Relationship Manager - what does he/she do?

grimsalve

My Relationship Manager keeps asking me to pay for a review so he can then sell me stuff :rotfl:

I think the HSBC basically combined their Relationship Manager and Financial Advisor roles a while back so (imo) there's a bit of a conflict right there.

henm2

grimsalve wrote: »

I think the HSBC basically combined their Relationship Manager and Financial Advisor roles a while back so (imo) there's a bit of a conflict right there.

This followed the changes across all the financial industry at the end of 2012 called Retailed Distribution Review https://investments.hsbc.co.uk/getting-started/what-is-rdr which meant that all Premier Managers had to be qualified advisors. This also enabled HSBC to cut costs and combine the two previous roles and make a lot of people redundant.
http://www.professionaladviser.com/ifaonline/news/2170518/quarter-hsbc-job-cuts-rdr

mrchiggles

I have a direct mobile phone number to mine, if I need to do something a bit more complicated than the telephone banking guys can do (such as financing an extension to then pay off with a new mortgage) he sorts it all and helps me with "tricks" to get the best deal on the banks systems.

Can't complain!

Archi_Bald

mrchiggles wrote: »

I have a direct mobile phone number to mine, if I need to do something a bit more complicated than the telephone banking guys can do (such as financing an extension to then pay off with a new mortgage) he sorts it all and helps me with "tricks" to get the best deal on the banks systems.

Can't complain!

Chor blimey. They must love you.

lr1277

Interestingly I was looking at the Coutts website and their jobs section.


There was a job for effectively a relationship manager for clients worth up to a million. They had a performance target of getting £5k. I can't remember if that was per client or for all their clients.
Also I don't know if that was just in direct fees or indirect fees are included (e.g. sharedealing charges).

missile

jinkster wrote: »

Do you have a relationship manager? What does he/she do?

I had one who was a complete waste of space.

mrchiggles

Archi_Bald wrote: »

Chor blimey. They must love you.

Clearly I wouldn't take the loan or the mortgage required to do this if they weren't competitive in the market...I'm sure some others don't check.

mgdavid

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jinkster

Thanks for all the replies.