Managing sales in the Wealth Management Market: using time wisely.

• Position: ABA Resources

Sales success or failure in wealth management can be traced, in many instances, to the effectiveness of sales management, says William F. Ottinger, president, Ottinger Sales Resources, Chicago.

"One reason for failure is the absence of highly focused and knowledgeable sates management," says Ottinger, who is scheduled to give a workshop on "High-Net-Worth Sales Skill Building" at the ABA Trust, Wealth Management and Marketing Conference. This meeting will be held Feb. 26-28 at the Tampa Marriott Waterside, Tampa, Fla.

The absence of focused sales management can stem from managers who lack practical wealth management experience or who divide their time between sales and nonsales activities. "Misspent time and energy leave the sales staff adrift without direction, mentoring or pragmatic help in meeting sates goals," he says.

How are activities typically misdirected? Ottinger says that managers sometimes spend too much time in meetings on internal matters (operational systems, diversity issues, nonsales problems and so forth). In other instances, they devote too much energy to marketing projects. While integration with the marketing function is a sates management function, it should not be the center of sales management activities, Ottinger notes.

"No matter what sales management activities occur, virtually nothing of real value occurs until the prospect signs an agreement, and their assets are transferred to the organization from a competitor," he says. Ottinger's company is a sales training and consulting firm that specializes in sales and sates management issues relating to high-net-worth individuals.

He says that effectively coordinating the ability to generate quality new business involves the following five activities.

1. Effective sales training. Securing effective sales training is key to staff development. The sales manager needs to take responsibility to deliver a consistent training program related to the world salespeople will encounter in actual prospect situations and to provide on-the street knowledge. The sales staff cannot be left to "wing it," selling in a haphazard manner, delivering mind-boggling and boring presentations, compiling lists of prospect assets, or employing retail sales approaches that are ineffective and inappropriate for affluent prospects.

2. Development of effective sales and referral materials. If there is a single constant in financial sales, it is the fact that maintaining a flow of qualified prospects is...