When you think about Financial services, you probably envision banks, brokerage companies and mortgage lenders. But those are only three sectors in an industry that is massive and diverse. It includes investment banking, accounting and tax preparation, money management and financial advice. It also involves insurance and risk assessment, securities trading and issuance of assets like stocks, bonds and mutual funds. The industry provides small businesses, large corporations and the government with funding.
The industry is constantly evolving. Banks once strictly provided checking and savings accounts, but now they often offer 401(k)s, investment offerings and mortgages. The Gramm-Leach-Bliley Act of the 1990s led to the removal of Glass-Steagall, allowing a single bank to offer commercial and investment banking as well as deposit-taking. In the 2000s, deregulation of global markets and the development of automated quotation systems enabled stock exchanges to facilitate trade.
As the financial industry expands, so do the needs and expectations of customers. Financial services companies need to be able to meet those demands by offering new products and services and delivering on promises.
Sales professionals in financial services have a unique opportunity to build relationships and close deals with high-profile clients. Developing an effective network strategy can help you generate meetings, win new business and protect your clients from competitors.