The Role of Account Managers/Relationship Managers

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1 JOB PROFILE ACCOUNT MANAGER/RELATIONSHIP MANAGER OVERVIEW It s about you Are you entrepreneurial in spirit and enjoy working in a highly competitive results-driven environment? Are you someone who enjoys building and managing your own book of business? Do you thrive on meeting established sales targets? Do you like working with clients to help them achieve their financial goals? Do you enjoy relationship building and are you open to traveling to client sites? Are you effective in collaborating with others across the organization to ensure you provide the right solutions to clients? If so, the Account Manager/Relationship Manager role may be a highly rewarding career for you. What is account management/ relationship management? What is the role of (job)? Account management/relationship management involves the management of the sales and relationship with particular clients. Clients may be allocated based on geography, client industry or product/services needs. Account Managers/Relationship Managers are responsible for: Managing an assigned portfolio of clients (e.g. retaining them as clients and further developing these existing client relationships by consultative selling and recommending products and services to meet their needs, possibly coordinating with other groups/areas to create the best financial solutions for clients) Qualifying and converting new clients (prospects) Clients may be assigned based on geography (e.g., Toronto region), client industry (e.g., automotive, oil and gas), or product/service needs (e.g., corporate financing, mergers and acquisitions advice). The role of an Account Manager/Relationship Manager is frequently within the contact centre of a financial services organization but it may also be found in other divisions of a firm depending upon an organization s structure. 1 P age

2 OVERVIEW, CONTINUED Work context for this role Account Managers/Relationship Managers work in a fast-paced, results-driven environment. Frequent interruptions, ad hoc requests and unplanned issues along with constantly changing priorities make this a role where an incumbent is required to have solid multi-tasking and prioritizing abilities. Established Account Managers/Relationship Managers typically will work regular office hours (e.g. 9 am-5 pm) though working non-standard hours is expected to be a regular occurrence. In some cases, the work hours are based on the requirements of the Manager s client portfolio. For example, if the portfolio consists of clients who live in a different time zone, then the Manager s work hours are the regular office hours of the clients time zone in order to be able to fulfil the needs of the client base. Managers typically conduct their business over the phone or via the internet. Account Managers/Relationship Managers require a strong entrepreneurial spirit because of the independent nature of the work and the need for business development and relationship building, as some Account Managers/Relationship Managers prospect to build and manage their own book of business. Given that there is not significant growth in the number of accounts available in Canada, this business is highly competitive. The wide range of products and services offered by organizations provides potential for professional growth and variety of experience. Furthermore, as business becomes more global, working with international accounts may become an opportunity depending upon the nature of business/organization for which the Account Manager/Relationship Manager works. The ability to travel is often a requirement for the role. Areas of focus Account Managers/Relationship Managers work in a variety of organizations. While the role may vary slightly across different organizations and segments of the financial services industry, in general, Account Managers/Relationship Managers focus on providing a consistent sales and service experience to clients. They are often considered a gateway to the rest of the organization because they coordinate across groups ensuring they provide the right solutions for their clients. Account Manager/Relationship Managers focus on servicing and developing an existing client based and gaining new clients. They may serve individuals or commercial/corporate clients and sell or advise on different types of products or services depending on the financial institution with which they are affiliated. They often deal with products and services such as mutual funds, money market products, loans, insurance, and pension fund administration. 2 P age

3 QUALIFICATIONS Qualifications for this role Knowledge requirements: Account Managers/Relationship Managers require specific knowledge of: Ø Their organization s products and services (e.g. mutual funds, exchange traded funds, credit services, insurance products and services). As individuals grow in the role and move to more senior positions they may require knowledge around more complex products and services. Ø Their organization s end-to-end process for selling products and providing services to clients Ø Their client s needs and goals (in order to be able to provide them with the relevant product and service recommendations) Ø Industry trends, in particular, the competitive landscape for the industry segment in which they operate (e.g. banking, insurance, wealth management) Ø Industry terminology Ø Pertinent industry, regulatory and legislative requirements Technical Skills: Account Managers/Relationship Managers require specific technical skills: Ø Computer skills in order to be able to use their organization s systems and software programs (e.g. MS Office) to help prepare information for clients and maintain their files. Ø Basic selling skills to build and maintain their client base and grow the business Ø Basic financial analysis Ø Time management and prioritization skills to manage competing priorities Soft Skills: Account Managers/Relationship Managers require specific soft skills: Ø Business acumen to build credibility with clients Ø Conflict management to resolve any conflict/issues as they arise with customers and determine how best to proceed Ø Driving for results to achieve the established sales targets and objectives Ø Communication skills including verbal and written to explain products and services to clients and Active Listening to understand client needs and/or discover client needs and wants Ø Customer service orientation to provide the highest quality service to clients and advise them on the products and services that best meet their needs Ø Impact and influence to help clients realize how the Account Manager s/relationship Manager s recommendations meet their needs Ø Proactive approach to building business by continually contacting and informing clients of new products, services, or service improvements or special offers Ø Information seeking to remain current on products and services Ø Organizational skills to be able to work independently and maintain the client files Continued on next page 3 P age

4 QUALIFICATIONS, CONTINUED Qualifications for this role, continued Soft Skills, continued: Ø Organizational awareness to collaborate with the appropriate groups to provide clients with the best solutions to meet their needs and follow the appropriate policies and procedures Ø Organizational commitment to act in a professional manner to best reflect the organization and maintain its reputation with clients Ø Perseverance to be able to move forward despite setbacks; often, during the first year of an Account Manager s/relationship Manager s employment, the employee is not expected to meet objectives as it is considered a learning year due to the challenges in the role. It takes time to build relationships and the sales cycles can be long in the financial services market Ø Relationship building to develop, maintain and manage client relationships Ø Teamwork and collaboration to build relationships internally with other Account Managers/Relationship Managers and groups across the organization with whom they must interact. Applicable Experience: Ø Three to five years experience in a financial services role, as an understanding of the industry and their organization s products and services would help accelerate progress along the learning curve and drive sales more effectively Ø Previous sales experience would be of benefit, especially if experience was selling financial services products and services Ø Experience in a particular sector may also be an asset, as an understanding of the business environment of that sector can help the Account Managers/Relationship Managers empathize with the client s needs. For example, a corporate Account Manager/Relationship Manager who was previously a treasurer with a manufacturing company would have an intimate understanding of the cash flow/funding requirements of a manufacturing firm client. Education, Certifications, Designations and Licenses: Positions typically require: Ø Post-secondary education (college diploma, university degree) in any of a variety of fields such as business, accounting, economics, finance Ø If the candidate has a demonstrated history of sales ability and some industry experience, the educational requirement may not be a determining factor Ø Specific designations or licenses are required depending on the type of organization with which the Manager is employed and the products and services being sold. For example, if selling mutual funds only then a licence to sell mutual funds is required. If providing advice on a broader spectrum of securities including stocks and/or bonds, then a full registered representative license is required. Continued on next page 4 P age

5 QUALIFICATIONS, CONTINUED Qualifications for this role, continued Other Training: Additional certifications may include: N/A Professional Associations may include: None are required but industry associations/local professional groups may be helpful in working with potential clients Ø For example: - If a Manager is targeting new clients in the agricultural industry, joining community groups and co-operatives supporting local farmers may provide networking opportunities 5 P age

6 DUTIES Main duties The main duties of the Account Manager/Relationship Manager: Manage a portfolio of assigned clients to retain and/or expand relationships with existing accounts Key Activities: Ø Proactively engage in conversations and discovery dialogue with clients to: - Ensure existing products and services are performing to client s expectations - Resolve any product/service issues and respond to any issues in a timely manner - Keep up-to-date on any changes to client profiles in order to ensure appropriate products/services are provided (i.e. remain current on client s business acquisitions or mergers, pension plan provisions, introduction of different fund investment options for employee group plans, opening of new offices which require building insurance, etc.) - Promote and provide client with information regarding any new products/services/packages, and educate clients about the organization s products and services, and how they will meet their business needs - Recommend the appropriate mix of products to best meet client s needs which may require working with other groups/business units across the organization to provide informed advice on products/services best suited to the client s need Ø Remain current on products and services, market trends, and any industry or legislative changes that may impact the client Ø Complete electronic or paper client files as required by the organization and the regulators Ø Monitor activity in client s portfolio (i.e. to ensure there are no unusual occurrences or suspected fraudulent activities. For example, an Account Manager/Relationship Manager would know the typical number, type and amount of transactions made to a corporate line of credit. If unusually large transactions were made that were out of the ordinary, the Relationship Manger would typically contact the client to verify these transactions.) Ø Participate in internal service/product reviews and identify opportunities for sales to existing clients Continued on next page 6 P age

7 DUTIES, CONTINUED Main duties, continued Contact new client prospects to generate sales revenue from new accounts Key Activities: Ø Prospect for potential new clients via: - Referrals from other divisions/business units (e.g., in large banks, retail bank representatives often pass on client names/referrals to the commercial/corporate bank representatives when these clients have business as well as personal banking needs) - Incoming direct calls/ requests - Targeted calling lists/contact lists provided to the Account Manager/Relationship Manager - Networking with other industry professionals/groups and developing prospects independently Ø Research prospective clients and their industries prior to contacting clients to increase knowledge about potential prospect s needs Ø Qualify the prospect, for example, some Accountant Managers/Relationship Managers may need to complete a credit check or financial solvency check on the prospect prior to offering them any products and/or services Ø Contact prospects and ask open questions to clarify and assess needs and identify opportunities Ø Remain current on products and services, market trends, and any industry or legislative changes that may impact potential client base 7 P age

8 DUTIES, CONTINUED Main duties, continued Co-coordinate with other lines of business as needed to up-sell or cross-sell (providing more products/services to maximize sale to client) Key Activities: Ø Partner/collaborate with product or service specialists within the organization to meet client financial needs Ø Assist in preparing responses to client Requests for Proposals (RFPs) for various client initiatives. For example, if a large retail store wanted to install Automatic Teller Machines (ATMs) at all their locations, that retailer may ask a number of financial institutions to provide it with proposals on how to go about doing this. Preparation of the proposals would require the Account Managers/Relationship Managers to interact with other areas of their organization such as: i) Operations to assess whether the services to be offered can be provided with existing operations or if any special operational procedures need to be put into place; ii) Compliance/Risk/Legal to ensure compliance with all financial institution policy regulations; or iii) Communications to formulate the proposal within corporate branding and presentation guidelines Provide feedback to other divisions within the organization or third party organizations to enable better product/services development and provision to clients Key Activities: Ø Provide input to internal product/service development teams or third-party providers based on client feedback (e.g. from client requests for new products/services and/or client complaints) Ø Proactively seek out feedback from clients regarding their desired financial solutions and capture appropriate data to identify trends in demand for products/services Ø Resolve any client complaints (for some products/services, financial institutions may be reliant on third party providers and the performance by the third party may affect the Account Manager/Relationship Manager) Representative Job titles Depending on the organization you work for, Account Managers/Relationship Managers may hold various job titles: Client Relationship Manager Advisor Services Relationship Manager Customer Relations Specialist Financial Coordinator/Consultant Business Advisor/Consultant 8 P age

9 CAREER PATH Moving into the role To move into an Account Manager/Relationship Manager role, you need to demonstrate maturity, credibility and have knowledge of the industry. While work experience prior to moving into the role is usually required, any training in relevant areas such as sales may be a stepping stone into the role. Typical entry-level positions include roles such as Customer Service Representative (CSR) particularly if as a CSR the incumbent displayed an ability to identify areas of opportunity for sales/yield from clients and build relationships with clients. Often, Account Managers/Relationship Managers are recruited based on experience across the sector (e.g. banking and insurance) as product/service knowledge is a key requirement in this role. Progression beyond the role As you gain experience as an Account Manager/Relationship Manager, you may move into the following roles: More senior account management/relationship management (i.e. dealing with larger and more complex accounts, more sophisticated products and services, higher net worth clients, international accounts) Account Manager/Relationship Manager with a sector-specific focus (e.g. servicing clients in fund management versus corporate treasury) Entry level supervision/management (i.e. account management supervisor overseeing a small group of Account Managers/Relationship Managers) Product and/or services development Many Account Managers/Relationship Managers who have developed a solid book of business are comfortable in their roles and will not seek to move into other roles. 9 P age

10 CAREER IMPACTS External environmental factors impacting the role There are several external factors that can influence the qualifications for the role, including: Regulatory rule changes which may require updated licensing and/or education The creation of new products and services which require ongoing learning and education Increased global expansion and focus on international investment strategies which require Account Managers/Relationship Managers to be knowledgeable about international markets and opportunities Demand The demand for Account Managers/Relationship Managers has been increasing as financial services organizations continue to develop new products and services to meet evolving client needs. In addition, global clients are requiring global Account Managers/Relationship Managers to service needs internationally, which creates demand for Account Managers/Relationship Managers who are able to travel, speak multiple languages and are aware of global industry trends. Further, with increased availability of financial services through alternate distribution channels (e.g., online systems, mobile applications), organizations can provide service to a broader client base. Account Managers/Relationship Managers will be required to manage these expanding and diverse relationships. Compensation Compensation levels vary depending on experience level, the complexity of products and services sold, and the type of organization for which the Account Manager/Relationship Manager works. Compensation typically would consist of base salary and commission/bonus to motivate individuals to build more business for the organization and yield more from clients. Measurement factors for the bonus could include: Number of clients gained Increases in revenue from assigned clients Calculated return on investment for each client 10 P age