Increased Profits and Quicker Deal Closures Credited to Wealth Managers’ Improved Negotiation Skills

Business Issue:

This Indian wealth management organization had counted on technology-driven asset management programs to grow to be number one. With a target on their backs and several smaller competitors trying to undercut them on price, they needed to improve the negotiation skills of their wealth managers to strike deals that balanced increasing Assets-Under-Management (AUMs) with quicker deal closures while not sacrificing their fees.

Solution:

A framework of principled negotiation skills and techniques, based on the research of Dr. William Ury (the cofounder of Harvard’s Program on Negotiation), equipped wealth managers with applicable skills and tools to increase their success at 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 in the platform.

Outcome:

• The organization realized a 1.2M revenue increase and a 65M increase in AUM, both attributed to the new skills and techniques imparted through the Negotiating to Yes™ learning journey.
• On average, wealth managers attributed 42% of their success to the training received.
• 92% of participants reported improved relationships with customers and/or other negotiating parties.
• 90% of participants reported an 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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