A case study of how we improved the business results of this wealth advisory firm.

1. The case of a boutique financial planning organization with multiple offices
across the country
Background:
The vision & mission of the senior management team of this wealth advisory firm was to “help
Indian families get rich” and be a “one stop distributor of financial products.” Some of the values
outlined in the organization’s charter were: independence-by putting customer’s interest before the
organization’s, transparency, honesty and well trained staff. The marketing focus of the organization
was to provide financial planning services to employees of large corporations.
One of the fundamental issues the company was facing was that most of the Relationship Managers
in the organization were hired from the financial services industry. The financial services industry in
India uses a product centric sales strategy which was in conflict with the organization’s business
objectives.
Further, the organization did not have a proper selling system, channel management process and
other tools used for facilitating sales of financial plans. In the absence of these tools, the
Relationship Managers continued to do business in the same manner as they did earlier. Some of
the other challenges faced by this organization were:
1) The selling cycle was very long
2) The sales forecasting was very inaccurate because the Relationship Managers were not aware
where the customer was on the buying cycle
3) Sales of financial plans was very limited as most of the transactions were of standalone products
4) Recruiting, launching and validations of Relationship Managers was a serious challenge
Scope of the assignment:
Frontline Consulting was given a long-duration assignment to create sales & channel management &
development process and customer seminars on varied topics. We also provided inputs on
recruitment & selection process and in creation of career road map for the Relationship Managers.
The solutions were to be created in a manner which would be consistent with the philosophy of the
company, target markets serviced and the product offerings. We rolled out training to the
Relationship Managers at several locations and help build internal training capability within the
organization.

2. A separate training program “Building High Performance Teams” was rolled out to the management
team of the company.
Methodology used in creating the program:
The sales profession has evolved considerably over the last decade. Competition and Internet has
changed the buying behaviour of the consumers. In the financial services industry most of the sales
are still conducted in the traditional manner-in an era when the sales person was the only source of
information for the buyer. Today before the buyer engages a sales person he has already done his
preliminary research on the company and short-listed his possible options. Secondly, not only the
salesperson stepping in the buying process much later but due to competition and paucity of time
the sales person has to optimize his face time with the customer.
In order to succeed in today’s hyper competitive environment, sales persons have to be thoroughly
trained in how to: build trusting relationships; understand customer needs and wants; in knowing
how to design and provide solutions; last but not the least in motivating the buyer sufficiently to
take action. Further, as the target market of the organization was employees of large corporations,
word of mouth was the key strategy to get additional clients. On the other end, customer
expectations were very high from the Relationship Managers.
To address these concerns a detailed program titled “The [name of the company] -“A Professional
Approach to Sales” was created and rolled out to the Relationship Managers and Area Managers.
The Rollout of the “The [name of the company] Way -“A Professional Approach to Sales”
The program was rolled out in small groups over a two day period. A workbook was provided to all
the participants. The work book covered every minute aspect of the sales process including
suggested scripts. The focus of the sales process was the “Fact-finding” tool. Participants were also
exposed to the “buyer’s process”. The sessions were designed to be interactive and several role
plays and participant driven exercises were included. A grand role play at the end of the program,
where participants in teams presented solutions to mock customers, was the highlight of the
program. Behaviourally Anchored Response System (BARS) was used to accredit participants in
different sections of the sales process.
Results of the Training Program
First and foremost, the company reported improved confidence of the Relationship and Area
Managers. Some of the other benefits that were shared by the management and observed on
account of participant interaction are listed below:

3. 1) The sales forecast improved as activity measurement and reporting became standardized
2) The use of the “fact finding” tool became a common practice in the sales team; closing
ratios improved because Relationship Managers were asking for budgets from the client
before presenting solutions
3) The direct outcome of increased use of the “fact finding” tool was increase in number of
financial plans (fee based) being sold
4) Relationship Managers who were new to the sales domain were also able to make sales
because they had a system to follow
Some quotes from the senior management and the participants of the program are given
below:
1) “I personally feel that my team has gained a lot from your sales process workshop and just
wanted to share my thoughts on your workshop that there are no "magic bullets" in High
Probability Selling. There are no "Killer Closes." Nothing is left to chance: You, the
salesperson, control the entire sales process. By utilizing a structured sales process, you stack
the odds in your favor, negotiate agreements that usually create satisfied customers and
clients, and ensure the probability of your success. The Best Salespeople, the Top 10%, utilize
a precise, highly organized sales process that leaves very little to chance. Each step of your
sales process increases the probability of successfully closing the sale.”
Great Job Sanyog!
2) As a fresher for me it was like showcasing a practical picture of how the process goes and
what difficulties I have to face and how to solve the problem.”
3) “Now I can differentiate between a sales person and a professional.”
4) “There were many things that I was lacking and now I know what they are.”
5) “A step by step approach to sales.”
6) Rather than act as a “Relationship Manager” I have to act as a “Trusted Advisor.”