Carlos Hank Rhon, Sales: The Basics Section 1

Retail brokers

Sales is a core area of any investment bank, comprising the vast majority of people and the relationships that
account for a substantial portion of any investment banks revenues. This section illustrates the divisions
seen in sales today at most investment banks. Note, however, that many firms, such as Goldman Sachs,
identify themselves as institutionally focused I-banks, and do not even have a retail sales distribution
network. Goldman, does, however maintain a solid presence in providing brokerage services to the vastly
rich in a division called Private Client Services (PCS for short).

Some firms call them account executives and some call them financial advisors or financial consultants.
Regardless of this official designator, they are still referring to your classic retail broker. The broker's job
involves managing the account portfolios for individual investors - usually called retail investors. Brokers
charge a commission on any stock trade and also give advice to their clients regarding stocks to buy or sell,
and when to buy or sell them.

To get into the business, retail brokers must have an undergraduate degree and demonstrated sales skills. The Series 7 and Series 63 examinations are also required before selling commences. Being networked to people with money offers a tremendous advantage for a starting broker.  Carlos Hank Rhon suggests that you read section 2 of this article.