Philipp Piaz of Finaport reveals the traits, skills and characteristics of successful relationship managers (RMs) in Asian private banking and wealth management today.

Date: May 2012

Tags: Sales, Trust, Regulation

• A good RM has to meet the demands and requirements of their clients in terms of trust, reliability, product expertise and market knowledge
• Under no circumstances should RMs put their integrity at risk, because this is the best capital an RM has
• Regulations don’t create a hindrance, because standards are good for everybody in the industry
• It is a challenging career to pursue, but the current state of the markets doesn’t make it less attractive

According to Philipp Piaz in an interview, a good relationship manager (RM) has to meet the demands and requirements of their clients in terms of trust, reliability, product expertise, market knowledge, and being there where a client would want a friend to be.

Mistakes to avoid

RMs must at all times avoid allowing their integrity to suffer, said Piaz, because if they lose a client’s trust once, a client doesn’t forget it.

Under no circumstances should RMs put their integrity at risk, he explained, because this is the best capital an RM has.

They should therefore avoid being seen as pushy when it comes to products, sales, or anything which involves the client taking action.

An RM should always remember that the money belongs to the client, said Piaz, and the client is simply seeking the RM’s opinion or help in translating technical details. Clients are smart and successful people, he added, so don’t need anyone to sell them something.

Working within a tougher regulatory environment

According to Piaz, more stringent regulations can help RMs get their “tools” ready to do the right job for their clients.

Regulations don’t create a hindrance, he said, because standards are good for everybody in the industry – from clients to bankers to the banks themselves.

The problem is that some RMs often look for short-cuts, said Piaz. But there are no shortcuts in making or preparing individuals to deal with the kind of trust they must create with clients to become successful bankers.

The role of RMs today

Despite banks having a much more regimented and structured set of processes, Piaz said it is still possible to enjoy and be happy in the role of an RM.

He said RMs have all the fun of staying abreast of global events, seeing what the investment universe has to offer, hearing and understanding what the clients’ requirements and needs are, and being able to access all the tools to find the right match.

It is a challenging career to pursue, said Piaz, but the current state of the markets doesn’t make it less attractive.