Pat’s Blog

“The proof of the sincerity and seriousness of management is uncompromising emphasis on integrity of character.” — Peter Drucker

Everyone knows high integrity is essential for success in financial services but few companies have practices and processes in place to ensure they’re hiring quality sales professionals. Sure, most firms use background checks and the majority of managers feel they are good judges of character but it isn’t enough to answer important questions such as:

• Will the salesperson take shortcuts in processing?
• Will the salesperson be a team player?
• Will the salesperson operate on the edge of proper policy?

The right integrity assessment can help hiring managers identify candidates with a high risk of counterproductive behaviors. Before your next hire, ask “How well do I really know this person?” The answer may be different than what you originally thought.

“No organization can do better than the people it has.” — Peter Drucker

According to the just-released 17th Annual Bank Executive Survey conducted by Grant Thornton LLP, 82% of those surveyed said the number of people their bank employs will either increase or stay the same in the next six months. While this may be an encouraging sign of stability in the short-term, it also raises a more universal issue: What is the quality of the sales professionals who will be coming onboard?

In any business, the people who work for you are your greatest asset. In financial services, the quality of the sales staff can make or break the organization. Future sales and referrals all rest on the sales person’s ability to forge a relationship with the customer and solve the customer’s problems.

What are your hiring plans for the next six months? What steps will you take to ensure that you are hiring the best quality sales professional for the position?

“The customer is the foundation of a business and keeps it in existence.” — Peter Drucker

Surveys and ratings in our industry may come and go but none are more powerful than those coming directly from the customer. In the just-released J.D. Power customer satisfaction survey for 2009, it is no coincidence that the top-rated companies also performed better financially than lower-ranked firms.

In addition to current business, customer satisfaction levels also have a significant impact on future and referral business. The report found that among customers with high satisfaction levels:

• 58% said they “definitely will” recommend their lender compared to only 8% of those with low satisfaction
• 60% said they “definitely will” recommend their lender when they refinance compared to only 13% of those with lower satisfaction rates
• They are more likely to use other products and services from their lender

According to the report, the quality of the relationship between the customer and the salesperson was one of the biggest drivers of customer satisfaction. Financial firms that focus on hiring the best sales professionals will go a long way to establish a strong foundation for excellent customer service and better sales results.

Read a press release about the J.D Power survey results.