Financial sector business leaders need to see significant, sustainable and profitable growth.
However, in a changing world, low growth economy, with more regulatory burdens, achieving this isn’t easy. You are trying to sell whilst juggling the needs of multiple stakeholders. Learn how to maintain sales performance whilst managing new tensions.
Financial Services Selling: Too Many Tensions
It can be argued, and many in financial services would agree, that sales roles in this sector place more demands on the professional than any other sector. Achieving success means managing the needs of multiple stakeholders, including regulators and underwriters. It demands careful management of these demands, within which there are often competing and sometimes conflicting needs.
Growth or Risk Management?
Looking back on the financial crisis, one financial sector CEO told a House of Commons Select Committee that “we allowed the sales culture to take over from the risk culture.” In America, Wells Fargo caught up in a more recent scandal over cross-selling, the sales culture at the bank and across the sector is now under Congressional scrutiny.
We believe these issues are at the centre of selling in financial services. We need to stop calling “mis-selling” a mistake and accept it for what it is: Bad selling. Unfortunately, this is a problem we’ve seen all too often working with top-tier financial firms over the decades. The desire to hit targets and earn bonuses can turn any “trusted advisor” into the Wolf of Wall Street.
SalesLevers has a solution. Implementing a professional selling strategy is not easy, it demands new competencies and management training, but the rewards are improved sales without compromising risk management and regulatory pressures.