4 Roles Sales Managers Perform that Drive Revenue in Wealth Management

The perceived value of sales management and the nature of the role have morphed over the years. From the “top closer” to “product expert” to "administrator", the role is being redefined as there has never been a more dire mandate for new client acquisition.
 
    Investing in sales leadership can yield top line revenue gains of up to 29% - Wilson Learning
 
To get there, help sales leaders adopt these 4 roles that are helping firms grow their topline:
 
Role 1: Enabler of Success

• Acts in the role of mentor—using communication, negotiation, and development skills to lead their people.
• Refrains from TELLING people what to do, rather holds people accountable to what they think is best.
• Removes barriers – redundant processes, resistant internal support – the best sales leaders intercede and make it happen.

Role 2: Technical Expert

• Pulls from their own in-depth knowledge, experience, and credentials to make the tough decisions and adapt to changing market/client demands.
• Influences sales opportunities with their recognized skill and unique knowledge.
• Applies their knowledge of systems – new and legacy.

Role 3: Business Manager

• Uses business management skills to operate the team like a business.
• Manages the P&L, invests wisely, and manages the forward-looking commitments of their people.
• Gauges pipelines – assesses what real, what’s worth it and where their people can win.

Role 4: Visionary

• Pulls people out of tunnel vision to see the interrelation of things
• Shares where client demand is shaping the industry and why.
• Helps their people understand client behavior and potential sources of motivation.
• Paints a picture of where the organization is going and their role in it.

 
The bottom line - sound sales and performance management works best when it supports striving rather than keeping score. If you’re hiring right, your best people want to see the connection of their work to strategy, and strategy’s connection to value for clients. Your moderate (“movable middle”) performers need your coaching and training to help them get to their next level of performance. These four roles applied simultaneously will help your sales teams get there.