Published in Barron’s on October 3, 2023
Listen to the podcast recording with Greg Bartalos
Below is a summary of the podcast directly from Barron’s:
Financial advisory firms that identify, and double down on, the interests and passions of their employees have more effective and motivated teams than those that exclusively focus on monetary compensation, says Amy Parvaneh, founder and CEO of Select Advisors Institute, a full-service marketing and sales management firm.
“The whole reason why I even started talking about compensation planning and how do you reward your people really stems from the fact that I could write all day long different sales manuals for teams. I could make the world’s best website. I could write everyone’s best messaging and pitch. But unless there’s that internal motivation from the actual people within the firm, all of that is just going to be kind of like a car sitting in a garage. I always say what we create is the car. We need the people on the team to be self-motivated.”
Parvaneh, who worked previously at Goldman Sachs and Pimco, says that beyond financial compensation, some employees are motivated by recognition while others seek self- improvement or influence. Those that are “cause motivated” are “driven by things beyond money,” she says. “You think of some of the biggest CEOs in the world right now. They are already billionaires. They don’t need any more money, so what’s driving them?”
Harnessing the power of employees’ interests. “I’m really big on how you motivate people to do things. One part of it is financial compensation. How do you structure it? The other part is nonfinancial compensation. It doesn’t just have to be with money. It could be to read into people’s brains and what motivates them and be able to build out programs and different reward systems that will trigger them to want to do things without you having to constantly nag them to do it.”
Using an assessment to identify skill sets. “The first thing I advise my clients to do is to take what we call the Select Advisors Rainmaker test. It has been created by our firm by looking at the data of all of the advisors that I’ve coached and consulted throughout the years. We started the firm in 2014. And we look for common skill sets. What we’ve realized is that there are pretty much about 12 essential skills that an individual needs to have, and if not be groomed around to become really good at sales.”
Clarifying what sales represent in your practice. “Step back and clarify what you mean by the word sales, because sales means different things to different people.
Your receptionist can say, “Well, I’m getting sales because I was really nice to a little lady who walked in and I gave her coffee, so I kept the client.” It could get very blurry if you’re not being very clear. No, when we say sales, we want cold leads, or we want wallet share, or we want client retention. Just be very clear about it. From there, you could mathematically figure out what the financials should look like.”
Read the rest of the article here
Have questions and challenges around how to promote more of a “sales culture” within your organization, without being salesy?
Want to improve your compensation, splits, revenue share and bonus structures to be better aligned with your ultimate goals?
Have given up on your team’s ability to bring in new business and considering hiring an external Business Development person?
Frustrated with your firm’s lack of growth beyond market performance and referrals?
Set up an introductory call with us to share how we can help. Our toolkit is listed on this page.
Our sales training and coaching for financial advisors programs can help you learn about:
best sales training for financial advisors, sales training for financial advisors, financial planning sales training, financial advisor sales training, financial advisor sales coaching, financial sales training, wealth management sales training, financial sales training program, top financial advisor training programs, best financial advisor training program, financial services sales training, financial sales coaching, best financial advisor training, financial advisor sales, best financial advisor programs, training for financial advisors, investment advisor training, training for financial advisor, financial advisor training, best financial advisor development programs, new financial advisor training, best financial advisor training programs 2022, financial advisor training programs, trusted advisor sales training, eszylfie taylor net worth, best financial advisor training programs, investment advisor training program, financial advisor programs, sales training gurus, courses to become a financial advisor, course financial advisor, finance advisor course, investment advisor course, best sales courses, financial advisor courses, financial advisor course, private sales training seminars, financial training programs, financial advisor course free
Looking for the best content marketing companies for your RIA business? Select Advisors Institute, led by Amy Parvaneh, specializes in tailored content marketing strategies for RIAs. From SEO optimization and video marketing to educational content creation and social media strategies, we help wealth management professionals boost their online presence and attract new clients.