Private Banking

Increasing Confidence and Differentiation

Situation: A major regional bank’s private banking team, less than a year old, in one of the bank’s expansion markets, was meeting its loan and deposit goals and falling well short of its goals to draw investable assets for its investment management service. Team members were a mix of hires from other banks and employees acquired from a purchased bank.

Project Focus and Clarity Role: Through behind-the-scenes work and classroom work, we assisted the team with defining its competitive strengths and weaknesses, articulating a clear client approach and sales methodology, developing a priority rating scale for prospects and customers, and describing its unique value proposition to clients and centers of influence.

Outcome: Immediate sharpened focus on prospecting and referral requests, reducing “noise in the system” and time wasted on low-priority prospects. Over the course of a year, an increase in “wins” on business opportunities that the private bankers said they would never otherwise have competed for or won.

Defining a Common, More Effective Sales Management Process

Project Focus and Clarity Role: For the wealth management unit of a major regional bank, we led the four regional senior managers through a consensus-building process to define, document, and launch to their private banking teams a common and more disciplined, rigorous sales management process that included planning, review, and activity management components.

Outcome: Within three months of implementation, sales managers reported they were all using the agreed system with only minor changes.

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