Sales Management in Private Banking

A Three-Phase Approach to Exceed Targets

In private banking, an RM's success is closely tied to consistently meeting targets. Unlike many other industries, performance assessment is straightforward—you're either hitting your targets, or you're out.

There’s little room for ambiguity.

Thorough planning and regularly tracking your progress throughout the year allows you to spot early when you start falling behind, make timely adjustments, and stay accountable.

For instance, when preparing for 2025, the best time to start planning is in Q4 2024.

If you are a private banker, don′t wait until you are in trouble with your numbers. Take ownership early and set yourself up for success ahead of time.

But how could you do that?

Most RMs instinctively know they must take action before the year begins. However, many lack the tools and strategies to do so effectively.

That’s why we’ve developed a straightforward toolbox explicitly designed to help private banking RMs stay on top of their sales tracking and performance.

Our approach has three key phases:

• Phase 1: Pre-Year Planning
• Phase 2: Year-Round Performance Tracking
• Phase 3: End-of-Year Reflection & Review

Through these, RMs can be in control of their figures to meet or even exceed their targets and continuously learn and sharpen their strategies for future success.

The example below shows how you can begin preparing for 2025, though this framework can be applied to any upcoming year.

Phase 1: Pre-Year Planning for 2025

When should this take place? In Q4 2024

Before the new year begins, you can lay down the groundwork for your success in 2025.

If you’re an RM, this is a great time to be transparent with yourself. We've put together a comprehensive set of questions for you to ask yourself.

Here are a few examples:

• What has worked well for me and my clients in 2024?
• What was my conversion ratio with prospects?
• On which part of the client journey did I fall short? Why?

To help RMs track their progress, we've developed a simple and user-friendly tracking model. With it, RMs can clearly see where they stand, closely monitor their performance, and make timely adjustments when needed. By creating a forecast and regularly comparing actual results, they can quickly address any deviations and stay on course.

We suggest that the RMs start compiling this tracker in Q4 2024 and examine it more closely in phase II.

Phase 2: Year-Round Performance Tracking

When should this take place? From Q1 - Q4 2025

Once the targets are set at the beginning of 2025, we suggest you begin crafting your strategic action plan outlining how to reach those goals. This phase is not just about reacting to what is expected of you — it's about taking ownership of the process and preparing to execute your strategy.

At the start of the year, each RM is given two key targets:

• Net New Money/Assets
• Revenue

These are typically the most critical KPIs for an RM in private banking. The most successful RMs break these targets down into monthly and quarterly goals.

Keep in mind that these figures are rarely linear, as certain months are less active than others (for example, December is often slower).

Remember the tracking model introduced in Phase 1? Now is the time to take a closer look at it. For instance, if an RM sees their numbers slipping, they can quickly identify the root cause by reviewing the client journey, which is clearly mapped out in the tracker.

A few examples include:

• Are there challenges with generating qualified leads?
• Is the outreach strategy not delivering results?
• Is there difficulty getting accounts funded?

Phase 3: End-of-Year Reflection & Review

When should this take place? In Q4 2025

After the year has concluded, it’s time to reflect on what worked, what didn’t, and why. This phase is essential for learning and continuous improvement, allowing both the RM and team lead to understand the external factors (i.e., the ones you have limited control over, such as the economy) and internal factors (i.e., the ones you have control over,) behind any major deviations from the targets.

If you’re a?team lead, this is a great opportunity to hold a transparent review session with the RM. Look at the overall performance and analyze where targets were met, exceeded, or missed. Was the outreach strategy flawed? Were the conversion rates lower than expected? Were external market factors at play? Use this reflection period to improve your forecasting and target-setting for the next year, ensuring better results and fewer surprises.

For?RMs, this is a time to reflect honestly on your performance. Celebrate your successes, but also take ownership of the areas where you fell short. Be transparent about the challenges you faced and use the feedback from your team lead to improve your strategies going forward. This phase is all about growth—what can you do differently next year to hit your targets more effectively? Reflecting on the past year helps you learn, adapt, and ultimately succeed.

If you're interested in the sales tracking toolbox to ensure you meet and exceed your targets in private banking, contact us at Qyro Partners or send us an email: [email protected]

We can help you implement this three-phase framework to boost sales performance at both the individual and team levels.