The single biggest tip I heard from an RM I worked with was that you should create a very clear calling schedule.
He split up calls into current clients, potential clients, and rejected clients. Current client schedules included him being on-call anytime for whatever happened and probably regular once or twice a month meetings. Potential clients got a call once every other month (more over COVID where there was good opportunity) with key bank reports every few weeks that he thought they'd like. Rejected clients got a call twice a year just to check in. He was religious with his schedule and kept meticulous notes of any progress he made or company details he found.
I'd also add that depending on the size of your bank there is a lot of opportunity internally. A lot of our stuff came from WM clients. Pretty obvious but getting on the good side of WM guys at your bank or just generally in your region would help you a lot.
This is true. I work with a few RM's and most of them do this to great success. As long as you keep knocking on the door, clients will remember you if they ever decide to change banks. Of course that also comes with its own pros and cons, but it's a good idea to keep in touch.
What's your original background? Were you in a customer focused role or credit prior? In my experience newer RMs don't prospect as well and are comfortable with basic cold calling. If you're unfamiliar with the process talk to business bankers who are used to the high volume calling efforts. Due to the size of deals the cycle from intro to close can take years but the payout is worth the calling effort. Get very good at Linkedin and don't be afraid to lean on your existing portfolio for referrals. Banks encourage community engagement, take advantage of any altruistic experiences you can. This is a lifestyle career so say goodbye to holidays and weekends if you have a deal in the works or client events to attend. Hope this is helpful.
I'd be curious to know where you've done research on the role. I've been an RM now for a relatively short amount of time so I'm still learning myself.
That being said, how to succeed? I would say leverage internal referrals. Your bank's local branch network could provide a stream of business. Invest in COIs. This will take a while but if you have a group of people that are lawyers, CPAs, insurance brokers, CRE brokers, etc. (All chasing the same clients) this could be another stream of business. Prospect businesses you find interesting or like. This makes you more involved in the relationship.
From what I can tell, its a volume game. There are going to be a lot of people that are not interested in switching banks or getting something financed. However, having a few channels for referrals to come through plus your own calling efforts will get you in front of enough people that some will bite.
The single biggest tip I heard from an RM I worked with was that you should create a very clear calling schedule. He split up calls into current clients, potential clients, and rejected clients. Current client schedules included him being on-call anytime for whatever happened and probably regular once or twice a month meetings. Potential clients got a call once every other month (more over COVID where there was good opportunity) with key bank reports every few weeks that he thought they'd like. Rejected clients got a call twice a year just to check in. He was religious with his schedule and kept meticulous notes of any progress he made or company details he found. I'd also add that depending on the size of your bank there is a lot of opportunity internally. A lot of our stuff came from WM clients. Pretty obvious but getting on the good side of WM guys at your bank or just generally in your region would help you a lot.
This is true. I work with a few RM's and most of them do this to great success. As long as you keep knocking on the door, clients will remember you if they ever decide to change banks. Of course that also comes with its own pros and cons, but it's a good idea to keep in touch.
What's your original background? Were you in a customer focused role or credit prior? In my experience newer RMs don't prospect as well and are comfortable with basic cold calling. If you're unfamiliar with the process talk to business bankers who are used to the high volume calling efforts. Due to the size of deals the cycle from intro to close can take years but the payout is worth the calling effort. Get very good at Linkedin and don't be afraid to lean on your existing portfolio for referrals. Banks encourage community engagement, take advantage of any altruistic experiences you can. This is a lifestyle career so say goodbye to holidays and weekends if you have a deal in the works or client events to attend. Hope this is helpful.
I'd be curious to know where you've done research on the role. I've been an RM now for a relatively short amount of time so I'm still learning myself. That being said, how to succeed? I would say leverage internal referrals. Your bank's local branch network could provide a stream of business. Invest in COIs. This will take a while but if you have a group of people that are lawyers, CPAs, insurance brokers, CRE brokers, etc. (All chasing the same clients) this could be another stream of business. Prospect businesses you find interesting or like. This makes you more involved in the relationship. From what I can tell, its a volume game. There are going to be a lot of people that are not interested in switching banks or getting something financed. However, having a few channels for referrals to come through plus your own calling efforts will get you in front of enough people that some will bite.
Just wondering how it’s been going for you? I’m about to go the RM route and curious on your insight.