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SUCCESS STORY

CLIENT Morgan Stanley - New Financial Advisors
New York, NY

PROJECT
FOCUS
  To improve the sales performance of the 700 new Financial Advisors that Morgan Stanley hires annually nationwide and increase new hire retention

OVERVIEW   Morgan Stanley is one of the top financial service providers for high net-worth individuals and affluent households nationwide.  They have a field sales force of over 10,000 Financial Advisors which continues to grow.  As a result, the firm hires over 700 new Financial Advisor trainees annually and every month conducts a national training event.  The Next Level is currently partnering with 2 other vendors to support Morgan Stanley's new hire training goals.  After training the new hires return to their respective branches to start their career as a Financial Advisor.

OBJECTIVES   Morgan Stanley's goal is to create new hire training based on best practices that will give their new hires a competitive advantage.  Toward this end, The Next Level was asked to build and deliver a customized program on prospecting skills that enables new Financial Advisors to gain access and engage high-worth individuals in face-to-face meetings.  The program teaches activity-building prospecting skills including telephone skills, obtaining referrals, and networking skills, all aimed at gaining access to affluent households.  The Next Level also built a 3-day program for Morgan Stanley that teaches Consultative Selling skills and how to apply them in the initial meeting and solution presentation meeting.  Specifically, the program covers everything Financial Advisors need to know to prepare for and conduct these two meetings.

RESULTS   Qualitative and quantitative results include:
  • New hire retention (into the third year) has increased 15%, saving Morgan Stanley $11,250,000 annually.
  • The average account size of new hires is now more than $114,000, highest in the firm's history. 
  • The expectation for all new hires is that they will succeed, which has positively effected the sales culture of the entire firm

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