The easy and profitable relationships that private bankers enjoyed with their clients and employers before the crisis are no longer. Indeed, the job of a relationship manager (RM) has just become much harder. Banks need to understand these changes and what RMs are now looking for from employers, in order to identify the best ways of retaining and motivating their private bankers.
Scope
- This report incorporates results from Datamonitor’s Wealth Management Market Leader’s Survey of 2010.
- This survey involved interviews with 160 wealth managers across Europe and 84 wealth managers in Asia Pacific during January and February 2010.
Highlights of this title
The balance of negotiating power within the industry has swung fundamentally away from RMs and back towards the private banks, and modest earnings increases and additional management pressure are now the order of the day for RMs.
Private banks identify that there are a number of non-financial factors that today’s RMs want from their employers including good quality management and back-end support and recognition.
Given RMs’ changed circumstances and needs, Datamonitor proposes three recommendations which many, if not most, wealth managers should follow in order to both keep and motivate RMs; one of these is putting in place formal career development programs for RMs.
Key reasons to purchase this title
- Understand the outlook for RMs earnings in 2010 across multiple European and Asia Pacific countries.
- Find out what RMs want from their employers across the surveyed countries.
- Access The best ideas on how to retain and motivate RMs.
