Retention of Account Managers

Retention of Account Managers

Introduction

All banks focus on management of wealth for their high profiled or net worth clients commonly known as corporate clients. Wealth is in many forms if one looks from a bank's perspective. It's not just having large amount of deposit in the accounts maintained at a particular bank / branch. Normally individuals having a lot of money are very much confused about their financial investments or arrangements. Hence; such people invest in a diverse form and consists many assets or some assets having high monetary value. In order to invest those assets in efficiently and productively one needs to have an in depth knowledge about the financial market position and investment opportunities. Here Wealth Management plays an important role.

Wealth management is all about managing people's or client's wealth. These clients are high net worth clients of the bank. Normally, high net worth clients are defined by the bank as clients having cumulative wealth of more than $ 1 million either in terms of cash or financial assets. These clients are successful business owners, entrepreneurs, or people rich inherently.

A Wealth Manager however; is responsible for guiding the clients where and in what products or schemes to invest in that can give the clients significant returns. Wealth managers provide extensive financial support to their clients. The advice they offer will be comprehensive and diverse. It also covers taxes and asset allocation of the slients having high net worth, investments to property advice. Nurturing the relationship they have with their client is very important for retaining and expanding their business.

Retention of Account Managers

Customer retention is very important to a bank similarly the retention of the bank's account managers is also very important. Both play a very important role in the banking activities. It's the account managers, who guide the bank's clients about various product schemes and policies including schedule of bank charges (SOCs). In today's dynamic and competitive environment retention of account managers and the clients of the bank is equally important. An account manager is usually the first person who entertains when the new customer walks in the branch. An account manager is often referred to as account representative or customer service representative both have same duties. Account manager is responsible for sales functions and customer service. Hence; an account manager serves an important role in the service or banking industry which is why it is important for a bank to maintain the account managers.

In order to maintain the account managers at a bank, most of the banks offer or compensate them with a basic salary along with commission which is dependent upon the amount of revenue they generate for the bank by making more and more sales. Account manager is the face of the bank who communicates with clients so it is very important for the account manager to create a positive image of the bank in front of clients and this will happen only if the account managers are ...