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Success Stories
- Creating a Uniform Culture
- Driving Organizational Focus on the Right Customer
- Driving Revenue Through Referrals
- Establishing Differentiation Through a Distributor Sales Force
- Executing a New Sales Strategy
- Helping a Client Quickly Turn an Existing Program into Sustainable Action and Results
- Increasing New-Hire Productivity
- Instilling a Winning, Competitive Attitude in the Sales Force
- One-on-One Coaching to Breakthrough Results
- Providing Practical Tools for Sales Management in a Changing Marketplace
- Raising the Bar on Performance
- Results Soar for 700-Agent Call Center
Driving Organizational Focus on the Right Customer
Industry:
Division of a Large Regional Bank
Situation:
An in-depth analysis of the current financial services environment determined that a transformation was needed in their investment program in order to turn it into a top-tier investment banking organization. The executive management team communicated a strategy that would combine banking and financial services to better serve the mass affluent demographic. No new products, no new pricing, rather a new market. There had to be a shift in focus for the organization as they now pointed their attention to clients and transactions that would move them “upstream.”
Analysis:
Business Efficacy worked with the sales leadership team to gain an understanding of the current financial advisors’ sales process, the level of client interaction, and the average transaction amount. After reviewing key performance indicators, measurement targets needed to be established for financial advisors around annual commissions, average size of new brokerage account, and average new client assets.
Execution:
They have a large number of small client accounts that needed to be shifted to a different, less costly sales channel. This would allow financial advisors to focus on targeting high net-worth clients and deeper profiling to increase transaction amounts. Lower producing financial advisors would be managed out of the program and higher producing advisors would be given access to sales assistants. Sales managers needed to motivate, coach, and hold financial advisors accountable for individualized goals; which included more meetings with high net-worth clients to obtain larger amounts of their investable assets. Business Efficacy proposed a two-phase approach:
- Phase I: Equip the managers to set clear expectations related to a target goal for one financial advisor on the team. Conduct coaching routines for 90-days to effectively reinforce the target goal, motivate the advisor to achieve the goal, observe the advisor in client interaction, and provide feedback to praise or hold accountable.
- Phase II: Help the managers launch target goals with five more financial advisors on the team. Continue coaching routines and increase effectiveness to challenge each advisor to reach break-through performance.
Business Efficacy kicked off both phases with half-day workshops to gain sales manager alignment and practice effectiveness skills. Managers were given in-the-field support for their coaching during both phases.
Impact:
Despite fewer financial advisors, the organization achieved break-through results that include:
- Advisor commissions increased from $230,000 to $420,000
- Average size of new brokerage accounts grew from $65,000 to $73,000
- Average new client assets grew from $134,000 to $162,000