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EXTRACT OF THE 2012 COURSE ON SELLING FINANCIAL SERVICES
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Selling financial servicesSelling financial services
20122012
Helping you through the learning curve
R.J.ClaessensR.J.Claessens&&PartnePartnersrs 1
The purpose of the seminar
Provide you with a selling technique and product
knowledge
Roger Jean Claessens is an International lecturer and an independent consultant for the financial services industry.
•Professor at UBI (United Business Institutes), Brussels•Expert lecturer for FEBELFIN (Federation of banks & insurance in Belgium) •Expert lecturer for the EIB in Luxembourg•Expert lecturer for BGL BNPPARIBAS amongst others
Author of :•“Corporate culture”, 2011, Serbian Bank Association (SBA) & AuthorHouse, UK•“What is a bank?”, 2009, Promoculture & AuthorHouse, UK•“A brief introduction to accounting”, 2008, Unibook, Belgium •“Marketing in financial services”, 2007, SBA •“Branch Management”, with P. Wiertz,2006, Promoculture & SBA •“Ethics, corporate values and prevention of money laundering”, 2006, SBA
From: www.rogerclaessens.eu
Content Day 1
1.Branding requirements
2.A “brief introduction” to the balance sheet
3.The impact of interest rates on the bank
4.Basic selling skills
Day 2
5.Case studies
6.Mastering delicate situations
7.Conclusions and review of what can be improved
8.Tips and tricks of the trade
4
Selling financial servicesModule 1
Branding requirements
6
WHICH is WHICH ?
7
CORPORATE CULTURE CORPORATE CULTURE = =
VISIBLE LEVEL VISIBLE LEVEL (BRANDING) (BRANDING)
& SHARED VALUES & SHARED VALUES
Substance
Selling financial servicesModule 2
A “brief introduction” to the Bank’s balance sheet
The concept of a balance sheet
What I HAVE What I OWE
10
Product type Current account in overdraft
Balance sheet type Current asset
Profitability Large margin over cost of funds
Risk profile Liquidity, solvency due to non repayment
Treasury impact Uncertainty, average outstanding needs to be used as guideline
Customer profile Known customer, middle to top segment
Documentation Account opening, financial statement, follow-up doc, memo’s of call.
Selling financial servicesModule 3
The impact of interest rates & economic indicators on the bank
Products & Services
GNP
CONSUMERS
Salaries, interest, rentalsLABOUR
ENTREPRENEURS
Offer
WHAT?HOW?
FOR WHOM?
Demand
Demand
Offer
Government Central Bank
5 Key tools of the central bank5 Key tools of the central bank1. The printing of money2. The short term interest rates3. The fractional reserve
requirements 4. The open market policy5. The financial structure of the
banks
(c) The intervention of the central bank
Selling financial servicesModule 4
Selling skills
15
Communication
The challenge is to be brief, structured, focused
16
Remember the basic structure of any message
Effective selling
Selling financial servicesModule 5
Case studies
Cases
• The seminar belongs to YOU and its success rests largely with you.
• Enter into the discussion.• Give freely of your experience.• Confine your discussion to the problem.• Say what you think.• Only one person should talk at a time.• Be patient with other members• Appreciate others point of view
18
Role playing (on a rotation basis)
• Seller • Client• 2 Observers
• What needs to be observed:– Structure of the dialogue (SPIN) – The aptitude to listen – The aptitude to describe a product– The understanding of the economic environment– The closing & the agreed follow up
19
Selling financial servicesModule 6
Mastering delicate situations & objections
21
Dealing with dissatisfied customers
The art of asking questions…..
22
Selling financial servicesModule 7
What can be improved?
The 20 steps TO IMPROVE on SALES The 20 steps TO IMPROVE on SALES
1. Examine every alternative
2. Use proven sales methods
3. Take the long term view with the short term in mind
4. Change selling proposals that are no longer attractive
5. Consider the implications of the customer’s decision
(continued)
24
Other final points
IF YOU TRULY WANT TO DEVELOP YOUR THINKING SKILLS, YOUR TASK IS ESSENTIALLY ONE OF SELF-DEVELOPMENT 25
Selling financial servicesModule 8
Tips & tricks of the trade!
27
ME incorporated = MY VALUES & MY NORMS
29
WHAT YOU COULD DO AFTER A GOOD SEMINAR