Wealth Management- Part 2

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In continuation of my earlier blog regarding Wealth Management, a dedicated Relationship Manager is assigned to the customer who is a one point contact for the customer for all his Banking needs.

A relationship Manager takes care of customer accounts, his service requirements, if he requires any investments or wants to save for his children by taking an insurance policy. Ideally a relationship manager manages new account opening, existing accounts, investment portfolios, keeps the customer informed about the market trends and informs him the various means through which he can earn more money. He does not have any personal interest or is not doing a favor to the customer as he has been hired by the Bank to do the same and to increase the existing relationship.

I have used the term relationship many times in my previous as well as current blog but did not explain this term. A relationship includes the balances maintained by the customer in his accounts, fixed deposits, investments, insurance policies, joint accounts, other related accounts. All these are considered as a group relationship and one particular person appointed as a Relationship Manager manages all these on behalf of the Bank for the customer.

Customer enjoys preferential currency conversion rates and also preferential interest rates on fixed deposits which is not offered to normal branch banking customers. They are also given priority service to ensure that the balances maintained in the account does not go down and should only increase.

These relationship managers are given targets based on the segment they handle to bring in more money i.e. transaction balances, fixed deposits and investments. The money brought in is then used by the Bank to lend by means of loans, advances, overdrafts and also trade finance unsecured facilities.