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How do you get clients in investing?

Whose job is it to get clients? How hard of a job is that? Also, I'm not sure if they're called clients, or what you would call them. Sorry if I'm not using the right terms for this. I just mean customers. #finance #financial-services #investment-management #investing

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Delwin’s Answer

Aljed:


Different firms have different approaches to generating new clients. Some have dedicated prospecting teams that identify potential clients and pass those leads on to the appropriate advisor. Others rely upon their advisors to bring in their own clients.


This is a great question to cover in your due diligence prior to an interview and then to confirm in your face to face discussions.


Regards,
DRH
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A’s Answer

You are right - client is the correct term! A customer usually buys goods or services, while a client is someone who engages the services of a professional. For example, lawyers, accountants, and financial advisors work for clients and get paid a fee in exchange for their services.


Investment management companies usually have a designated sales function for bringing in new clients and servicing existing ones. At PIMCO it is called the Account Management department and it is comprised of investment professionals who have a broad range of client responsibilities. These include: developing investment objectives, utilizing the firm’s analytics capabilities and macroeconomic forecasts, coordinating with portfolio managers to monitor portfolios, updating clients about global macroeconomic conditions and portfolio performance and attribution, outlining the firm’s current outlook and strategy, and educating clients about a broad set of investment strategies, products, and services.
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Hilda’s Answer

You can get clients thru referrals from existing clients or by getting to know people who have a need for your investment skills.
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Marija (Ojdrovic)’s Answer

Client and customer are both OK to use! In the financial industry we usually use the term client. I think the most important and valuable skill you can start working on that would help you acquire clients is networking. Get to know people who need the product or service you are providing, and get to know who else is providing the same product or service. Every time you meet someone, ask them for an introduction to someone else! You'll be surprised how many people are willing to speak to you to share their experiences and needs, and also to hear what you are working on and what you have to offer.
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Sara’s Answer

Depending on where you work, clients will either be assigned to you, or you will go out and prospect. If you are building your own book of clients, you can do so leveraging platforms like LinkedIn, and through personal and professional networking. A great way to do so is to build a presence in your local community. Your local chamber of commerce is one example. Another might be volunteering. Look for seminars or events where you can promote yourself informally or formally with a booth or a presentation. Practice your pitch on family and friends and get as much feedback as you can!
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Lauren’s Answer

Hi Aljed! I have worked in the financial services industry for about 20 years now supporting our sales team. I have seen various terms used for those responsible for selling to clients. Client Relationship Managers, Account Managers, Sales Representative, etc. In my personal opinion, the best way to find clients is by taking the below steps.

-obtaining a deep understanding of the company you work for which includes their values and goals and what they do different or better than other companies that sell the same things
-learn about the types of products they sell and the pros and cons (i.e. benefits and risks) of those products
-networking, networking, networking!
-take time to really get to know people you talk to. What are their values, what are their goals, what are their worries. Build a relationship with them to see if what you have to sell would fit what they are looking for or need. Be their advocate.
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