Strategic Thinking about the Retirement Plan Sales Process

1. Strategic Thinking about the Retirement Plan Sales Process A Roadways to Retirement conference call Mr. Norm Lubin Chairman and CEO FMS Group, Inc.215-653-7170 fmsgroup@aol.com

2. Discussion outline • THE CURRENT ENVIRONMENT: LESSONS LEARNED • TACTICS AND APPROACHES TO TURN RELUCTANCE INTO OPPORTUNITY • FREQUENTLY OVERLOOKED DETAILS • ABOUT FMS GROUP

3. The current environment: Lessons Learned • Generalists Frequently Are “Challenged” When Asked To Market “New” Products That Are Complex And Complicated • Sales And Service Are Largely Integrated Disciplines, But Many Professionals Over-Service And Under-Sell • Product Knowledge Training Often Focuses On Features, Rather Than Benefits And Solutions

4. The current environment: Lessons Learned • Two “Typical” Refrains From Professionals Who Both Service And Sell • “I’m Not Comfortable Marketing What I Do Not Understand… I Need More Product Knowledge” • “I’m Very Busy… But I’ll Keep You In Mind” • Internal Partners And External Intermediaries Can Be More Difficult To Convince Than Their Clients!

5. Tactics and approaches to turn reluctance into opportunity • Introduction: Addressing Behavior And Product Knowledge Issues • Acknowledge The Environment • Lots Of Products To Sell • Too Little Time For Too Many Clients • Some Products Are Not Easy To Understand And Describe • Product Knowledge Training Often Creates More Questions Than Answers • We’re All Reluctant To Put Ourselves “At Risk”

6. Tactics and approaches to turn reluctance into opportunity • The Psychology Of Change: We All Listen To Radio Station “WII-FM” • I’m Not The Expert: Keep It Simple And Brief • Do Not Expect Me To Jeopardize My Relationship To Sell Your Product • Help Me To Avoid Embarrassment • Convince Me That You Will Do What You Claim You Do!

7. Tactics and approaches to turn reluctance into opportunity • A Successful Strategy: The Practical “Tool Kit” • Product Acumen Instead Of Product Knowledge: Conversational Competence • Integrate “New” Product Information With Current Sales And Service Activities • Relevant, Simple And Timely Information In A Conversational Format • Information That I Can Embrace And Advocate • Provide Access To An Expert

8. Tactics and approaches to turn reluctance into opportunity • The Challenge Of Product Knowledge: Two Approaches Product Platform  Features And Key Components  Features Roadmap: “Wiring”, Flows, Etc.  Permutations And Outcomes  Other Factors About The Product  Pricing  Typical Client Profiles Traditional Model Efficiency Model • Educate/Inform = Knowledge and Curiosity •  Product Features •  How They Work •  Components And Customization •  What Happens And When •  Optimum Candidates For Product •  Costs, Fees, Charges •  When To Call • Conversational Competence = Confidence and Activity  Product Summary And Key Attributes •  Key Sales Points •  What You Need To Know •  How To Position With Prospects •  Prospecting “Tips” And Approaches •  Who To Call •  What Happens When You Call

9. Tactics and approaches to turn reluctance into opportunity • Additional “Tool Kit” Ingredients • Communication Skills • Written Word, Spoken Word, Body Language: Stories And Vignettes • Minimize Text And Utilize A Discussion Outline Format • Involve The Listener: Conversation, Not A Product “Dump” • Understand That Personality Style Impacts The Message, The Messenger And The Listener

10. Tactics and approaches to turn reluctance into opportunity • Integrate The “Tool Kit” With The Personal Sales Process Of Each Professional • Five Key Sales Process Ingredients: • “Breaking The Ice” = Comfort/Stress Reduction/Setting The Stage • Introductory Comments = Who I Am, What I Do, Why We Should Converse • One Or Two Key Questions (Open End) = Conversation, Needs Discussion, Relationship Building • Response To Needs = Suggested Solution Or “Next Step”, etc. • “Close”: Confirmation Of Interest, Validation Of “Next Step”, Scheduling, etc.

11. Tactics and approaches to turn reluctance into opportunity • Closing”: The Key Discipline • Often a Misconstrued and Misunderstood Behavior • Should Be Tailored To Listener’s Needs And Personality • Should Be Conversational, Natural And Logical • “Closing” Is A Teachable Skill!

12. Frequently overlooked details • “Typical” Bumps In The Road That Undermine Progress • Monologue, Not A Dialogue (Presentation Versus Conversation) • Failure To Take Listener’s “Temperature” • Failure To Observe The “Non-Verbals” • Failure To Sustain Positive Body Language • Failure To Respond To Questions And Concerns • Failure To Suggest A “Next Step”

13. Frequently overlooked details • Personal “Mind Set” And Confidence Impact Personal Behavior • Focus On: What I Need To Say; Not, What I Need To Know • Practice = Competence = Self Confidence • Utilize “Real World” Scenarios To Enhance Learning And Confidence • Appreciate Behavioral And Environmental Issues: Time Management • Always Sell The Solution, Not The Product • Create A “Win” That Is Replicable

14. Frequently overlooked details • How Do We Achieve These Outcomes • “Stories” And “Sound Bytes” • Case Scenarios And Exercises, Not Text And Lecture • Practice With Impartial And Constructive Feedback • Continuous Education, Not A Day Of Training • Recognize That Change Is A Journey (Time And Effort) • Establish Personal Goals: “Invest In Yourself” • Integrate with Sales/Service Activities

15. About FMS Group • 27 Years And 550 Financial Services Clients On Four Continents • Clients Exclusively Are Private Banks And Trust Companies, Commercial Banks, Investment Managers, Broker Dealers, Mutual Funds, Etc. • All Senior Officers Are Graduates Of The Financial Services Industry • Top Line Focus To Build And Sustain Client Revenue Growth • Able to provide additional training, coaching and consulting to help your organization grow. For more details, please contact:Norm Lubin, Chairman and CEOFMS Group, Inc.215-653-7170 fmsgroup@aol.com