Power Coaching—Wealth Management

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Business Issue - Pressure to improve affluent market profitability and increase the productivity of relationship managers requires that the sales team focus on the highest priority activity: developing the sales performance of each banker to its fullest potential. It is no longer enough to hire the best people, set stretch goals, and let the cream rise to the top. Sales management must be recognized as providing more than sales support. Bankers who have risen to team leader and senior banker levels, as a result of their credit or sales skills, must now learn the skills to excel as sales managers.

Omega Performance’s Solution - Power Coaching is a highly participative, interactive workshop that spotlights the best practices of high-performing sales managers inside and outside the banking industry. This two-day workshop uses case and banker scenarios as the basis for observing the sales call process from the perspective of the relationship manager and the coach. The focus is on the high-impact skills that enhance the coaching experience and on the Power Coaching process that participants use for precall planning, joint call skill observations, and postcall coaching. Videotaped skill practice offers an opportunity to practice skills and receive positive and developmental feedback.

What Is Included

Prework addresses the role of the coach, reviews high-impact calling skills to be coached, introduces the Power Coaching Guide, and explains and provides examples of and opportunities to practice Power Coaching skills. The workshop provides a forum to link coaching skills to the bank’s sales management practices, and to acknowledge and deal with obstacles to coaching. It targets high-impact coaching skills for intensive practice and feedback, including two videotaped skill practices of a precall coaching session first and then a complete postcall coaching session second.

The program features video modeling and feedback, a learning technology that Omega Performance has found to be unparalleled in changing participants’ behavior in the shortest time. Videotape review is always accompanied by balanced feedback from the instructor and from peers.

Power Coaching applies the skills of creating dialogue, problem solving, and balanced feedback to the development of high-performing sales bankers and driving business through the sales pipeline.

Postwork encourages managers to apply coaching skills to the development needs of their Wealth Management sales team members by scheduling precall planning coaching sessions, going on joint calls with a primary purpose to observe and gather feedback data, and conducting postcall sessions.

The key themes of the course are visualized in models that help participants remember and use them: Power Coaching Guide and Power Coaching Skills.

Delivery Options

The workshop is two days for which there is a small amount (two to three hours) of participant prework, plus prescribed postwork consisting of applying the skills and process to coach precall planning for at least four actual clients or prospects, observing on at least one joint call, and coaching the relationship manager after the calls.

The intensive practice and feedback, including the videotaped skill practices, require one facilitator for each five or six participants. Omega Performance can lead the program, one of our leaders can lead the first workshop and then provide leader training for in-bank leaders, or we can co-facilitate the workshop with a trained in-bank leader.

Results You Can Expect

Power Coaching helps your sales managers:

Add value to the call planning process, assuring that the right call is being made at the right time to the right people
Identify effective coaching behaviors
Participate more productively in joint calls
Apply the high-impact coaching skills of creating dialogue, problem solving, and providing balanced feedback
Plan and conduct successful precall and postcall coaching sessions with relationship managers

Who Should Be Trained

Power Coaching is for new or experienced Wealth Management team leaders and senior managers who manage relationship managers or other team leaders who need to move beyond sales support into a true sales management role. The bank depends on them to produce results by guiding the efforts of others or by providing peer coaching that leverages their own superior sales skills.

Prerequisites

The recommended prerequisite for Power Coaching is Maximizing Call Power or an equivalent course in sales skills and process that the bank wants to reinforce in its relationship managers. Participants should have a solid knowledge of the bank’s fee-based products, which can be provided by Omega Performance’s Building Fee Income or equivalent training.