CLIENT		Piper Jaffray - New Hire Minneapolis, MN
PROJECT FOCUS		Create, deliver, and follow-up on new financial advisor sales training Create, deliver, and follow-up on branch office manager
OVERVIEW		Piper Jaffray is a full-service financial services firm based out of Minneapolis, Minnesota with a footprint covering most Midwestern and Western states.  The firm employs a sales force of approximately 900 financial advisors and hires approximately 100 new financial advisors each year.  In recent years, Piper Jaffray has had an extremely difficult time with new financial advisor retention, as very few have stayed with the firm beyond a few years.  Additionally, many of the branch office managers have ever had any formal sales management coaching or training, since most are producing revenue by managing their book of business.
OBJECTIVES		Piper Jaffray asked The Next Level to create a new hire sales training program that gave the new financial advisors tools and techniques that would increase their chances of success.   To develop this program, The Next Level spent time with successful new and seasoned Piper Jaffray financial advisors to collect best practices.  We combined these findings with several best practices from similar firms to create "Guiding the Journey"—sales training for the new financial advisor.  Guiding the Journey focuses on the following topics:  Business Planning, Product Knowledge, Prospecting Skills, Conducting a Profiling Meeting, Conducting a Solution Presentation Meeting, and Resolving Objections.  Next, The Next Level implemented a web-based scoreboard to publicly benchmark and "keep score" of the new financial advisors' activity and results.  Additionally, to ensure proper follow-up and accountability, The Next Level created and delivered a program for the firm's 90 branch office managers.  This program's primary objective was to give managers the tools to reinforce the best practices taught in "Guiding the Journey" during the new financial advisors' experiences early in their careers.  Topics in this program included:  One-on-One Performance Development Meetings and The Skills Transfer Process.  The program was followed by  monthly conference calls to share best practices among branch office managers and to coach managers to proper execution.
RESULTS		On the web scoreboard, we have been closely tracking the performance of 141 new financial advisors who have participated in The Next Level's training.  A few months in, we have achieved the following results so far: The 141 new FAs have made 50,402 qualified contacts and have seen 1,637 qualified prospects in face-to-face meetings. The FAs have uncovered an average of $906,554 in new assets/meeting. The FAs have secured an average of $73,273 in new assets/meeting.

For more information - Contact us!