Customer Relationship Management for Financial Advisers
This eCourse consists of four modules on Customer Relationship Management, which aims to present the important concepts and practices needed to manage customer relationships effectively.
Module 1 introduces key concepts in relation to relationship management, and the essential skills required of a private wealth manager.
Module 2 covers prospecting and meeting new customers strategies, methods and techniques. Once we have onboarded the new customer, the private wealth manager must segment him and identify the most appropriate customer relationship management (“CRM”) strategy.
Module 3 focuses on the importance of skills and manner required for customer maintenance and reporting, conduct of portfolio reviews are also explained.
Module 4 covers the issues of service recovery.
On completing this course, you should be able to:
a. Understand the building process of a prospect list;
b. Understand how to track prospecting efforts;
c. Formulate efficient line of questioning to understand a customer’s needs and situation as part of the know your customer (“KYC”) and onboarding process;
d. Apply active listening skills to customer interaction as part of the KYC and onboarding process;
e. Prepare for and conduct oneself in an effective and adequate manner during customer meetings;
f. Manage follow-up of customer relationship (continuing portfolio update, delivery of adverse news, etc);
g. Understand how to conduct portfolio reviews with customers;
h. Demonstrate how to deal with objections or complaints in a fair and appropriate manner;
i. Manage customer complaints related to the selling process;
j. Manage timing and manner of interaction with supporting functions to address customer’s questions and needs;
k. Manage the lifecycle of a customer relationship; and
l. Use an attractiveness-positioning matrix to determine an efficient CRM strategy.
Module 1: Essential Relationship Management Skills and Functions
- Role of a wealth manager in respect of relationship management
- Customer Relationship Cycle
- Essential Skills
Module 2 - Meeting Customers
- Fact Finding
Module 3 - Relationship Management
- Relationship Management Strategy
- Customer Maintenance
Module 4 - Customer Retention
- Customer Retention
- Service Recovery
- 12 questions with a pass mark of 80% (i.e. need to get at least 10 questions correct in order to pass the assessment)
It is relevant to those PWM practitioners who would like to enhance their knowledge and skills in wealth management.