When it comes to improving the relationship between an organization and its clients using efficient communication, conflict resolution and understanding client needs, it is the Relationship Manager who plays the key role in an organization. A relationship manager whether working in a bank, insurance firm or investment management company, acts as a manager, advocate and consultant by using his strategies to foster and maintain a company's relationship with his clients and business partners. Most big organizations rely on a dedicated Relationship Manager to handle the complexities of after sales management and client communication in order to ensure healthy business relations that are not just long term but also profitable. This also necessitates another very crucial function of an RM to cross sell, up sell and look for new business opportunities for the organization.There are different terms or groups for a Relationship Manager such as Business Relationship Manager, Client Relationship Manager, Customer Relationship Manager or Vendor Relationship Manager. Some of the regular tasks and duties performed by an RM are:
- Understand customer needs and provide solutions
- Respond to complaints and handle objection
- Handle operational issues
- Explain policies and procedures to clients and customers
- Cross sell and up sell and attain or exceed objectives for current account revenue
- Execute streamlined marketing operations through agencies and vendors
- Resolve conflicts in legal and operational matters
Salaries and Job Outlook*
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An RM is the focal point who deals directly with customers and represents the company in the most presentable form. Financial services and banks primary depend upon RMs to manage clients and also help them in business transactions and generate revenue for them. Among corporate services companies they develop a thorough understanding of the client and customer needs, designs solutions to help manage long term relations. Hence the growth potential and contribution of Relationship managers are very high in any organization.A career as a relationship manager, one can expect to earn an average annual salary of INR 3.5 lacs p.a. With right experience, qualifications and skills earnings can go up to INR 5.0 lacs p.a. With promotions come salary hikes and one is also entitled to get incentives on completion of targets, which is in excess of your monthly salary or cost to company (CTC).
Education and Training
A BBA degree at the graduation level is preferable to begin a career as a Relationship manager at an executive level. Premium banks and other high paying employers however consider an MBA as a desirable candidate for their RM position.If one is working in the financial domain, relationship managers need to undergo continuous training to keep up to date with new financial products and procedures.
Valued Traits & Abilities
Relationship Managers are hired by organizations to improve the relationships between a company, its partners, and its customers. They may work in a variety of industries including finance, banks, insurance, corporate services, real estate, telecom and consultancies. Relationship Managers focus on servicing and developing an existing client base and gaining new clients. Hence they are hired under the title of Key account managers in a number of organizations. The role and titles may vary slightly across different organizations and segments of an industry but growth opportunities and professional development are limitless as compensation packages.
Business Advisor / Consultant
Also known as management consultants help organizations to solve issues, create value, maximize growth and improve business performance. In addition, they liaison with clients and keep them informed of all progress and updates.
As a Financial Advisor their role involves advising clients on financial matters such as tax and investment strategies, securities, insurance, pension plans, and real estate as well. They update and contact their clients periodically on changes in financial status.
Customer Relationship Specialist
Also called as customer support specialists, analyze the industry where one is employed and help in devising strategies for acquiring and retaining the business. Their work area also includes assisting clients through phone calls, billings, report and analyzes customer needs and information.
- ABC Consultants
- Idea Cellular ltd.
- Indiabulls Housing Finance ltd.
- Capital First Ltd.
- Reliance Life Insurance
- Bajaj Capital Ltd.
- ICICI Bank ltd.