Career Planner: Financial Industry

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Job Profiles – Management
Job Profiles – Sales Department
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Job Profiles – Underwriting Department
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Sales Department

This division is where most of a firm’s profits are generated and is likely the company’s largest and most geographically dispersed division. Largely, firms have this department divided into institutional and retail divisions. The nature of their job as well as their job title is extremely diverse. The sales involved will depend on whether the company is geared towards more commercial banking, corporate financing, wealth management, or simply private banking and financial planning.

The sales representatives that serve the institutional investors (either large non-financial companies or corporate size financial institutions) usually work at the head office or major branch offices. They work with other departments, such as the trading department, where they pull in day-to-day trade orders for outstanding securities in their inventories. They also work with the underwriting department to help sell new securities issues to other institutional investors.

Large-scale firms would maintain a separate portfolio management division. They would advise their institutional clients on their investment portfolios on a fee basis with customized strategy plans, or manage in-house pooled funds, pension funds and mutual funds.

The retail sales representatives are usually the largest group of a firm’s employees where they need to deal with individual and small business accounts. Their duties are extremely diverse, but many usually do most of the following: process orders of securities and financial instruments, develop a client list, meet their clients, design a customer’s portfolio and advise them on investment decisions based on their risk tolerance, financial position and goals.

COMMON TITLES

Retail Sales:

Investment/Financial Advisors, Financial Planners, Life Insurance Sales Agent, Mutual Fund Sales Representatives

Institutional Sales:

Institutional Equity Sales representative, Fixed Income Institutional Executive, Institutional Investment Consultant, Inside Sales Representative, Corporate Business Development Manager

Portfolio Management:

Associate Portfolio Manager, Portfolio Manager, Investment Counsellor

GENERAL ACCOUNTABILITIES & DUTIES

Retail Sales

*Develop new business through contact with internal company referral sources, including commercial, retail, private banking, financial advisory and other personnel

*Incorporate cold*calling activities to further build pipeline and sales results.

*Maintain widening network of outside referral sources in assigned territory, including individuals and organizations likely to produce wealth management referrals and meet them regularly

*Assess and formulate financial solutions for clients that are monitored and review regularly

*Provide information to answer prospects’ questions involving fiduciary law, estate, tax and retirement planning based on personal knowledge of financial advisory, portfolio management, retirement plan, tax and other areas.

*Create and deliver sales presentations, including presentations to larger audiences and organizations

*Represent one’s organization at organization functions, business groups and civic organizations to develop referral network and enhance sales performance

*Join and participate in several outside associations and organizations likely to generate prospect leads serves on boards and committees as appropriate

Institutional Sales

*Consist of many accountabilities and duties listed in the retail sales section

*Generate revenue from the sales of corporate retirement plans, institutional/corporate trust services, investment management products and services to medium and corporate size clients in a designated region.

*Responsible for researching and understanding prospect’s key business drivers and market data needs

*Prepare and present proposals, presentations, and online/web demonstrations to senior level decision makers of the institutional investors

*Have heavy contact with your own firm’s portfolio managers, analysts and traders

Portfolio Management

*Consist of many accountabilities and duties listed in the institutional sales section

*Emphasis on managing portfolio of high net worth investors and institutions, such as mutual funds, pension funds, and pool of asset backed securities

*Develop the right combination of securities to maximize the portfolio’s return for a given level of risk

*Develop and implement investment policies and strategies with a variety of security research information and selection options following specific portfolio construction procedures

*Regularly measure, monitor and evaluate portfolio performance and rebalance the portfolio as it changes to reflect original objectives

*Meet with investors to review investment performance and forecast market changes based on economic and industry analysis, including objectives and asset allocation models

*Maintain and manage business relationships with partnered firms and institutional investors

*Prepare and present proposals, presentations, and online/web demonstrations to prospective clients on behalf of the organization

KEY SKILL REQUIREMENTS

Retail Sales

*Strong consultative selling skills, as well as strong negotiation and closing skills

*High level of organization and time management to follow up effectively on all sales and service related activity.

*Sound knowledge of the local market where the individual can build their books of clients and contacts

*Demonstrate strategic thinking and understanding of client’s overall business goals and objectives

*Knowledge of investment management and other company products and services

– General overall knowledge of investment management industry practices and trends.

Institutional Sales

*Consists of many key skills listed in the retail sales section

*Well networked in the Institutional Channel * municipalities, mutual funds, insurance companies, corporate retirement plans, etc

*Have established institutional contacts and a familiarity with institutional portfolio investing

*Able to deal with and influence senior level and executive decision makers

*Experienced in selling financial products in a business*to*business environment

*Ability to sell ideas and win trade execution opportunities

*Ability to build effective relationships with a team environment

Portfolio Management

*Consist of many key skills listed in the institutional sales section

*Broad-based technical knowledge of investments, tax, legal and operations

*Knowledge of fiduciary standards, principles and applicable laws and regulations usually acquired through training or law school

*Skilled in negotiation, delegation, leadership, client service and relationship management

*Requires outstanding analytical, strategic and critical thinking

*Experienced with portfolio statistics and fundamental analysis

*Expert knowledge of the investment management industry, practices, trends and different industry sectors of the economy

ESTIMATED RANGE OF SALARY

Retail Sales

*$30,000 to over $100,000 annually with additional bonuses and commissions dependent on experience, type of expertise, establishment of book of clients and the size and business model of the firm

Institutional Sales

*$70,000 to over $100,000 annually with additional bonuses and commissions dependent on experience, type of expertise, establishment of book of clients and the size and business model of the firm

Portfolio Management

*$45,000 to $55,000 annually for analyst positions

*$70,000 to $90,000 annually for associate positions

*Over $100,000 annually for manager positions

*The salary of portfolio management roles are coupled with additional bonus and commissions

EDUCATION, CERTIFICATION & LICENSES

Retail Sales

*Bachelors degree in Business Administration and other business related fields usually required

*Canadian Securities Course

*Canadian Insurance Course (to sell insurance products)

*Conduct and Practices Handbook Course

*Derivatives Fundamentals Course and Options Licensing Course with a Derivatives Market Specialist designation (DMS) for corresponding specialization

*Certified Management Consultant (CMC), Chartered Financial Consultant (ChFC), Canadian Investment Manager (CIM), Financial Management Advisor (FMA), Professional Financial Planner (PFP) and Certified Financial Planner (CFP) designations are highly desirable and a requirement in some circumstances

*A variety of investment and wealth management courses offered by CSI Global Education Inc. would assist in enhancing skills, knowledge, and credibility

Institutional Sales

*Consist of many of the qualifications listed in the retail sales section

*U.S. licensing (FINRA Series 7, 63, 66, 24) are desirable, especially a majority of the clients are U.S based companies

*Masters of Business and Administration (MBA) are recommended or required by many investment banking firms

Portfolio Management

*Consist of many of the qualifications listed in the institutional sales section

*U.S. licensing (FINRA Series 7,63, 66,24) are desirable, especially a majority of the clients are U.S based companies

*Masters of Business and Administration (MBA) and/or Chartered Financial Analyst (CFA), Certified Investment Management Analyst (CIMA), and Chartered Investment Counsellor (CIC) are recommended or required by many investment banking firms