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Excellence in Distribution: External Wholesaling

kasina delves into best practices and benchmarking data for External Wholesaling. Recommendations include ideas for optimizing staffing, structure, and process, territory management, technology, and compensation.

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Excellence in Distribution: External Wholesaling

  1. 1. Excellence in Distribution: External Wholesaling<br />December, 2009<br />
  2. 2. 2<br />Agenda<br />Benchmarking Reports from kasina<br />Costs of Compensation: Sales and National Accounts – August, 2009<br />Excellence in Distribution: External Wholesaling is second in series of benchmarking reports<br />Survey data and secondary research<br />Strategies and recommendations<br />Upcoming reports<br />Internal Wholesaling – January<br />National Accounts – 1st quarter<br />Hybrid Wholesaling – 2nd quarter<br />
  3. 3. 3<br />Agenda<br />Key Levers<br />Sales Force Staffing, Structure, and Selling Process<br />Territory Management<br />Compensation<br />Technology Deployment<br />
  4. 4. 4<br />Excellence in Distribution: External Wholesaling<br />33% Of Firms Cut External Wholesalers by 15%+<br />
  5. 5. 5<br />Excellence in Distribution: External Wholesaling<br />Externals Don’t Spend Enough Time Selling<br />57% is spent on selling & servicing<br />43% on admin, travel, training, internal meetings<br />
  6. 6. 6<br />Excellence in Distribution: External Wholesaling<br />Managers Opting for Large Territories Lose Focus<br />Average territory encompasses more than three states and 1,550 advisors<br />42% of managers plan to increase territory size<br />
  7. 7. 7<br />Excellence in Distribution: External Wholesaling<br />Success StrategyIntegrate Technology To Drive Sales<br />Advisors who use firms’ Web sites & have wholesaler coverage average 25% more sales*<br /><ul><li>Train and incent wholesalers to integrate Web, e-mail, CRM in selling</li></ul>Ensure wholesalers are training advisors online and track usage<br />Provide mobile access to Web site, Facebook, LinkedIn and monitor use<br />*Your Site Can Sell, Too, kasina, 2008<br />
  8. 8. 8<br />Excellence in Distribution: External Wholesaling<br />Compensation is Not Aligned With Business Goals<br />55% is commission<br />14% bonus leaves managers little discretion to incent profitable activities<br />
  9. 9. 9<br />Excellence in Distribution: External Wholesaling<br />Focused, Trusted, Profitable<br />Knowledgeable and trusted business partner to advisors <br />Focused team member with motivated hybrids and internals<br />Avid promoter of Web tools and online information<br />Active contributor to CRM and community Web sites<br />Appropriately coached and fairly compensated <br />Aligned with firm’s business and profitability objectives<br />
  10. 10. 10<br /> Andy Edwards<br /> Business Development Manager<br />e-mail:<br />phone: 646 257 4454<br />fax: 212 349 7413<br />Excellence in Distribution: External Wholesaling<br />Aboutkasina<br />Our firm has a singular mission:Innovate distribution in financial services<br />For more information, please contact:<br />