One of my favorite things to hear from senior leaders within an organization that’s hired us is:
“The culture is…dare I say…shifting!”
And by that they are referring to a culture that previously ONLY prioritized client service to one that now EQUALLY values client service AND growth and visibility, aka a Sales Culture!
A sales culture within a financial or legal company refers to the shared values, attitudes, and behaviors that drive the team's performance in business development and marketing. It includes the organization's vision, leadership's commitment to growth, and an overall environment that encourages sales motivation, marketing enhancement, and revenue growth.
A true sales culture prioritizes…well…Sales!
And let’s not forget “Sales” is the #1 item on an income statement!
In a firm with a strong sales culture, Sales is one of the top five DAILY priorities for most individuals within the organization, the compensation structure is crafted and aligned around activities, promotions are commensurate with revenue expansion, and there are various rewards and incentives around getting the word out about the organization…regardless of employees’ role and title.
Financial and legal firms often prioritize maintaining a professional and reserved image in front of their clients, focusing more on providing assistance and service rather than actively seeking to generate business. While excellent client service and compliance should be top TWO priorities, this emphasis on client relationships sometimes conflicts with the proactive and assertive approach that successful sales require.
Additionally, many financial and legal firms were originally built by a small group of top rainmakers, with the remaining team members hired for non-sales roles. As a result, there is often a lack of a sales-focused mindset and limited training and direction of where to begin with sales efforts.
To address these challenges, financial and legal firms aiming to improve sales performance must undergo a culture shift that places emphasis on sales, marketing, and business development.
Creating a successful sales culture involves focusing on five key elements:
Clear Definition and Goal: Establishing a clear definition of the sales culture is the first step, involving identifying best practices, upholding values, and setting expectations for team members. This goal must be articulated and highlighted for everyone to see…daily. That can include signs in the pantry, daily voicemails from the CEO reminding the team of the goal, weekly emails reminding the team of the weekly growth milestones, etc.
Healthy Competition: Fostering healthy competition encourages motivation, productivity, and collaboration. Transparency in performance and sharing best practices creates a supportive yet competitive atmosphere that drives success. Gamification is a wonderful method to create a healthy competition within your organization.
Continuous Learning: Prioritizing ongoing learning ensures that the sales team stays ahead in a rapidly evolving market, remains effective communicators, and improves overall sales performance. This is where hiring a sales coaching and training firm like Select Advisors, which builds customized sales training programs around various firm cultures can be incredibly valuable for firms.
Mindset Shift: Sales starts with mindset. Working with your team to learn that sales is a mindset and that excuses will never end can be a challenge for most leaders.
We have included examples of questions to ask your team to help the overcome some top challenges and get them back on track!
Recognition: Regularly acknowledging and rewarding individual and team successes is crucial for motivation, accountability, and creating a positive work environment. We’ve written a lot about Compensation Planning for More Sales.
By incorporating these elements into the sales culture, a firm can create an environment that supports and empowers its professionals to achieve better sales results.
Select Advisors Institute partners with financial and legal firms to bring forth a culture shift (small or large, depending on the firm’s preference), to build a sustainable sales team and process for our clients.
Reach out to learn how.
In this article we discuss:
Why we believe Select Advisors can be the #1 Financial Advisor Sales Training Program to consider
What is the top financial advisor sales training program and how can it help you create a culture shift
What is a sales culture and how can a financial advisor sales coach help my team create one?
Looking to scale your financial advisory firm? Select Advisors Institute, led by Amy Parvaneh, provides expert strategic consulting, practice management, and leadership development to help financial advisors, wealth managers, and financial professionals drive growth, optimize efficiency, and enhance client engagement. We specialize in team leadership, KPI monitoring, Six Sigma efficiency, and program management to streamline your operations. Whether you're focused on business consulting, customer-centric strategies, or cross-functional collaboration, our tailored approach ensures long-term success. Partner with Select Advisors Institute today to transform your advisory firm into a high-performing, scalable business. Contact us to learn more!