A Day in the Life of a Relationship Manager

Click on any recruitment ad for a relationship manager in a bank, and you will notice similar details listed every time. The company will ask for specific skills and qualifications while stating job responsibilities.

Nowhere will you get a sense of what the day-to-day job is actually like. It’s hard for an outsider to get an accurate idea of the exact details of that job before you are hired to do it. If you are curious and want to know more, you are in luck. Stay on this page and you’ll find out.

First, let’s discuss what does a relationship manager do? As the job title suggests, these professionals build close relationships with customers on behalf of the bank. They help to address specific concerns, solve problems and help the client make the right financial choices with the bank. It’s a very coveted and challenging job that can boost your expertise in financial services. Relationship managers are a unique breed of finance professionals. They are proficient in economic knowledge, especially the banks’ products and services. They also have a deep understanding of the mindset of the customer. The combination of these skill sets helps the professional to move up to better leadership positions. The role of a relationship manager is a great starting point to launch your career and move towards your future goals. However, you first need to prove your mettle in the day-to-day handling of the job. What does a relationship manager do every day? We break it down for you so you fully understand the profile.

Also Read – 6 Roles That Make Relationship Managers Indispensable

What does a relationship manager do all day? 

A relationship manager’s job is a balancing act. A competent professional will juggle many balls in the air while ensuring no one ball slips and falls. When you work with several clients, you have to learn to multi-task. So let’s take a sneak peek into a typical day in the life of a relationship manager and find out.

9 am 

Your day starts now. You enter the office, settle down on your desk and run through your planner for a mental confirmation of all the meetings lined up.

9.30 am

Your first meeting is at 11.00 am with a new client. You spend some time researching the client’s background, and specific financial needs and figure out which financial products are best suited.

11.00 am

You meet with your first client of the day, a manager who works with a large corporation. You spend some time on small talk, exchanging news on current events and family updates. Once the pleasantries are over, you dive straight into business. The client wants to discuss the terms of a 10-year loan. You negotiate back and forth till you both reach an amicable agreement. What does a relationship manager do once the meeting is done? You return to your desk to start processing the client’s paperwork.

Also Read – Decoding the Myths – Is Relationship Management right for You?

12.00 pm

As you work on the 11.00 am client’s files, you keep track of the time as you have another client at 3.00 pm. You also squeeze in some preparation for this meeting.

1.00 pm

Time to break for lunch and have a casual chat with your colleagues.

2.00 pm

You head for a department meeting. The bank is launching a new financial product, and everyone is there for a briefing. You take notes and ask questions until you are satisfied with the information. All this time, your mind is analysing how this product will appeal to your clients.

3.00 pm 

Unexpectedly, a client has shown up at your office. He has some misgivings about his current banking transactions and wants to close his account. So what does a relationship manager do in this case? You sit with him and examine all the issues point by point. You ensure all concerns are properly addressed and have managed to persuade the client to continue with the bank.

4.30 pm 

The meeting with the client took a long time, so you quickly get back to your desk to sort out more paperwork. You multi-task as you have to return a few calls and study your monthly targets.

5.30 pm

You pop in for a quick meeting with the compliance team and return a call from another client.

6.00 pm

The workday is finally over. You wrap up at your desk and fill in your to-do list for tomorrow. Now it is time to rest and unwind.

Skills needed for the role of relationship manager

The daily tasks on the desk of a relationship manager require a certain calibre of abilities to perform. When you ask the question, what does a relationship manager do all day? The short answer is that he utilises his skills and expertise to ensure customer satisfaction. The longer answer is below.

• Relationship managers need good communication skills when talking shop with clients.
• Analytical thinking helps you create a customised plan to suit your customer’s distinct needs.
• Technical knowledge of financial products is also a must, as you have to explain them in detail to the client.
• Awareness of the markets and emerging trends helps you gain an overall perspective of the industry and sharpens your proficiency.
• You need to be skilled in using CRM tools and financial modelling as they help optimise your daily tasks.
• Professionals also need to be good in mathematics and calculations.
• It helps to have one or more of these qualifications — MBA/BBA in finance, CFA, CFP, financial modelling, etc.

Also Read – 9 Must-Have Next-Level Skills for Relationship Managers

Proschool’s financial courses for relationship manager 

Proschool is a reputed coaching institution in India offering a selection of top professional courses across major cities in India. Aspiring relationship managers can really benefit from any one of the popular finance programs such as CFA, CFP, Investment banking and financial modelling. These courses are taught by industry experts who use innovative learning methods and skill development techniques to help students grasp complex subjects. Professors are known to offer support and mentorship, ensuring all doubts are cleared and all concepts are mastered. Proschool believes in learning out of the box. There is a special emphasis on real-world training, encouraging students to think and learn beyond the classroom. At Proschool, you get all the answers to the question, what does a relationship manager do?

Highlights:

• You can attend coaching centres in your city or enrol for online classes.
• Proschool ensures all students receive learning tools and resources like practice papers, mock tests, customised study plans, prep books and lots more.
• In addition to the course, you also receive recruitment training in interview etiquette and writing resumes.
• Certified students can access entry-level job openings on Proschool’s placement portal.

FAQs

Is relationship management a stressful job? 

If you are qualified, well-trained and skilled, you don’t have to worry too much about it. Yes, there will be stressful times, as in any financial job, but you will be well-equipped to deal with it. What does a relationship manager do when there is stress? Just keep calm, stay in control and put your knowledge and abilities to work.

Do relationship managers enjoy a good work-life balance?

Yes, relationship managers work according to bank timings and get bank holidays. There might be occasions when there is a crisis or a deadline, and you may have to work a bit later, but most professionals enjoy a healthy work-life balance.

How does technology impact the work life of a relationship manager?

What does a relationship manager do with technology? As it turns out, tech is a vital part of the job. Customer relationship management tools have been created to streamline processes and optimise customer interactions. CRM software can collect and analyse data, identify potential customers and new opportunities and automate repeated functions. As artificial intelligence continues to evolve, relationship managers can expect even better tech tools in the future.

What is the highest salary a relationship manager can earn?

As this is an entry-level position, a relationship manager’s salary can go as high as Rs 8 lakhs per year. After the professional is promoted, the salary package increases.

Can women become relationship managers?

Yes. Women can make very good relationship managers as they have natural instincts and soft skills that suit the job. However, men and women both need the training and qualifications before they can apply for the position.

What is the next position after relationship manager?

Once you have enough experience, you are promoted to senior relationship manager. If you show leadership potential, you can be elevated to the role of relationship director, head of sales and even vice president. You can also move on to specialised jobs such as corporate finance or wealth management.

Conclusion 

Many finance students often wonder, ‘What does a relationship manager do on a typical day?’ Hopefully, this post helps to clear any doubts. The role of a relationship manager is a lucrative and stimulating job which can lead to many exciting opportunities and promotions later on. You get to work with clients, solve problems, understand market trends, stay updated on new products and offer advice when needed. Over time, many relationship managers are given leadership roles. This job gives you the advantage of becoming a multi-faceted financial professional, thereby opening up a world of interesting prospects.