Build
long-term relationships, focus more on goals, stop making clients get trades
they don't want.
That's what
investing companies are telling their teams.
The
cultural shift -- as many put it -- is coming underway.
What
started these may come has become from the strangest reasons that may seem
miniscule but are actually the most important of all.
The
question of "how can we do more business with you" is now
client-centred with an idea of "how can we serve you better?"
"We
had dealers who were focused on their [profit & loss], asking us how they
can trade more bonds with us. We were a counterparty," Tim Morbelli, vice
president of credit trading at AllianceBernstein, told Business Insider.
"Now they are asking us how they can service us — how we can be a
client."
"The
old way of doing business doesn't result in long-term, profitable relationships
anymore," Kevin McPartland, principal in market structure and technology
at Greenwich Associates, told Business Insider.
"Not
to mention, the buy side holds most of the bonds these days, so maintaining a
good understanding of who holds what and what they're willing to do with it is
much more important than it used to be."
