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Job description:Relationship Manager
As Relationship Manager you will help people get the most from their money, make the right choices and make their money work for them.
Often working for a bank or building society, you'd be the number one resource for customers to get advice on their account. This would range from their account details to advice on the best financial service for them. You'd have to assess each individual customers needs and accounts as well as generating new business and clients.
Speaking with customers would be a large part of your day to day work, either over the phone, on the internet or face to face. You'd set up a meeting with them, discuss their financial needs and details and keep records, negotiate over financial products and keep your customers well informed and advised at all times.
It would be important for you to keep up to date with the latest products, services and financial laws so you can give reliable advice. You will also be expected to meet sales targets, by offering them to clients and also drawing in new ones to increase business.
Hours/Environment
Working hours would vary depending on whether you are tied to a bank or work as an independent Relationship Manager. Typically, if working for a bank or similar organisation, you'd work from nine to five, Monday to Friday and possibly Saturday mornings. Evening and shift work is also quite common.
Working independently, you'd have far more flexibility, and could meet clients in the evenings or weekends.
You'd often be working from an office, but travel to meet clients and attend meetings would be needed. The chance to work from home or on client premises is also possible.
Skills and interests
To be a good Relationship Manager, you must have:
- excellent communication and listening skills
- the ability to explain complex information clearly and simply
- good sales and negotiation skills
- an interest in financial products and markets
- good mathematical and computer skills
- the drive and motivation to meet targets
- honesty and a trustworthy manner
- accuracy and attention to detail
- the ability to analyse and research information
Entry
There are no set qualifications needed but you'd need to be already working in some way within financial services to enter the role. You'd often be taken on as a trainee or have been promoted from another role within a financial company such as a bank or building society. You'd need to have GCSEs (A-C)/ S grades (1-3) or equivalent in English and mathematics. Computer skills would also be needed, especially due to the increase of online banking. Degrees in business studies, finance and accountancy or related subjects are an advantage, but it won't always be necessary for you to become a Relationship Manager. To take a degree course, you'd need a minimum of five GCSEs (A-C)/S grades (1-3) with two A levels/three H grades or equivalent.
An Access to Higher Education qualification would occasionally be accepted for entry to certain courses. If you're experienced in a related field, you'd able to gain recognition of your skills through Accredited Prior Learning (APL). Please check with colleges or universities for exact entry requirements.
Training
Training would usually take place on the job, working with experienced members of staff. You'd need to be trained to understand all of the organisations products and services, as well as its customers.
You'd need to gain one of several qualifications approved by the Financial Services Authority (FSA) such as the Financial Planning Certificate (FPC) awarded by the Chartered Insurance Institute (CII) or the Certificate in Financial Advice (CeFA) awarded by the Institute of Financial Services (IFS). The qualifications are based on knowledge and understanding of the financial services sector and your ability to use this knowledge with clients. Please contact the FSA for a list of approved qualifications.
You'd also have continuous training for new financial products and procedures so you're kept continually up to date with the current market.
Opportunities
If you work for a large financial organisation, with experience you could move into management or compliance work (making sure that the company follows FSA regulatory guidelines).
Annual income
At the early stages of your Relationship Manager career within banking, you'd earn between £24,000 to £30,000. With more experience and a large client base, this would rise to between £35,000 to £50,000.
Salary would vary largely depending on what kind of banking you work within. Roles in London are likely to be higher paid. At senior level, it is possible to earn between £70,000 - £100,000 in some roles, particularly investment banking.
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