Most people in commercial banking would agree on the importance of serving clients better. They offer more tools, better data analysis, or gimmicks to capture interest. Financial apps and flexible banking hours are helpful but building a successful portfolio for affluent and high-end net worth clients comes down to one essential thing: relationships.
Lasting relationships are the foundation for the sustainable growth you and your clients seek. Improving your client relationships comes from discovering what works best for each client.
Businesses seeking to increase or even maintain their growth trajectories often turn to recruiters who can help them attract and hire a relationship manager who will identify client needs, monitor portfolios, attend to immediate client needs, and become the main point of contact with the client.
The outcome is simple: a trusting relationship is built over time and strengthened using specific strategies.
7 strategies to do now for better client relationship management
Commercial banks seeking to improve client relationships can do so by committing to developing interpersonal skills.
- Listen carefully to client expectations. Learn what matters most to each client and deliver it. Then be willing to adapt as client needs change over time.
- Communicate with customers in a timely and relevant manner, using their preferred means of communication for tailored, targeted messages. It’s essential to stay within acceptable boundaries, avoiding spamming or ignoring existing customers. Try to spend face-to-face time whenever you can.
- Show that you value your client’s time by scheduling appointments instead of dropping in. Set a time limit and get down to business quickly.
- Have the solutions or know where to find the answers. Part of your relationship is built on being the one person the client can turn to because you can answer their questions.
- Place a high value on integrity. Do what you promise, and if at all possible, over-deliver, but be truthful with every conversation and action.
- Enjoy what you do and put your clients first. Reward them, love them, and thank them.
- Let it go. Clients are human, just like you. They’ll make mistakes, forget an appointment, or not remember what they said in your last meeting. Forgive them and move on toward the bigger goal: sustaining and enriching their financial portfolio.
Portfolio health is a critical component of private wealth advisement, but the relationship built with the client will mean the world to you both.
Skills every relationship manager needs
When working with people, relationships are everything. Your relationship managers can build robust client relationships with skills like these:
- Strong communication skills
- A passion for customer service
- An aptitude for following up
- A willingness to collaborate within and among teams
- Problem-solving and negotiating abilities
While some of these skills are inherent, others can be learned and sharpened over time. Improving your client relationships using these tips will be worth the investment.