The first 90 days of building a new sales team are pivotal. It’s when the foundation is laid, expectations are set, and the team’s culture begins to shape. For wealth management firms, getting this phase right is critical for revenue growth and building a team that reflects your company’s values and vision. The stakes are high: your new sales hires must quickly adapt to the complexity of financial products, establish trust with clients, and demonstrate value to the firm. This comprehensive guide covers actionable steps for wealth management leaders to master the first 90 days of building a high-performing sales team, ensuring short-term wins and long-term success.
Crafting a Clear Onboarding Plan
A strong onboarding plan is the backbone of a successful sales team launch. In the first 90 days, your goal is to equip new hires with the knowledge, tools, and confidence they need to start delivering results.
- Introduce Company Vision and Sales Philosophy: Start with a thorough overview of the firm’s mission, values, and long-term vision. Communicate the sales philosophy and how it aligns with your company’s approach to client service. This helps new hires understand the big picture and their role within it.
- Provide Product and Market Training: Wealth management products are complex, and understanding them is crucial for new sales professionals. Create a training program covering the details of your financial products, including investment strategies, retirement planning solutions, and risk management tools.
- Assign a Sales Mentor: Pair each new hire with a seasoned sales professional or manager. This mentor relationship can be invaluable for providing guidance, answering questions, and helping new hires acclimate to the company’s processes and culture.
Pro Tip: Use a blend of in-person training, e-learning modules, and hands-on exercises to cater to different learning styles. This hybrid approach can speed up onboarding and ensure new hires retain critical information.
Setting Goals and Defining Expectations Early
Establishing clear, measurable goals from the outset sets the tone for performance and provides a roadmap for success.
- Create a 30-60-90 Day Plan: Outline specific objectives for the first 30, 60, and 90 days. Early goals include completing product training, conducting a set number of client outreach calls, or generating qualified leads.
- Define Key Performance Indicators (KPIs): KPIs should be tailored to the team’s role and aligned with broader business objectives. Common KPIs for wealth management sales teams include lead generation, client meetings, and revenue growth.
- Communicate Expectations Clearly: Be explicit about what you expect from your team in these early days. Set standards for activity levels, client engagement, and sales targets. This clarity helps new hires focus their efforts and reduces uncertainty.
Remember: Early wins boost confidence and morale. Aim to set achievable yet challenging goals that will motivate your team without overwhelming them.
Building a Strong Team Culture from Day One
Creating a cohesive team culture is essential, especially in sales, where collaboration and morale can directly impact performance.
- Foster Open Communication: Encourage your team to share insights, ask questions, and provide feedback. Open communication helps new hires feel supported and fosters a culture of continuous learning.
- Promote Collaboration: Sales can be competitive, but balancing individual performance and teamwork is important. Use team-building exercises and collaborative projects to build trust and camaraderie among new hires.
- Celebrate Early Wins Together: Recognize and celebrate individual and team achievements during the first 90 days. Whether it’s closing the first sale, setting a new client meeting, or completing training milestones, celebrating these successes boosts morale and reinforces positive behaviors.
Client Insight: In wealth management, clients seek a seamless experience. A well-aligned, collaborative sales team can deliver this by working together to meet client needs effectively.
Implementing Comprehensive Sales Training and Development
Continuous training and skill development are critical for a sales team’s success, especially in the complex world of wealth management.
- Design a Robust Sales Training Program: Start with the basics of product knowledge, then move into advanced sales techniques. Include training on compliance and regulatory issues, which are vital in financial services.
- Use Real-World Scenarios: Incorporate role-playing exercises where new hires practice pitching products, handling objections, and navigating client meetings. These simulations help build confidence and refine skills before real client interactions.
- Provide Ongoing Coaching and Feedback: Schedule regular one-on-one coaching sessions to review performance, provide feedback, and address any challenges. Personalized coaching can accelerate growth and help new hires quickly reach their potential.
Growth Tip: Consider implementing a certification program for your sales team. This can incentivize learning, boost confidence, and ensure a standardized level of knowledge across the team.
Tracking Progress and Making Necessary Adjustments
The first 90 days are a learning period for you and your new sales team. Regular evaluations can help you identify what’s working and where adjustments are needed.
- Conduct Weekly Check-Ins: Regular meetings with your sales team provide an opportunity to review progress, address concerns, and adjust strategies. Use these sessions to offer support and keep the team focused on their goals.
- Be Willing to Pivot: If certain tactics or strategies aren’t delivering results, don’t be afraid to make changes. The first 90 days are perfect for experimenting, learning, and refining your approach.
- Leverage Early Wins to Build Momentum: Use initial successes as a springboard for motivation. Highlight these wins in team meetings, share client feedback, and showcase what’s working. This helps build a culture of positivity and momentum.
Final Thought: Adaptability is key in the financial services industry. Being open to feedback and willing to make changes can help your sales team thrive.
Evaluating the First 90 Days and Planning for the Future
Once the first 90 days are complete, it’s time to assess your progress and plan the next steps.
- Review Performance Metrics: Analyze the team’s performance against the goals set in the 30, 60, or 90-day plan. Look for trends in activity levels, conversion rates, and client feedback.
- Identify Top Performers and Areas for Improvement: Recognize excelled individuals and consider offering additional responsibilities or growth opportunities. For those who may be struggling, provide targeted coaching and support.
- Plan for Long-Term Development: Use the insights gained during the first 90 days to shape ongoing training and development programs. This could include advanced sales training, leadership development courses, or specialized product training.
Final Insight: The habits and practices established in the first 90 days set the foundation for your sales team’s success. Investing time and effort in these early stages can build a cohesive, high-performing team ready to deliver results.
Conclusion
Mastering the first 90 days of building a sales team requires clear planning, effective onboarding, goal setting, and a strong focus on culture and training. By following these steps, wealth management leaders can create a sales team that meets its targets and becomes a cornerstone of the firm’s growth strategy. Remember, the work you put into these early days will pay off in the form of a motivated, capable team that drives your business forward.
Are you ready to build a high-performing sales team in wealth management? Connect with Kevin Sailor at Financial Recruiters International. With over a decade of experience placing top talent in financial services, Kevin can help you find the right people and provide the guidance you need to ensure a successful launch for your new team. Contact Kevin today to build the foundation for your firm’s next success story.
