Last week, I discussed what happens when managers and companies lack consensus in the direction the sales team should be taking. A lack of consensus is evident when in-fighting and open disagreements take over the company and a culture turns toxic. The tricky part about lack of consensus is that it is hard to detect […]
When everything is going great, leadership never seems to be an issue. But when things are going badly, leadership issues come to the forefront. This is especially true in sports where every year, teams are judged harshly on their performance even if they have won championships in the past. In my opinion, this is especially […]
It is hard to believe that 2012 is nearly over. This year has certainly been a whirlwind so I thought it would be a good time to address some questions that I frequently hear when consulting on sales turnarounds. The Number One question managers ask is “What can I do to increase sales performance of […]
Last week, Rob Chrisman’s newsletter discussed Stratmor Group’s findings that in 2012, loan officers averaged only 3.5 closed loans per month. Chrisman noted that with such low LO production numbers, the economics just don’t work for mortgage companies. Stratmor’s benchmark showed an average of 10 loans per LO in 2002. When you look at the […]
Over the years, executives have often shared their beliefs on what predicts success at the originator level. I have heard a broad range of wacky ideas to say the least but in a review of Greg Smith’s new book ”Why I left Goldman Sachs: A Wall Street Story,” I discovered a new level of absurdity […]
During a recent discussion, a mortgage banking executive brought up how difficult it is to get producing managers to coach LOs. More often than not, producing managers are top originators whose production is critical to branch and corporate results. With the other originators in the branch at either average or below-average, the financial reality is […]
In a recent conversation I had with a financial industry executive about 2013, we discussed why it is so difficult to move to a new selling approach even when it’s obvious that the current sales model isn’t working. It made me think about the misconception that the current way of doing business is the best […]
With only 90 days left in 2012, I have had many conversations with management executives who are planning for next year. I wanted to share lessons learned when implementing change in a sales organization—whether it is installing a new training program or sales process. In the big picture, many change initiatives fail. Research conducted by […]
In a recent conversation I had with a mortgage executive, she mentioned that in 2017, the Millennial generation (18- to 34-year-olds) will be the largest driver of the economy—second only to Baby Boomers in terms of population and influence. As such, the Gen Ys or “millennials” represent a huge opportunity for mortgage companies in the […]
Recently, McKinsey & Co. interviewed Larry Fink, CEO and founder of BlackRock regarding how to succeed in a low-interest and trust-deficit financial services sector. BlackRock as you know is one of the world’s most powerful asset-management firms with $3.5 trillion under management. Their clients range from individuals and corporations to governments and other investors. The […]