Internal competition within Wealth Management organizations can not only create a poor working environment, it can also hinder company growth. In most Financial Services Institutions, Business Development Officer’s from different departments are chasing the same client assets. Corporate Banker’s will typically direct the opportunity to the product they understand the most or to the Sales Officer their clients had success with in the past. In many cases this will cause clients to opt for products that may not exactly suit their needs.
We all want healthy competition to aid revenue growth but first we need to ensure clients real world needs are being met. Creating the proper incentive plan within your Financial Services Sales Organization can spur growth by raising your corporations industry wide reputation and create long-term clients by choosing products and services that truly meet their needs.
Contributing author: Tim Buhler, Senior Relationship Manager
July 11, 2013