kasina excellence in distribution: internal wholesaling
DESCRIPTION
kasina delves into best practices and benchmarking data for Internal Wholesaling. Recommendations include ideas for optimizing staffing, structure and process, territory management, technology, and compensation.TRANSCRIPT
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: [email protected]: 646 257 4454fax: 212 349 7413