Financial Services & Banking Sales Training

Select Finance & Banking Clients

designing a training program for capital one
training fidelity's sales team
training sellers at Goldman Sachs to drive results
Richardson sales training partner Ford
Richardson sales training partner OppenheimerFunds
designing sales training for BNP Paribas
improving charles schwab's sales performance
sales training client BMO
sales training client Bank of the West
Richardson sales training partner First Data
Richardson sales training partner PNC Bank
Richardson sales training partner Societe Generale
Richardson sales training partner SunTrust
Richardson sales training partner Franklin Templeton Investments
 
 
 

Selling Financial and Banking Services in a Changing Environment

In today’s world of finance and banking sales, it’s not enough to win clients; you need to keep them. However, this is difficult amid increasing competition, fewer differentiators, and waning trust. At Richardson, we believe that the way forward in selling financial services is with a consultative approach.

Today, technology is the primary tool of finance. However, digitization creates a divide between the seller and the buyer. As a result, competitive strategies in selling financial services focus largely on price. Too many sellers have let this commodity approach break up the team and distract them from the client. In the end, buyers are left uncertain in a fluctuating market.

More investors are deferring their financial decisions to technology. Evidencing this trend is the phenomenon of the financial technology (fintech) sector. McKinsey reports that almost $23 billion of venture capital flowed to these fintechs in the last five years.

This figure is poised to grow, given that inflows in 2014 alone were $12.2 billion. This development presents financial advisors and bankers trying to sell their services with the challenge of communicating the value of a customized approach in a world focused on price. Research from Deloitte found that 36% of customers want personalized services. However, many are not getting these tailored solutions. Sellers are isolated from client needs. The lacking communication creates uncertainty among buyers. What do sellers need to do? Refocus on the client with a consultative approach.

Win More Clients with a Consultative Approach

Richardson’s financial services and banking sales training programs teach sellers to initiate a dialogue to build this missing buyer relationship. At Richardson, we’ve guided sales teams to better performance by teaching them to understand the specificity of the buyer’s problem through a consultative approach. The success of this strategy has led to partnerships with:

  • 85% of the Fortune 1000 Commercial Banks
  • 85% of Barron’s top 40 Wealth Management firms
  • 80% of the world’s top 40 Asset Management companies
  • 78% of the world’s top Retail Banks

Delivering Results for Financial Services & Banking Sales Training Clients

Our solutions work because we can sell the total institution. Our customized style enables us to empower all sellers across the spectrum of financial services, like personal wealth management, retirement plans, investment banking, and private equity. Our sales training for financial advisors and bankers teaches six main key elements of a dialogue framework, which lead to credibility and, eventually, the sale. Our client’s success is our success:

  1. A global financial services company tripled their pipeline while shortening their sales cycle by six weeks. New deal sizes increased by 40%, leading to closing $67 million in business from a cross-sales referral program.
  2. Increased wallet share by 12% for a leading Canadian bank
  3. An increase of $125,000 per seller with a diversified financial services company, building to a $50 million increase in revenue — a return of $192 for every $1 spent on training.

Sellers in the financial services sector face a market in constant flux. Sales training for financial advisors and bankers needs to focus on a dialogue-driven, consultative approach in which these dynamic challenges are always in focus. When customers learn that you truly grasp their needs, they’re able to move towards a decision and build momentum.

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