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About Managing Financial Needs Analysis

Needs analysis is the process sales agents use to gather information about their customers and recommend the best products to them. In a needs analysis, an agent asks questions and selects answers with preassigned scores. The scores for each product are aggregated, and by clicking on the Recommend button, an agent can recommend and cross-sell a package of products or a single product to customers. In addition, a relationship manager can use the investment needs analysis to recommend model fund and asset distributions for an investment portfolio.

Following the procedures in this chapter, administrators will be able to:

  • Develop needs analysis scripts, which are specifically worded sets of questions. Call center agents use these scripts in a needs-based selling process to gather information from customers interested in learning about or purchasing a specific product. The scripts can also include pick list values for the customer answers.
  • Set up product scoring, which assigns number values to needs analysis script answers. Based on the script answers, a needs analysis recommendation lists the products for the agent to recommend to the customer; recommended products having higher scores more closely meet the customer's needs than those with lower scores.
  • Create investment objectives.
  • Create an optimal portfolio mix for asset and fund types for each investment objective.

Following the procedures in this chapter, end users will be able to:

  • Perform a needs analysis.
  • Recommend products that best match customer needs.
  • Recommend model fund and asset distributions for an investment portfolio.
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