kasina excellence in distribution: internal wholesaling
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Excellence in Distribution: Internal Wholesaling
January, 2010
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Benchmarking Reports from kasina
+ Costs of Compensation: Sales and National Accounts – August, 2009+ Excellence in Distribution: External Wholesaling – December, 2009+ Excellence in Distribution: Internal Wholesaling is third in series of
benchmarking reports Survey data and secondary research Strategies and recommendations
+ Upcoming reports National Accounts – 1st quarter Hybrid Wholesaling – 2nd quarter
Agenda
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Key Levers
+ Sales Force Structure and Selling Process
+ Technology Deployment
+ Territory Management
+ Compensation
Agenda
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Internals Spend 54% of Their Time Selling & Servicing
Excellence in Distribution: Internal Wholesaling
+ Externals spend 57%*+ Internals are no longer primarily administrative
* Excellence in Distribution: External Wholesaling. kasina. 2009
Servicing existing clients (talking to them, researching, etc.); 30%
Selling to new prospects; 24%Administration; 17%
Training & self development; 14%
Internal meetings; 11%
In transit /travel, 13%
How does the average internal wholesaler spend the work day?
©2009 kasina
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Success StrategyStaff up with Hybrids & Internals
Excellence in Distribution: Internal Wholesaling
+ Aim for 60% hybrids & internals supporting 40% externals Internals cost 28% of externals. Hybrids cost 47% of externals* Gross sales production levels of hybrids range from 50 – 100 % of externals, depending
on firm size **
* Costs of Compensation: Sales and National Accounts. kasina. 2009**The Truth About Hybrid Wholesaling. kasina. 2008
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Success StrategyIntegrate Technology To Drive Sales
Excellence in Distribution: External Wholesaling
+ Advisors who use firm’s Web sites and have wholesaler coverage average 25% more sales than advisors with no Web site use*
+ Train and incent wholesalers to integrate Web, e-mail, CRM in selling
+ Ensure wholesalers are training advisors online and track usage
*Your Site Can Sell, Too, kasina, 2008
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Internals Cover Territories > 2K Advisors at 42% of Firms
Excellence in Distribution: Internal Wholesaling
+ ~100 calls/day to reach each advisor 1x/month
fewer than 1,000; 25%
1,000 - 1,999; 33%
> 2000, 42%
Number of advisors covered by internal wholesaler©
2009 kasina
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Only 53% of Firms Measure Internals on Gross Sales
Excellence in Distribution: Internal Wholesaling
+ But, all firms allocate an average 37% of compensation to commissions
# of calls made (dials)
Teamwork and/or peer feedback
Product knowledge
Talk time
CRM input (quality and/or quantity)
Gross sales
# of calls completed
Call quality
Presentation skills
Leadership skills
# of funds sold, product mix
Training or self-development
Quality of documentation
Net sales (gross sales less redemptions)
Other, please specify
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
88%
76%
71%
65%
59%
53%
53%
53%
53%
53%
35%
29%
24%
12%
12%
Which metrics are used to evaluate your internal wholesalers?
% of respondents
©2009 kasina
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Recognized, Responsible & Rewarded
Excellence in Distribution: Internal Wholesaling
+ Knowledgeable and trusted business partner to advisors
+ Equal, valued team member with hybrids and externals
+ Avid promoter of Web tools and online information
+ Active contributor to CRM
+ Clear path to greater authority, responsibility and reward
+ Aligned with firm’s business and profitability objectives
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About kasinaOur firm has a singular mission: Innovate distribution in financial services
Excellence in Distribution: External Wholesaling
For more information, please contact:
Andy Edwards Business Development Manager
e-mail: aedwards@kasina.comphone: 646 257 4454fax: 212 349 7413
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