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Case Study
Industry BFSI (Banking)
Category Sales
Product Negotiation & Influence
Business Issue
This Indian wealth management organization had counted on technology-driven asset management programs to grow to be the number one. With a target on their backs and several smaller competitors trying to undercut them on price, they needed to improve their wealth managers’ negotiation skills to strike deals that balanced increasing Assets-Under-Management (AUM) with quicker deal closures without sacrificing their fees.
Solution Summary
A framework of principled negotiation skills and techniques, based on the research of Dr. William Ury (co-founder of Harvard’s Program on Negotiation), equipped wealth managers with applicable skills and tools to improve their success in balancing the organization’s objectives.
The workshop was rolled out as a series of four customized 3-hour virtual sessions during the COVID-19 pandemic, interspersed with reinforcement application assignments delivered via a collaborative digital platform. Managers also supported and reinforced new behaviors by providing coaching on the platform.
The revenue increase of 1:54 compared to the AUM growth.
Wealth managers attributed 42% of their success to the training received.
92% of participants reported improved relationships with customers.
Behaviors that showed the greatest level of change:-
The participants were able to:
- Maintaining positive relationships with various stakeholders
- Having improved the quality of their negotiations
Ability to say “no” to unreasonable demands due to the skills they learned. - increase in the quality of their negotiations
Asking the right questions to identify the interests of all stakeholders” was the skill that showed most improvement, followed by the ability to prepare well prior to a negotiation.
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