Job Title: Business Development Executive
Type of Company: My company provides asset management services as well as fiduciary, trustee and custody services to large pension, endowments and foundations as well as mutual fund complexes globally.
Education: B.A. - UMass Amherst MBA, Suffolk University
Previous Experience: I have been developing business for over 15 years in the financial services industry. Previous to that I was involved in the operations group that gave me the foundation to understand and explain value propositions to our prospects and clients.
Job Tasks: I'm responsible for developing relationships with pension managers at corporations, endowments, foundations and government entities. I utilize these relationships to demonstrate my company's ability to provide management of their pensions, and related services such as paying benefits to their retirees, making sure their plans fall within regulatory requirements and to provide measurement of their performance compared to their peers.
Much of my job consists of providing information on our suite of services in several different ways - through newsletters, responding to requests for proposals, online demonstrations and trade shows. I also work with outside consultants and agencies who help these organizations select the right provider for their needs. I have several assistants who help me with coordinating the messages, responding in writing to the many requests we receive and making sure we send out our pricing information in a timely and easy to understand fashion. I have an annual sales goal that I need to reach and each relationship opportunity has a price. For each client that signs on, I get that much closer to reaching my annual target.
I report weekly to the director of sales on the progress of each relationship and where our new business opportunities stand and I also provide a monthly report that takes around three days to complete to senior management.
Best and Worst Parts of the Job: The best part of the job is working to find solutions for your clients, and working with many different smart people. The worst part of the job is haggling with the lawyers on making sure the contracts are agreeable to all parties.
Job Tips: Learn to present a topic in a one to two minute speech - we call it the elevator speech. Often times you only have a short time to impress and if you know how to say what you need to concisely and well delivered, you instill trust right away.
Additional Thoughts: You must be trustworthy, and never promise anything that you cannot deliver. Be sure to always work on your presentation skills, practice as much as you can, in front of a mirror, in front of other people to continually develop your delivery skills. Be prepared for the unexpected, and be able to adjust quickly - kind of like improvising. Always accept change, it is inevitable and happens constantly. If you embrace it you will grow with it, if you don't you will be miserable.
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