- 30 years of private client sales management with Barclays Wealth Americas and Lehman Brothers
- Managing Director of San Francisco/West Coast wealth management
- Head of Fixed Income Sales in Asia for Lehman Brothers
- All 7 Best Practices
- Pre-Call Discovery Process
- One-on-One Call with Expert
- Session Summary Report
- Post-Session Engagement
Building an Individual High-Net-Worth Franchise for Financial Services Firms
Risks & Opportunities
Risks entailed with developing a sales force include:
- Reputation risks: For example, salesperson under-performs and spreads bad feedback; unhappy customer spreads negative feedback; reputation falls on both the client and employee sides of the equation.
- Legal risks: For example, newly hired salesperson turns out to have a checkered past.
- Risk that a new hire over promises and under-delivers.
- Relatively small client pool amplifies risks of failure.
- Personal risk for managers of loss of income or promotion due to poor sales team performance.
Developing a successful salesforce provides the following opportunities:
- Motivates not just the most successful, but others on and around the team – and improves the lesser performers.
- Burnishes reputation in the marketplace.
- Wastes little time on regulatory and compliance issues.
- Results in more money and other resources for your sales team.
- Creates personal opportunity for managers to increase income and responsibility.