on two sides:
Because the sales representative is often in competition with representatives of competing dealers, maintaining strong interpersonal relationships with clients is a key negotiation strategy. The sales representative maintains strong relations with clients by:
In negotiating with the trader, the sales representative’s key strategy is to convince the trader that the client will go to a competing dealer if the offer is not satisfactory.
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Below are the courses and credentials required and/or recommended for this career.
Chartered Financial Analyst (CFA)