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Strategic Thinking about the Retirement Plan Sales Process. A Roadways to Retirement conference call Mr. Norm Lubin Chairman and CEO FMS Group, Inc. 215-653-7170 [email protected] Discussion outline. THE CURRENT ENVIRONMENT: LESSONS LEARNED

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Strategic thinking about the retirement plan sales process

Strategic Thinking about the Retirement Plan Sales Process

A Roadways to Retirement conference call

Mr. Norm Lubin

Chairman and CEO

FMS Group, Inc.215-653-7170 [email protected]


Discussion outline
Discussion outline

  • THE CURRENT ENVIRONMENT: LESSONS LEARNED

  • TACTICS AND APPROACHES TO TURN RELUCTANCE INTO OPPORTUNITY

  • FREQUENTLY OVERLOOKED DETAILS

  • ABOUT FMS GROUP


The current environment lessons learned
The current environment: Lessons Learned

  • Generalists Frequently Are “Challenged” When Asked To Market “New” Products That Are Complex And Complicated

  • Sales And Service Are Largely Integrated Disciplines, But Many Professionals Over-Service And Under-Sell

  • Product Knowledge Training Often Focuses On Features, Rather Than Benefits And Solutions


The current environment lessons learned1
The current environment: Lessons Learned

  • Two “Typical” Refrains From Professionals Who Both Service And Sell

    • “I’m Not Comfortable Marketing What I Do Not Understand… I Need More Product Knowledge”

    • “I’m Very Busy… But I’ll Keep You In Mind”

  • Internal Partners And External Intermediaries Can Be More Difficult To Convince Than Their Clients!


Tactics and approaches to turn reluctance into opportunity
Tactics and approaches to turn reluctance into opportunity

  • Introduction: Addressing Behavior And Product Knowledge Issues

  • Acknowledge The Environment

    • Lots Of Products To Sell

    • Too Little Time For Too Many Clients

    • Some Products Are Not Easy To Understand And Describe

    • Product Knowledge Training Often Creates More Questions Than Answers

    • We’re All Reluctant To Put Ourselves “At Risk”


Tactics and approaches to turn reluctance into opportunity1
Tactics and approaches to turn reluctance into opportunity

  • The Psychology Of Change: We All Listen To Radio Station “WII-FM”

    • I’m Not The Expert: Keep It Simple And Brief

    • Do Not Expect Me To Jeopardize My Relationship To Sell Your Product

    • Help Me To Avoid Embarrassment

    • Convince Me That You Will Do What You Claim You Do!


Tactics and approaches to turn reluctance into opportunity2
Tactics and approaches to turn reluctance into opportunity

  • A Successful Strategy: The Practical “Tool Kit”

    • Product Acumen Instead Of Product Knowledge: Conversational Competence

    • Integrate “New” Product Information With Current Sales And Service Activities

    • Relevant, Simple And Timely Information In A Conversational Format

    • Information That I Can Embrace And Advocate

    • Provide Access To An Expert


Tactics and approaches to turn reluctance into opportunity3
Tactics and approaches to turn reluctance into opportunity

  • The Challenge Of Product Knowledge: Two Approaches

Product Platform

 Features And Key Components

 Features Roadmap: “Wiring”, Flows, Etc.

 Permutations And Outcomes

 Other Factors About The Product

 Pricing

 Typical Client Profiles

Traditional Model

Efficiency Model

  • Educate/Inform = Knowledge and Curiosity

  •  Product Features

  •  How They Work

  •  Components And Customization

  •  What Happens And When

  •  Optimum Candidates For Product

  •  Costs, Fees, Charges

  •  When To Call

  • Conversational Competence = Confidence and Activity

     Product Summary And Key Attributes

  •  Key Sales Points

  •  What You Need To Know

  •  How To Position With Prospects

  •  Prospecting “Tips” And Approaches

  •  Who To Call

  •  What Happens When You Call


Tactics and approaches to turn reluctance into opportunity4
Tactics and approaches to turn reluctance into opportunity

  • Additional “Tool Kit” Ingredients

  • Communication Skills

    • Written Word, Spoken Word, Body Language: Stories And Vignettes

    • Minimize Text And Utilize A Discussion Outline Format

    • Involve The Listener: Conversation, Not A Product “Dump”

    • Understand That Personality Style Impacts The Message, The Messenger And The Listener


Tactics and approaches to turn reluctance into opportunity5
Tactics and approaches to turn reluctance into opportunity

  • Integrate The “Tool Kit” With The Personal Sales Process Of Each Professional

  • Five Key Sales Process Ingredients:

    • “Breaking The Ice” = Comfort/Stress Reduction/Setting The Stage

    • Introductory Comments = Who I Am, What I Do, Why We Should Converse

    • One Or Two Key Questions (Open End) = Conversation, Needs Discussion, Relationship Building

    • Response To Needs = Suggested Solution Or “Next Step”, etc.

    • “Close”: Confirmation Of Interest, Validation Of “Next Step”, Scheduling, etc.


Tactics and approaches to turn reluctance into opportunity6
Tactics and approaches to turn reluctance into opportunity

  • Closing”: The Key Discipline

    • Often a Misconstrued and Misunderstood Behavior

    • Should Be Tailored To Listener’s Needs And Personality

    • Should Be Conversational, Natural And Logical

    • “Closing” Is A Teachable Skill!


Frequently overlooked details
Frequently overlooked details

  • “Typical” Bumps In The Road That Undermine Progress

    • Monologue, Not A Dialogue (Presentation Versus Conversation)

    • Failure To Take Listener’s “Temperature”

    • Failure To Observe The “Non-Verbals”

    • Failure To Sustain Positive Body Language

    • Failure To Respond To Questions And Concerns

    • Failure To Suggest A “Next Step”


Frequently overlooked details1
Frequently overlooked details

  • Personal “Mind Set” And Confidence Impact Personal Behavior

    • Focus On: What I Need To Say; Not, What I Need To Know

    • Practice = Competence = Self Confidence

    • Utilize “Real World” Scenarios To Enhance Learning And Confidence

    • Appreciate Behavioral And Environmental Issues: Time Management

    • Always Sell The Solution, Not The Product

    • Create A “Win” That Is Replicable


Frequently overlooked details2
Frequently overlooked details

  • How Do We Achieve These Outcomes

    • “Stories” And “Sound Bytes”

    • Case Scenarios And Exercises, Not Text And Lecture

    • Practice With Impartial And Constructive Feedback

    • Continuous Education, Not A Day Of Training

    • Recognize That Change Is A Journey (Time And Effort)

    • Establish Personal Goals: “Invest In Yourself”

    • Integrate with Sales/Service Activities


About fms group
About FMS Group

  • 27 Years And 550 Financial Services Clients On Four Continents

  • Clients Exclusively Are Private Banks And Trust Companies, Commercial Banks, Investment Managers, Broker Dealers, Mutual Funds, Etc.

  • All Senior Officers Are Graduates Of The Financial Services Industry

  • Top Line Focus To Build And Sustain Client Revenue Growth

  • Able to provide additional training, coaching and consulting to help your organization grow. For more details, please contact:Norm Lubin, Chairman and CEOFMS Group, Inc.215-653-7170 [email protected]


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