This financial investment firm relies upon 1,100 independent financial advisors to represent and sell their solutions.
How can you get the attention of independent financial advisors during the hectic summer vacation season and motivate them to increase their selling efforts?
Creating an Incentive That Makes Sense
We created a three-month, classic tiered incentive program, segmenting advisors into four reward groups. The “A” players with large sales volumes could earn greater rewards, but to do so, had to produce more in sales. No matter which of the four reward groups an advisor was in, they knew that by achieving 110% of their goal, they could earn X. By hitting 120% of goal, they could earn 2X, and by hitting 130% they could earn 3X. Everybody had a reason to stretch. Everybody was in charge of his or her own destiny.
An Elegant Structure = Mission Accomplished
Performance gains resulted in achieving 109.4% of the revenue goal.