Lesson 4 of 7
The sales department is responsible for marketing the various financial products to the customers. They service private, institutional or independent families, banks, pension funds etc.
The private client division advises individuals on their financial objectives and how to fulfill them. They market various products that cater o these needs. They are known as investment advisors, financial planners or financial advisors. Services include:
Market information****: Earlier brokers were privy to information such as price quotes on securities, financial data and market data. Several TV channels and the internet cater to that same need today.
Transactions implementation****: In the past brokers took buy and sell order from clients and executed them. Today online details allow a client to make decisions. Transactions are then conducted by brokers.
Research and Advice: Industry reports, analysis, outlook were earlier accessible and proprietary information of brokerage firms. Today there is an explosion of information on the web. Investors can research firms, discuss online with other investors, chat with experts before they take a call.
In turn brokers use this information to present clients with product options. They can also use this to develop new products.
Product Access: Clients of a particular firm are given preference for IPO’s which the firm is handling. They also get first access to their proprietary products and services.