Savings Product Specialists

[kitkat]

Has anyone else heard that the Saving Product Specialists are being introduced to replace the FSS? That would save the PO £1000 for each one they get rid of.

[FinancialSpecialist]

I heard this rumour before, as Bank of Ireland as part of its contract requires that Post Office have specialists in place to sell their financial products. I think it is nonsense though as in the majority of branches counter staff are resisting the specialist roles and the FS are counter trained anyway. There are roughly 380 FS in the UK, which would only mean a saving each year of £380,000 which is a drop in the ocean.

Realistically, if an FS hits their life target alone they are likely covering their salary, in terms of real income that it generates as well as future income via a yearly payment for each completed year of the policy. In addition, the idea of having product specific specialists does not encourage cross selling as easily as the FS role, because they are not allowed to assist in sales for any other products.

Developments like life insurance on the laptops will drive these sales and have proved a 100% better experience for the customer than putting them on the phone to the contact centre and these developments didn't come cheap. Obviously no role is safe while they are looking into cost cutting measures, but I think the business would lose more than the cost of the FS increase and financial sales would suffer. All the training and re-training for the new specialists would also not come cheap, especially with no FS in the branch to help them with any queries in the teething stages.

I do think however that this year will see FS being monitored more closely and that there will be more PDPs and eventually sackings, bringing in new FS with more drive at the lower salary of £16,500, cutting costs and getting more sales focused people into the roles.

[bigjames]

I haven't heard about FS's being replaced by Product Specialists. I have heard about counter staff being encouraged to become Specialists to augment and provide cover for the FS, or in offices without one, taking referrals alongside the BM/ABM. Whether or not enough will volunteer will remain to be seen.

You say there are 380 FS's in the network, wasn't the target figure 740? Why haven't we got up to that magic number?

I now hear that FS's are expected to get 11 sales a week, every week (down from 15 last year) and that will pay your wages. Take a look at office targets and you will see that in most cases 11 financial sales a week is a colossal number compared to that office target.

I can only speak from experience with FS's and at last count I have worked with about 9. Some were great, some weren't. My last one used to work for the Premier Account dept of HSBC, where he had an office, with carpet and a coffee machine. All of his customers had a minimum £75,000 on deposit, and salaries of £100,000, small wonder then that he couldn't shift life insurance to the shuffling masses in my Post Office. He was expecting the sales to just drop into his lap, which they didn't and when I suggested that perhaps he might work a little harder to earn his cash (his weekly average peaked at 4 sales) he resigned and went back to HSBC.

You say that selling Life Insurance on the laptop will increase sales because of the improved customer experience. Possibly. I have just done the training to learn how to sell it on the lap top, and indeed it is an easy process. the stumbling block isn't getting someone who is genuinely interested in the product to buy. the problem is finding the few people who want or can afford to buy amongst our customers, and then if/when you do, having the time to have a good enough conversation to get them over to an FS or on the phone.

Not easy, and not about to get any easier any day soon.

[billyhayes]

Bloody hell!! And that's a manager speaking! One that hasn't swallowed POLs bullshit pill.

Good post bigjames

[PO1]

Great post by bigjames. If a few more managers stuck their head above the parapet we wouldn't be in the mess we're all in now.

Come the mutualisation it will be interesting to see if any of these sales hangers on survive the cull. Bums will still be required on seats (but at what rate of pay?) however paying someone 16-17k to warm their hands in their pockets

[FinancialSpecialist]

I was achieving close to 11 sales in a low income branch and am achieving the same in a high income branch. In each branch I have worked in, which had differing socio economic mixes I have heard the full range of reasons why it is a unique place to be selling in - either the people don't have bank accounts and don't need our products, or I have heard that the people have too much money, have financial advisors and don't need life insurance.

We do a wide range of products and I do see the Post Office as a public service, we can help the poorer customers save and often financial advisors are ripping customers off. Your sales will come as a direct result of the work you put in and how you communicate with customers - if our products were shite I wouldn't be able to do the job, but they are not. This is why I left a big bank which shall remain nameless.

I think the problems in your branches largely lie with your CAMs or your branch managers, FS and other staff members. I guess I am just a positive and optimistic person and don't get bogged down in the shite - I never have said everything is a bed of roses, it's a tough job for everyone but your outlook and the way you approach what is asked of you will very much be reflected in your perception of your job and how you do in it.

PO1, FS get paid £17-21k. I know there are crap ones, the same proportion as for the counter and as with all of them, they should be of course gotten rid of and people who want to do well at their job should fill their shoes. Justifying your success at a role by how you do exactly the same as you did when you start it and don't do anything that changes that you don't agree with is misguided.

[PO1]

paying someone 16-17k to warm their hands in their pockets.

PO1, FS get paid £17-21k.

new FS with more drive at the lower salary of £16,500

You said it mate.

[FinancialSpecialist]

The fact that they are introducing trained FS into WH Smith but are just using existing WH Smith staff members to man the PO counter speaks volumes against your argument. In addition, FS are only paid £1000 more than some counter clerks and the same as others. We are expected to know how to do everything on the counter and also be responsible for double the branch target for sales in some cases - how can the consistent argument be that counter staff are underpaid and FS are overpaid? What is this culture of sour grapes?

I feel sorry for the FS in your offices because it is obvious that they are going to have to deal with this on a daily basis and from what I am hearing will be receiving very few decent referrals due to a culture of negativity and complaints.

[The BFO]

I was achieving close to 11 sales in a low income branch and am achieving the same in a high income branch.

As a matter of interest, approximately how many Life Policies have you personally sold to completion so far this Financial Year?

I ask because in our office, despite several 'Focus Days' and much angst, we have, as of Week 9, 'failed to trouble the scorers'.