Relationship Management
- Description
- Tasks
- Skills
- Useful Knowledge
- Entry Qualifications
- Professional Qualifications
- Trends
- Resources
Customer service and how you look after your clients is, and has always been, a key differentiator in financial services. People working in relationship management, whether it’s in a bank, insurance firm or investment management company, could be tasked with seeking out new clients and forming new relationships or caretaking a valuable existing client base (often known as retention), making sure their needs are met every step of the way. Networking is always a big feature in relationship management. You might be expected to attend functions out of traditional office hours (including significant travel, both within the UK and abroad) or entertain extremely wealthy clients. At the very least, relationship managers need to maintain regular links with clients, to gather feedback and ensure their current needs are being met by your company’s products. Sometimes this may be through a simple after-sales call. Any information you glean from conversations needs to filter through to the right people, so communication skills and feeling comfortable talking to colleagues right across your organisation is essential. After you have established the client’s needs, specialists such as investment managers will come on board to present more detailed solutions.
Salary
Most people move into relationship management with substantial business experience, and therefore salaries offered are generally generous and can start from £30,000 per annum. With right experience, qualifications and skills you could earn in excess of £100,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.
- Improving the overall customer relationship, delivering reliable administrative support and customer service
- Acknowledging customers promptly and treating them in a courteous manner
- Finding out what information, products or services the customer requires to meet his/her needs, providing clear, accurate and relevant information
- Maintaining a strong working knowledge of client portfolios / products with the company
- Resolving customers’ queries within agreed authority
- Producing file notes after any client meetings, summarising any additional actions required, including follow-up calls
- Contributing to the development of new products and services, based on customer feedback
- Sales activity planning, including reviewing existing customer files to identify sales opportunities
- Undertaking commercial negotiations
- Managing new business pitches
- Compliance with legal requirements, industry regulations, organisational policies and professional codes
- Excellent interpersonal skills, able to communicate with a wide range of people
- Strong customer service ethic
- Work well in a team setting
- Reliable and ethical, respecting customers’ confidentiality
- Strong negotiation skills
- Strong decision making skills and the ability to take the lead
- Ability to manage risk
- Proactive and highly self-motivated
- Flexibility as there might be lots of travel involved
- Confident selling and marketing products
- Comfortable approaching people
- Good numeracy skills
- Ability to explain complex information in simple terms
Previous business experience is helpful.
- The features and benefits of products and services your company offers
- Regulatory requirements and the difference between selling and advising
- The broader sales and marketing processes adopted by your firm
Direct entry to relationship management is unlikely without all-round business experience. Any relevant work experience will be invaluable, as will any roles where you have been able to develop customer-facing skills. Being able to convey information clearly in presentations and reports means an English qualification is nearly always required.
Some employers require their client relationship managers to demonstrate their understanding of financial services and undertake specialist technical qualifications. These may include qualifications offered by the Institute of Financial Services, Chartered Insurance Institute (CII), Chartered Banker Institute, Chartered Institute for Securities & Investment (CISI) or the CFA Society of the UK. These could include:
- Chartered Banker Institute Professional Banker Certificate and Professional Banker Diploma, for banking sector staff
- Institute of Financial Services Level 3 Certificate in Retail Banking Conduct of Business (CertRBCB), progressing to Level 4 Diploma (DipRBCB)
- CISI Certificate in Financial Services for Directors
- CISI Level 4 Investment Advice Diploma
- CISI Diploma
- CISI Level 7 Masters in Wealth Management
- Chartered Financial Analyst (CFA) program
If your role involved giving investment advice to retail clients, an Appropriate Qualification would be required. See the Financial Advice and Planning profile.
New clients will always be needed throughout financial services. Developing long-term relationships with customers to maximise sales opportunities means effective relationship managers that think on their feet and secure results will continue to play a vital role throughout the sector. Working on the front line with clients develops widespread business skills that are well regarded throughout the sector and beyond. Any organisation that is committed to clients and retaining valuable commercial and retail partnerships employ relationship managers. These include all the retail, wholesale and private banks, insurance and investment companies and intermediary brokers. Although many client management jobs are centred in key UK financial districts, there are many regional posts.
