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Top 2 Products to build a Strong Relationship with Clients in Retail Banking
Ever wonder which is the best investment product to start talking to customers about?
The perfect scenario is client will listen to you and accept whichever portfolio and investment solutions you recommend to them. Unfortunately, that is rarely going to happen. Someone has to do the job of communicating the product or solution to clients effectively.
Here, we look at how Relationship Managers can use the right products to build a strong and lasting relationship with clients.
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
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Join 80 single family offices & family office professionals in Hong Kong & Singapore
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2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
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2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
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2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
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Common Retail Products
We study a list of common retail products and track the ease of explaining them to clients. We also assess the future risks of such products such as losses, lower expected returns, cancellation or withdrawal issues, customers’ complaints & product failures. This process will help you to use your time effectively. In other words, the difference between those who are struggling to hit their sales target or being in control of what sales numbers to produce.
Investment Products
Ease of Explaining
Future Risks
Structured Products (Protected)
Easy
Low
Unit Trust
Easy
Medium
Equity Linked Notes
Not Easy
Medium
Currency Linked Notes
Not Easy
Medium
Structured Products (Non-Protected)
Not Easy
High
FX Margin
Difficult
High
Insurance Products
Ease of Explaining
Future Risks
Single Premium Endowments
Easy
Low
Regular Premium Endowments
Easy
Low
Whole Life Policies
Easy
Low
Investment-Linked Policies
Not Easy
Medium
Universal Life
Not Easy
Medium
Loan Products
Ease of Explaining
Future Risks
Housing Loans
Easy
Low
Investment Loans
Not Easy
High
Insurance Loans
Not Easy
Medium
Source: Caproasia Intel
Choosing Products
Some Relationship Managers prefer to sell structured products (Principal Protected) or Endowment Policies since the returns and risks are somewhat predictable. The flipside is the banker has diminishing value to clients over time, as there is little expertise involved. The Relationship Manager’s knowledge stagnates, and will start losing touch with the financial market.
Some Relationship Managers had started in Unit Trust, but when the market plunge together with the recommended investments, they start getting cold feet. Some had dabbled in foreign currencies or leveraged trading, and were got caught in similar fashion.
With so many retail investment products to fit into client’s portfolio, Relationship Managers are having a tough time building a quality portfolio, meeting sales targets, complying with regulatory sales process and building a strong relationship with customers. (Read: Struggles of Wealth Managers)
Here we review the top 2 products that can help you build a strong relationship with clients in Retail Banking.
No.1 Unit Trust
1) You get to Engage Clients Anytime
You are able to discuss about financial markets, the hottest stocks, companies that are going bankrupt, the biggest financial news coming up this week. All these translate into possible investment ideas.
Update Clients weekly, monthly even though there isn’t a need to. It is always comforting to know someone is watching their investments.
1) You get to Engage Clients Anytime, or 24 Hours a Day if You Wish.
Any news could positively or negatively impact any investments and foreign currency positions. Take advantage of falling currency to buy more. You get to build a close relationship with your customer everyday.
FX is also the most liquid trading instrument in the world with more than $5.5 trillion daily. The foreign exchange market operates 24 hours a day, except for the twilight hours where trading slows drastically.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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