Topic 12- People in financial services Flashcards
How does staff affect income?
customer acquisition
customer retention
maximising returns on advertising
What are the tasks in high-level selling
build demand for new services
persuading customer to change service provider
cross selling
How do you retain customers?
sell additional services
use customer database to identify needs
ensure good quality of service
What are the principles in the code of consumer banking practice
accountability fairness privacy reliability transparency
What is the purpose of the financial advisors standard of conduct
foster professional standards
encourage regulatory compliance in the financial advisory sector
strengthen singapore’s financial advisory sector
enhance customer confidence
What are the guidelines in the financial advisors standard of conduct
integrity objectivity confidentiality competence due care and diligence disclosure to client know your client conflicts of interest complaints handling compliance with laws
KOI C5D(2)
What are the two major factors that affect a salesperson’s performance?
personal attributes
selling skills
What are the personal attributes of good salespersons
Self-confidence planning ability hardworking and energetic perseverance discipline persuasiveness intelligence job interest/enthusiasm ambition good health social development able to handle rejections good communication skills
SPH DIP(2) JASAG
What is a short list of traits
empathy
drive
What must the sales training process familiarise the salesperson with?
customer bank services competition selling methods
what does sales training broadly cover
product knowledge
selling skills
What are the advantages of the direct sales force
less pressures (time, office) higher level of sales
What are the disadvantages of the direct sales force
invest more in training
high turnover of good salesperson
What are the rewards for the direct sales force?
salary
salry plus commission
commission only
