Career Bankers - When and How Did You Approach Building Target/Acquirer Relationships?
In a fantastic MM group right now. Yes we work very hard and long hours but the culture is phenomenal and I've talked to two of the MDs about doing this long term. I'm curious as to when the guys/gals who made it to client-facing VP/Director/MD began to really emphasize on building out a network and how they approached that (ex: going to conferences, cold emailing, cold calling, etc.) and how you kept those relationships warm.
Any advice from the people who made it to the point where they are winning mandates for their groups would be greatly appreciated (and yes I understand that most rainmakers aren't active on this forum but doesn't hurt to try).
Building target/acquirer relationships and transitioning into a client-facing role requires a strategic and proactive approach. Based on the most helpful WSO content, here’s how successful bankers have approached this:
1. Start Early in Low-Risk Settings
2. Borrow Knowledge and Add Value
3. Networking Tactics
4. Keep Relationships Warm
5. Build a Long-Term Network
6. Social Awareness and Technical Knowledge
By starting early, being consistent, and focusing on adding value, you can build a strong network that will support you as you transition into a client-facing role and eventually win mandates.
Sources: Looking for Recruiting Advice, Some Thoughts on Networking, Roadmap for IBD Coverage Associate to Career Banker, Some Thoughts on Networking, Roadmap for IBD Coverage Associate to Career Banker
before i even started interning at my BB i was told “it’s never too early to bring in business” so would assume the when is as soon as you don’t look like a kid anymore and people take you seriously
Very cool. Although are you able to act on that given that you are probably getting absolutely grinded with execution (or were you if you are no longer a junior)?
most of us are allowed to interface with clients and go to the occasional dinner / drinks / whatnot. Especially if it’s a leaner team. i think certain firms do a really good job of giving juniors client exposure since they want the bank to own the relationship not just one coverage banker, so there’s definitely some avenues for you to take advantage of that. Other places aren’t that way and gatekeep and it’s harder unless you’re the golden boy. Regardless, like anything else in life, there’s a time and a place. I wouldn’t try to look smart at an MP or somewhere like that since you’ll just piss everyone above you off whether it be because your comment was value add and asso/vp egos are hurt because they didn’t mention it or because it’s stupid and a bad look for the team. If it’s a one on one with clients and you’re casually chatting that’s the time where you can build relationships (or at least where I’ve found windows even during internships — I’ve noticed management and corp dev guys love talking to us juniors for some reason). Different strokes for different folks — some guys win business by giving 150% to every task, pitching all the time, and out working everyone else; others are just smart, perceptive, and get in front of clients by being their drinking buddy and talk business when there’s opportunity (ie not throwing shit at the wall and seeing what sticks). Most are somewhere in between. Even though you’re always gonna be busy, my thought process is that the client interaction is one of the only truly fun parts of the job, so if i can sneak off and have a nice dinner on someone else’s dime, it makes the rest of the deal sprint more bearable.
Thank you I really appreciate the insight.
Typically in VP years as you start to take ownership over sub-sectors. Ideally you and your broader team has relevant transactions to remarket.
The best advice I can give for building a real book of business is that deal experience trumps all else. You can be the expert in a super niche vertical, but no one will hire you without real live deal expertise (and actually closing deals)
What does that mean in practice? Don’t follow a perceived coverage passion to start, build your expertise in a sector where you are working on a live deal. Trade notes on the sector with people at or around your level on the buy side. Help them do their jobs better and they will want to talk quarterly. Eventually those conversations become senior-to-senior.
You dont have to start doing this as a junior banker, but the stakes are so much lower and it helps build the muscle. Happy to elaborate if helpful.
That makes sense. Will start scheduling note-trading calls during lunch. Open to any other routes you would suggest taking for starting to build that muscle out early.
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