The VIP Forum held its annual executive meeting last week, hosting nearly 40 senior executives from across the North American membership. Wealth management executives gathered for a one-day meeting to discuss challenges and solutions to boosting sales effectiveness. With executives self-reporting revenue growth goals of 14% for 2010, the question on everyone’s mind was “how are we going to get there?”
The Forum’s Executive Advisor, Wallace Blankenbaker, kicked off the day with a discussion on characteristics of the post-crisis client, identifying three key client characteristics: 1) clients are distrustful and risk-averse; clients have low confidence and are seeking advice; 3) clients are cautious and concerned about the future. Understanding the new profile of HNW clients provided executives with context to evaluate strategies needed to engage them..
The Forum shared 3 proven ways to reignite the revenue growth engine, including:
- Maximizing advisors’ capacity for sales and service
- Applying engagement competencies in all client interactions
- Leveraging financial planning to expand share-of-wallet
The annual meeting provided a great venue for networking, validation of shared challenges, and identification of best practices. Thank you to those who attended and we look forward to hosting you again in 2011. For members who were unable attend, please click here for access to the meeting materials.
