They are a bit like a financial advisor but they are not independent and sell the products of one company only.
This is a high paid job for someone with a degree in finance or economics without the stress of the trading floor. Roles in institutional sales have been rising and are set to continue into the future.
Institutional sales workers work for investment banks and sell securities to individuals and companies. They must work in a team, locating potential sales leads through market research. Institutional sales workers are also responsible for communicating with clients who have contacted the investment banking company, a bit like sales people. They are responsible for finding out what their customer's financial goals are and then providing them with the products necessary to meet these goals; these products are only from the investment bank that employs the institutional sales representative. The institutional sales representative is responsible for organizing company meetings to talk about progress made with sales. Low progress in this role will be treated as if you are a normal sales person and targets are all part of the bonuses paid and also the job's lost for people that do not reach their targets.