Creating Banker and Advisor Partnerships

The Challenge

The central challenge was to foster a stronger, more effective partnership between different banking roles to improve market positioning and service delivery to affluent clients. This required a shift from traditional operational models to a more integrated and collaborative approach.

The Solution

The response involved a diligently designed performance improvement solution, focusing on:

• Partnership Development: Formally linking Tier 1 retail relationship managers with bank-based financial advisors.
• Training and Support: Providing instructor-led training coupled with performance support, emphasizing branding, engagement rules, and wealth management issues.
• Post-Training Enhancement: Implementing coaching sessions to ensure competency and consistency in the new sales process and client interactions.

The training covered various aspects, including a 4-day Partnership Sales Process & Sales Skills Workshop, wealth issues study guides, graded role plays, wealth issues exams, infield coaching, and client-specific contact campaigns.

The Results

The outcomes of the implemented solution were significant:

• Understanding and Execution: Partnerships gained a thorough understanding of their new sales model, transitioning from a "react, respond, and serve" to a "seek, discover, and advise" methodology.
• Professional Development: Enhanced professional competency and presence among bank relationship managers and advisors, along with leadership skill development for effective oversight and coaching.

The performance metrics showcased remarkable improvements:

• New Assets: Rookies saw a 135% increase, while veterans experienced a 317% increase.
• Loans Funded: Rookies achieved a 60% increase, with veterans marking a 157% increase.
• Fee Revenue: Increases of 91% for rookies and 242% for veterans.
• Financial Plans Completed: Rookies reported a 342% increase, and veterans a staggering 587% increase.
• Deposits: Rookies had a 16% increase, and veterans a 149% increase.

Additionally, for the wirehouse segment:

• Assets Under Management: Experienced a 34% increase.
• Trailing 12-Month Production: Also saw a 34% increase.