My boss, a veteran in the brokerage business and a respected man in his field (sits on several financial boards and often gave interviews to the press), gave us newbies a so-called induction speech recently... which I think is pretty truthful and humbling for anyone who wants to survive the corporate jungle out there, particularly in the sales industry. The following are essential pointers I took from his presentation:
1) You & Your Customer
- Your investing style versus that of your customer
You have to establish a rapport with your client. You need to have certain quality that your client trust and have confidence in, at least enough to put their money with. In a nutshell, you have to make your client like you. Question is: how to? You look to your left and your right. Your colleagues are certainly much uglier than you, lesser of a smooth talker than you're and definitely have a worser dress sense. You thought you know more, looks better and talks better. But strangely enough, you don't attract higher margins than the one beside you. What's wrong? You may be having the wrong bunch of clientele on hand that just doesn't click with you.
If you're the sort that likes to entertain clients in pubs or KTVs or enjoys the vibrant night life of our island city, your portfolio of clientele should comprises of such people. If you're the geek or bookworm type who loaths such places and only orders Coke or orange juice at pubs, then your clientle should ideally comprises a majority of the non-drinking groupies.
Let's face it, you can't possibly LIKE every single person on the face of the Earth. You can try faking it. But faking won't stand the trial of time. People can see through fakers. Recognize that people are attracted to specfic kinds of character that exudes a certain appeal.
- Don't make nuisance call
Take view of the market. Prepare your pitch to the client. Always do your homework. The last thing you want your client to have is an impression of a dealer dying to close a trade and making a last ditch to push up his/her quarterly sales figures. If you aren't adding value to the client, you're just another nuisance call he/she has to deal with. A bad experience is enough to make the client avoid your calls and emails from that time onwards. And forget about hearing from him/her, ever again.
- Your client pays to blame you
Things can and will go wrong. Question is: what went wrong and who's responsibility is it? Instinctively, as human beings, it's always outward-looking when it comes to the blaming game. Our mentality is: as long as someone gets the blame, we're off the hook. So in the event of something really goes wrong, you need to find something or someone to cover your ass with. Some of you may know what I'm talking about. There're people out there who are extremely good at covering their trail. For newbie trader like us, we've got the liberty to blame research reports. In the brokerage business context, when we say things go wrong, usually we're talking about losses in the monetary sense. Of course, no one complains when they make gains. The problem arises when they lose. They will blame you. They need a reason to justify their losses. And as a dealer representative, you're first to face the firing squad.
The power of money is phenomenal. It can change people. People who are personally involved in the trading of their own money get emotionally attached to the rise and fall of the market. Active investment trading has the same magical effect on people as gambling does. Greed, fear, panic and hope. A normally nice person can suddenly turn the tables against you. You're being accused of the main culprit in causing your client to lose money. They feel cheated. They take it out on you. The torrent of verbal abuse can sometimes be very personal and stinging. Just one bad incident at the office can spoil your day and leave you in a bad mood for the rest of the day. Veterans brokers have advised us not to take your work home. Leave your emotions at the workplace. Easier said than done apparently. If it's so simple to let go of your baggage, we will see road rage, depression and mental cases going down instead of skyrocketing isn't it? You can't just wave the magic wand and wish it go away.
Finger-pointing is such a common phenomenon in the working world. Just make sure that when you point your finger at someone, the 4 other fingers doesn't point back at yourself.
In short, there should be a fit between you and your client, considering the long-term win-win situation for both of you. You sub-consciously tag certain labels to your clients. He's a punter type... my kind of 'preferred' client. They come in fast and furious.... lose their pants and gone like the wind. Next. She's a just a housewife... she won't know the difference between a blue-chip and a penny stock. That old ah pek always calls and asks, "Eh... this stock... can buy or not AH?"Oh, not him again... What does he want?" when you see his name flashing on your handphone. In the end, you spent 30 mins talking to a fellow who speaks like 60 words per min and only gave you minimal commission. The implication is clear-cut. A choice is made here. You spend more time talking to people who contribute a larger portion of your pay and lesser time to those who don't. In economic lingo, it's called 'maximising returns'.
- "Show me the MONEY"
In the brokerage or any sales job, results counts. Your immediate superior may not like your face. She thinks you've got a serious attitude problem. She doesn't like your sloppiness, can't stand the way you talk over the phone, the more-than-desirable occasional M.C, etc. But as long as your customer doesn't have any problems digesting their food while hearing you present your case, you generate income for the company, your customer who pays your salary, and bonuses (mind you) are ultimately YOUR BOSS whom you serve. At the end of the day, it doesn't matter your superior likes and treats your colleague better than you. Whoever brings in the bigger dough is the winner. You take home a bigger paycheck. Yes, it's a cruel, dog-eat-dog world out there. So what if you're a nice guy, pleases the boss by licking his boots. Favoritism doesn't last in the sales industry. Your sales determine your market value. Not your boss.
2) 3 Kinds of People
-MAKE things happen
-WATCH what happens
-WONDER what has happened
We must always bear in mind to progress from 'wondering' to 'watching' and finally 'making' and not move in the reverse order.
In a jungle, you either eat or get eaten. You've got to feed to survive and at the same time, avoid becoming a meal for predators.
