Effective Revenue Tracking

Revenue tracking and reporting tools help monitor and measure the performance of the entire sales organization, from lead to booked revenue. Wealth management firms can leverage revenue tracking data to optimize business strategy and drive growth. An effective revenue tracking system delivers useful data to measure advisor performance, track branch referrals, and gain actionable insights.

Measure Advisor Performance

As with all industries, a wealth management firm needs visibility into the activities and performance of its sales force. Managers must understand the type and level of activity that leads to advisors meeting their quotas. Revenue tracking tools will help you proactively manage your advisor’s activity. Monitor this activity daily and review key metrics with them on a weekly basis.

It’s valuable to look at these metrics from both quantitative and qualitative perspectives. Quantitative data is information (mainly numbers) that can be directly measured (e.g., revenue per sale). Qualitative data focuses on characterization and feedback, giving more context to quantitative data (e.g., time spent on meeting prep). Together, these metrics will inform the what and why. With the ability to leverage accessible and complete revenue tracking data, managers can focus on coaching, measuring performance, and ensuring that strategic objectives are met

Track Branch Referrals

For wealth management programs within banks and credit unions, referrals from the bank branch play a vital role in lead generation and remain competitive in their recruiting and retention efforts. However, the banking industry continues to see a decline in branch traffic, which has a direct impact on the number of referrals. According to a 2017 study from Kehrer Bielan Research & Consulting, the typical advisor in a bank or credit union received 30% fewer referrals than the previous year.

Now more than ever, knowing where these referrals are coming from is vital. Effective revenue tracking captures referral information allowing firms to monitor referrals and assign revenue to the branch. Obtaining this data enables the entire organization to see which branches are sending referrals. Additionally, revenue tracking will help the wealth management leadership optimize territory and branch design.

Gain Actionable Insights

Revenue tracking assists management in spotting specific trends to be replicated or, conversely, opportunities for improvement. Whether it be a person, branch, or process. Comprehensive revenue tracking captures a firm’s entire production providing executive staff with the information necessary to make critical decisions. Timely and accurate data facilitates the manager’s role in driving sales performance management and forecasting. With revenue tracking tools, managers have access to current and historical sales revenue data, giving them the insights required to set accurate quotas and forecast effectively. This data enables managers to coach advisors and implement corrective strategies in a timely fashion. Data-driven decision making allows you to focus more on strategy and leading advisors to achieve their objectives and, ultimately, the firm’s goals.

Management can leverage revenue tracking data to turn the firm’s goals into actionable programs, achieving growth. The right financial technology will empower you to make informed data-driven business decisions faster, earlier, and with confidence.

New call-to-action