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Advanced Wholesaler Training
Transitioning to a Consultative Business/Sales Model
TMC Group has years of experience in helping mutual product and investment management sales organizations transition to a consultative approach to sales. This includes training their salespeople to work more efficiently as teams versus wholesalers working as individual “entrepreneurs” in each territory. making this transition to a new sales philosophy/strategy requires more than just one training event and as such, TMC Group has always recommended a progressive training curriculum to help companies to make this transition.
Team Selling
There are two types of team selling models. The most commonly used by mutual product companies is when two or more salespeople are independently developing relationships in the same territory. The second one is when two or more people are working in partnership in the territory to develop business across a broader number of client segments and strategically leveraging each others’ efforts in order to maximize coverage and results. TMC Group provides consulting and training services for companies that use both models but recommends transitioning to the second model (segmentation/leverage strategy), which will be critical for growing quality (“sticky”) AUMs in the future.
The following are key to implementing a new team-based sales model:
- Advisor segmentation criteria need to be developed based on volume and type of assets that the product company wants to acquire and retain long-term
- Service and resource deliverable for each segment need to be clearly defined
- Target Advisor profiles must be developed for each segment
- A business development strategy and goals for how wholesalers and inside sales work together across all client segments must be put in place and managed to.
With these business objectives and practices formalized, a training process can be developed that will help the sales teams to incorporate the appropriate concepts, techniques, and skills that will allow them to fully implement the new business strategy.
Initial Training Workshop
This training program will be designed so that regional managers can have a structured way to manage to a consultative sales process and be better able to coach sales team members to the skills and techniques necessary to be more successful.
The training content will be developed based on a mutual fund/insurance company’s sales platform and will incorporate concepts that the Company wants to reinforce from previous training. it will also include appropriate content indicated by mutual fund/insurance company management to ensure consistent language and focus specific to its business goals.
We recommend the following topics for the initial workshop:
Wholesaler Best Practices
- Top producer checklist - Key actions and skills to be successful
- Sales team strategy to maximize Wholesaler time in the field
- Product versus consultative sales - Benefits and risks of each type of sale
- Definition of a successful consultative sales process
The goal of this module is to create awareness for, and identify, those specialized skills and sales tactics that are critical to achieving a higher level of success in developing a strong territory and core client relationships that will insulate against market and performance volatility.
Advisor Profiling
- Deal makers and deal breakers - What to listen for (verbal, nonverbal, and body language) and how to uncover them early in the relationship
- Questioning strategy to uncover opportunities in order to gain competitive advantage, i.e. criteria to become a core product provider and preferred vendor
- How to listen and communicate in the advisor’s language (verbal, non-verbal, and body language communication relating to the behavioral/psychological component?
- Small group exercise - Create “hot list” of key profiling information and tactical questions
- Video role plays and critique
Wholesalers need to know specific information about each advisor and their dealer firm (wants, needs, problems, target advisor profile criteria, key motivators, etc.) in order to gain a commitment to sell their products and establish a core relationship. This module focuses on how to uncover key information beyond details and technical criteria in order to gain additional insight into advisors’ decision-making process. Building this information into presentations and individual contacts will minimize obstacles and expedite the relationship-building process.
Doing Business
- Value points - Why investors may be willing to buy poor performance, how to anticipate performance issues, service and support expectations, and selling through advisors/brokers to investors
- Building decision-making criteria into sales ideas, ie. ideas based on how investors and advisors/brokers buy and understanding the difference
- Techniques for overcoming obstacles - Fees, performance, media, and the competition
- Video roll plays and critique (Optional based on time)
This module focuses on understanding both the dynamics of and specific techniques for crating compelling sales ideas. Real life scenarios will be used to reinforce the importance of knowing who the client is and being prepared for the potential obstacles and delays that can affect the successful sale of mutual products through advisors/brokers.
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