Account Manager/Relationship Manager

Account Manager/Relationship Manager

An Account Manager/Relationship Manager oversees sales and maintains the relationship with an assigned group of clients on behalf of a financial services organization. These clients may be allocated based on geography, industry and products and service needs. Account Managers/Relationship Managers coordinate across business groups, ensuring they provide the right solutions for their clients.

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Growth in new products and services in financial services ensures ongoing demand for Account Managers/Relationship Managers, particularly those that speak multiple languages.

Diploma
Education & Credentials
*

College/Undergraduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills
*
Desktop area Work Environment

Typically contact centre; non-standard hours are frequent

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Growth in new products and services in financial services ensures ongoing demand for Account Managers/Relationship Managers, particularly those that speak multiple languages.

Diploma
Education & Credentials
*

College/Undergraduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills *
Desktop area Work Environment

Typically contact centre; non-standard hours are frequent


WHAT IT IS

Key Role Dimensions

Managing an assigned portfolio of clients: Retain existing clients and expand client relationships by consultative selling and recommending products and services to meet client needs.

Qualifying and converting new clients: Expand existing client base by identifying and converting new prospects.

May involve industry or geographical specialization: Clients may be assigned based on geography (e.g. Toronto region), client industry (e.g. automotive) or product/service needs (e.g. mergers and acquisitions advice).

Focus Areas

Account Managers/Relationship Managers may serve individuals or commercial/corporate clients. They often deal with products and services such as mutual funds, money market products, loans, insurance and pension fund administration.


WHAT IT TAKES TO SUCCEED

Key Job Accountabilities

Account Managers/Relationship Managers generally:

Manage a portfolio of assigned clients:

  • Engage with clients to ensure products/services are performing to expectations, recommend new products/services, and introduce complimentary products/services from other groups.

 Contact new client prospects to generate sales revenue from new accounts:

  • Research and prospect for potential new clients via targeted calling lists/contact lists, referrals from other divisions/business units, incoming direct requests (calls, email, etc.), and networking with other industry professionals/groups.

 Prepare responses to client Requests for Proposals (RFPs):

  • Collaborate with product/service specialists within the organization to create proposals matching client needs.

Provide feedback to other divisions to enable better product/services development and provision to clients:

  • Seek out feedback from clients and provide input to internal product/service development teams regarding clients’ desired financial solutions.

Knowledge, Skills & Experience

Must-haves:

  • Maturity and credibility; proactive and goal-oriented
  • Customer Focus: Proven ability to consistently deliver high-quality service, working collaboratively with clients and internal business units
  • Resilience and resourcefulness; ability to identify areas of opportunity for sales
  • Facilitation, negotiation and problem resolution skills
  • Relationship management skills
  • Knowledge of financial products/services available in the sector
  • Knowledge of applicable client industries
  • Financial analysis skills
  • Selling skills

 Nice-to-haves:

  • Previous experience in banking and insurance
  • Training in relevant areas such as sales, particularly in financial products

Education & Credentials

Entry-level positions typically require:

  • College diploma
    or
  • Undergraduate university degree

In the fields of:

  • Business Administration
  • Marketing
  • Economics
  • Statistics
  • Accounting
  • Psychology

WHERE IT CAN TAKE YOU

Career Pathways

There are a number of pathways open to Account Managers/Relationship Managers through:

  • Increased Seniority: You may deal with larger and more complex accounts, more sophisticated products/services, higher net worth clients and/or international accounts. You may also oversee a small group of entry-level Account Managers/Relationship Managers.
  • Sector Specialization: You may focus on a specific sector, such as fund management or corporate treasury.
  • Product/Service Development: As your career progresses, you may gravitate away from direct account/relationship management into product/service development.

Future Trends & Impacts

There are several external factors and environmental trends that can influence the demand and qualifications for this role:

  • Regulations: Regulatory rule changes may require updated licensing and/or education.
  • New Products/Services: New products/services will require ongoing learning and education.
  • Globalization: Increased global expansion and focus on international investment strategies may require knowledge about international markets and opportunities.


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