A day in the life of a Relationship Manager (2)
The job position is extraordinarily challenging and may feel thankless at times, but can also be financially rewarding. The Relationship Manager is the ultimate face of the bank. They are the foreman and relate more to clients.
When Relationship Manager starts in the role, they're assigned a book of clients. Their primary function is to maintain and build the existing relationship with the clients, either by extending further credit or by supporting them in some other ways like optimizing cash collections and disbursements.
The second function is growth this means growing or developing new relationships and bringing new business to the financial institution either by hustling for it directly through networking with industry groups or by building out a referral network of trusted influencers like accountants, corporate lawyers, and business advisers or brokers in order to have opportunities. To be successful in the role of a relationship manager, there are many skills required to be a successful relationship manager :
Strong Credit Acumen
You are responsible for identifying creative solutions for clients and can quickly diagnose financial risks and opportunities.
Another important skill is 3-5 years of experience
The role of the relationship manager is not just given to a junior but an expert who has years of experience in other supporting roles like the role of a credit analyst, where they have built up institutional knowledge and experience required to negotiate and execute increasingly complex credit.
Good negotiation skills and great with people is really important to get the deals closed and is usually more of an extrovert. Relationship Managers can't be afraid to hear the word no and they will frequently be rejected either in their prospecting efforts or even by their own firm's adjudication group.
Multitasking
Being able to juggle multiple tasks at once is imperative as with dealing with the unexpected, all while remaining calm and collected. Time management is key in this position, as we all have 24hrs in a day, so learn to make the best of your day.
Usually, a banker has 3-5 years of experience in a supporting note like credit analyst or associate or even both before being promoted into a Relationship Manager position
Relationship Managers are hot cake to competitors. They are most sorted by competitors who want to hire to pay for their experience and their existing network and business contacts. The interesting thing is that you can build a career as an analyst, and you will see yourself promoted to higher positions.