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Family wealth advisory firms, long populated by professionals trained in delivering integrated wealth advice, are adding a new focus on the sales process to meet the increasing demands for growth.
Up to now, many firms have not had a strong sales culture. Relationship managers have been responsible for supporting current clients as well as courting new business. While these managers have not viewed sales as their first priority, their organizations have recognized the need for more new business, which is leading to a change in sales models and greater specialization in sales roles.
Although sales teams and sales processes vary considerably from firm to firm, nearly all wealth advisory firms are clarifying – and strengthening – their sales-related roles and responsibilities. Some firms are adding business development officers to work exclusively with wealthy individuals. Firms that use their relationship managers extensively to develop new business are refining incentive plans for business development activities and providing new sales training and coaching tools.
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