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Financial Services Representative

Published
Time-Based Apprenticeship
Sponsoring Company:
Principal Financial Group
O*Net Code
41-3031.00
Rapids Code
3007
Req. Hours
1700
State
DC
Created
Jul 29, 2021
Updated
Jul 29, 2021

Time-Based Skills

5 skill sets | 30 total skills
Prospect for business - 500 req. hrs
Create ideal client profile
Identify target markets
Create a marketing plan
Create language scripts
Execute marketing plan
Set client appointment
Convert prospects to clients - 700 req. hrs
Monitor marketing plan
Engage client
Conduct fact-finding
Build risk strategy
Build securities strategy
Build benefits strategy
Present risk recommendations
Present securities recommendations
Present benefits recommendations
Revise recommendations based on client feedback
Complete the application process
Record client history after each interaction
Manage client relationships - 200 req. hrs
Forecast open and closed clients
Initiate routine client service needs
Respond to client service’s needs
Maintain ongoing professional development - 200 req. hrs
Identify industry trends and best practices
Attend specific training
Maintain licensing requirements
Maintain compliance documentation - 100 req. hrs
Submit compliance report and trade blotters
Maintain checks and security logs
Maintain gift and entertainment logs
Maintain advertising log
Maintain marketing log
Maintain correspondence log

Technical Instruction

Investigate financial sales as a professional career - 12 req. hrs
Apprentice identifies personal traits appropriate for financial sales
Apprentice describes the sales products
Apprentice identifies sales work environments
Apprentice describes typical tasks of a financial sales professional
Apprentice identifies potential opportunities of a career in sales
Apprentice identifies potential challenges of a career in sales
Apprentice conducts an interview
Identify the traits and skills necessary to become a selling professional
Describe the variety of work environments for financial sales people
Outline common challenges of financial sales careers
Outline common advantages of financial sales careers
Outline consultative/solution-based selling approaches in finance sales - 12 req. hrs
Apprentice characterizes ways that a sales person can become a trusted advisor
Apprentice identifies short term payoff of a consultative/solution approach
Apprentice identifies long term payoff of a consultative/solution approach
Apprentice identifies potential break downs in the sales process
Apprentice identifies potential recovery techniques
Apprentice determines role of technology in the sale process
Apprentice determines how information is disseminated in the sales process
Apprentice explores professional development opportunities
Describe the role of needs in consultative and solution selling
Describe the long term vs. short term payoff from a consultative/ solution approach
Describe how technology and information dissemination impacts the role of the sales person
Describe the importance on going learning in consultative/ solution approaches
Demonstrate relationship selling techniques - 12 req. hrs
Apprentice responds to buyer's business concerns
Apprentice addresses buyer objections
Apprentice proposes a solution that addresses buyer need
Compare and contrast the relationship selling model vs. The traditional model
List the key attributes of relationship selling
Examine the psychology of seller and buyer behavior - 12 req. hrs
Apprentice differentiates between seller and buyer behavioral cues
Apprentice determines the possible impact of seller and buyer behavior
Apprentice determines common economic needs including price, performance, dependability and durability
Apprentice describes buyer movement from arousal, information collection, to evaluation and decision
Apprentice gathers information from buyer
Apprentice identifies possible buyer need based on information
Apprentice differentiates between rational and emotional buying
Describe various buyer motives
Identify the steps in the consumer decision making cycle
Examine strategies to use in the selling cycle that reflect buyer psychology and personality
Examine the components of the communication process
Describe methods for gathering needs information
Demonstrate ethical selling techniques - 12 req. hrs
Apprentice responds to objections with honesty
Apprentice accurately represents product/ service
Apprentice identifies prospects values
Apprentice respects buyer concerns
Examine elements of ethical sales
Determine how and where ethical selling standards have been adapted
Explain the effects of ethics on the relationship selling model
Practice the process of prospecting - 12 req. hrs
Apprentice describes methods to generate leads
Apprentice outlines an appropriate target market
Apprentice researches web and directory resources
Apprentice determines realistic criteria
Apprentice constructs a phone script for prospecting
Apprentice uses a phone script to contact and set up a meeting with potential prospect
Describe the importance of prospecting
List the components of the prospecting pool
Explain the varying contact strategies
Examine elements of a sound a phone script
Conduct a needs assessment - 12 req. hrs
Apprentice uses an effective opening question
Apprentice applies active listening techniques
Apprentice uses trial closing questioning techniques
Apprentice adjusts to meet buyer objections
Apprentice uses different levels of questioning during a sales presentation
Apprentice determines needs of buyer
Apprentice outlines best practices for finding appropriate networking events
Apprentice reflects on the challenges of navigating the boundaries between personal and professional relationships
Apprentice identifies ways social media can be used to build professional relationships
Apprentice reflects on the ways in which they can develop a personal brand
Apprentice describes the role of accountability and ethics in building a sales network
Explain the different types of questions that can be asked to determine prospect/client wants and need
Conduct a selling presentation asking different levels of questions
Explain the importance of listening
Determine various strategies to improve listening
Describe the role of social media in today's sales environment
Outline the role of relationship building in the sales process
Describe best practices in networking
Describe the role of authenticity in professional relationships
Demonstrate negotiation techniques - 12 req. hrs
Apprentice describes the role of planning in the negotiation process
Apprentice differentiates between negotiable and non-negotiable items
Apprentice describes the ways in which contract terms impact a company's bottom line
Apprentice identifies the buyer and what control they have over negotiation
Describe the importance of having a plan for a negotiation
Identify the role of the key points that are negotiable and non-negotiable items
Explore the pre-negotiation planning process
Negotiate prospect objections - 12 req. hrs
Apprentice approaches the objection from the buyer's perspective
Apprentice asks buyer clarifying questions
Apprentice asks closed and open-ended questions where appropriate
Apprentice uses active listening techniques
Apprentice recognizes the business challenge behind the objection
Determine the difference between buyer objections and buying questions
Review steps in the negotiating process
Role play a negotiating situation
Establish a system to reconcile prospect objections
Practice closing techniques - 12 req. hrs
Apprentice asks open and closed ended questions
Apprentice addresses prospect concerns
Apprentice summarizes buyer concerns
Apprentice crafts a proposal that addresses objections
Apprentice outlines next steps once objections are met
Explain the different types of closing strategies
Identify and determine when closing opportunities arise
Break down the components of team selling - 12 req. hrs
Apprentice determines scope of sales representative role
Apprentice differentiates between facilitating and directing
Apprentice identifies benefits of team selling
Apprentice determines role of account managers
Apprentice determines role of inside sales representatives
Apprentice determines role of customer service representatives
Describe the importance of assessing team members strengths and weaknesses
Describe instances where various sales and customer service people might be involved in a sales process
Examine the importance of assessing customer need when implementing a team approach to a sale
Describe how product complexity impacts approaches to team selling
Apprentice determines own area of expertise in comparison to others on the team

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