Institutional Sales - what it is?

I’m trying to understand Institutional Sales as a career, particularly in London, and there seems to be much less information about it compared with IB, PE or HF.

I’d appreciate some insight from people actually working in the industry.

Specifically:

* What do you actually do day-to-day? How client-facing is the job, especially at junior levels? How much time is spent talking to clients vs markets/research/Excel/admin?
* What’s the practical difference between Institutional Sales, Institutional Equity Sales and Equity Sales Trading?
* Prestige: How are these roles viewed within a BB compared with M&A, Trading, Equity Research, ECM, etc.?
* Compensation: Realistic London base + bonus at Analyst, Associate, VP, Director and MD levels?
* Lifestyle: Typical hours, weekends, travel, conferences, client dinners, etc.?
* Clients: How much interaction do you actually have with PMs, hedge funds, asset managers, CIOs, etc.?
* Career progression: How difficult is it to reach MD and what does the job become at senior levels?
* Exits: Where do people realistically go after Sales?
* Sales vs M&A: What are the main advantages and disadvantages of Sales compared with M&A?

Most importantly, does Institutional Sales genuinely become a highly relationship-driven, client-facing career at senior levels, or is the reality more analytical / screen-based than it appears from the outside?

Would also appreciate any honest opinions on what people like and dislike about the career.