Relationship Manager Salary
Job Description for Relationship Manager
Relationship managers, in essence, are members of a company who are assigned to communicating with certain entities outside or inside of the company. There are several types of relationship managers, which mainly differ in terms of who they deal with: Relationship managers can communicate with other businesses, clients, customers, vendors, communities, etc. Relationship managers' main job duty is to make sure that adequate communication is maintained with these entities. Relationship managers who deal with clients and customers can explain what the company does, what ethics the company is bound by, and why the client should choose this company over any competitors. Relationship managers will typically work within a company in customer service or often as part of a sales department. They are able to explain customers' and clients' needs and what steps should be taken in order to fulfill those needs, as well as any legal boundaries that exist between the company and outside entities such as contractual obligations and legal restrictions. As such, relationship managers are tasked with keeping up with communications involving the company and its clients, vendors, etc. as a whole, or can focus on one or several specific clients or vendors. Ultimately, they work to ensure that client relationships are as fluid and harmonious as possible while adhering to their company's guidelines and standards.
Relationship Manager Tasks
- Cultivate new clients through referrals and calling efforts to achieve individual and team revenue goals.
- Develop effective ways to promote brand awareness that lead to measurable business results.
- Ensure continuity of high quality service, product delivery, and responsiveness to client needs.
Common Career Paths for Relationship Manager
For Relationship Managers, progressing to a Portfolio Manager role may result in a significant raise. On average, a Portfolio Manager can earn $90K annually. The most common promotion for Relationship Managers is a Banking Branch Manager position, which usually brings in $52K a year. Another standard transition for Relationship Managers seeking advancement is to assume a Business Development Manager role, where pay is often $78K.
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Popular Employer Salaries for Relationship Manager
Dominating the field, Bank of America Corp. (BOFA), Fidelity Investments, The PNC Financial Services Group, Inc., U.S. Bank, and KeyBank are top firms with a reputation for hiring a great number of Relationship Managers. Although Wells Fargo & Co. leads the field in pay with a median salary of $128K, employees there receive a wide spread of salaries, from $90K on the low end all the way up to $160K at the top. Soaring salaries can also be found at Union Bank, Wells Fargo Bank, and Citibank, where earnings of $100K, $99K, or $97K are standard for Relationship Managers.
Other low-paying employers include Bank of America Corp. (BOFA) at $49K and KeyBank at $51K, though some Relationship Managers there earn up to $132K.
Popular Skills for Relationship Manager
Survey participants wield an impressively varied skill set on the job. Most notably, facility with Financial Reporting, Loan Underwriting, and Portfolio Management are correlated to pay that is significantly above average, leading to increases of 91 percent, 31 percent, and 29 percent, respectively. Those listing Customer Service as a skill should be prepared for drastically lower pay. Oral / Verbal Communication and Retirement Plan Administration also typically command lower compensation. Most people familiar with Customer Relations also know Business Development and Sales.
Pay by Experience Level for Relationship Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relationship Managers with a rich background of experience are typically rewarded with larger paychecks. Workers in their first five years can expect to earn $54K, but people who have been around for five to 10 years earn a noticeably bigger sum of $73K. Relationship Managers who work for 10 to 20 years in their occupation tend to earn about $85K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $96K on average.
Pay Difference by Location
Relationship Managers in search of above-average pay will head east: In particular, Relationship Managers in Philadelphia, New York, and Boston enjoy higher pay rates than the national average. The smallest paychecks in the market, 9 percent south of the national average, can be found in Cleveland. Employers pay around 5 percent less in Denver and 4 percent less in Miami, below-median salaries for those in this field.
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