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Building Good Relationship With Your Account Manager

January 20, 2015

I spent 15 years as a account manager and I still encounter people get nervous when meeting me for the first time.  Account Manager are people just like you.  They just want to get to know you and your unique financial needs so that they can provide you with the best financial advice possible, so don’t be intimidated by them.  

Business Banking RelationshipI remember when I opened my first bank account at the age of 16. I was a student who just started his first job as a stock boy at a grocery store. I wasn’t even sure if the bank would take me on as a client since I had no money to deposit. When I first entered the bank I was nervous and unsure of what to expect from my first encounter with the bank employees.  During that visit, I was asked questions about the purpose of the account and how many deposits and withdrawals I would be making. These question led me to believe that I would be limited with the access to my money, this made me even more nervous. I also didn’t know how to answer these questions thinking that if I answered them incorrectly, my request to open a bank account would be denied.  To my relief, the account manager pulled out a deposit book and a bank card and at that moment I knew that it was going in the right direction but I still wondered why I was asked all the questions. As my meeting progressed, the account manager went over account information such as how to use it, how to access my money, and what the account fees are. I then realized that the purpose of the questions was for the account manager to better understand my needs so that she could provide me with the right account package. So there I was, so happy that I finally had my first account. From that day forward I made an effort to deposit my pay in person with a bank teller rather than through the bank machine, this way I could get to know the employees behind the counters handling my money. I still remember how proud and special I felt when they greeted me with a formal “Hello Mr. Magnowski, how may we help you today?”

We all have our own experiences with the bank and these don’t have to be stressful. 

Below are 12 points on how to make your experience at the bank more pleasant and more beneficial.

1. Get to know your account manager. Having a coffee with them helps to calm down nerves and creates a more comfortable setting. 

2. Don’t be intimidated when your account manager asks questions. They just want to understand your situation better in order to provide you with the best advice.

3. Keep it professional and only discuss information relevant to your financial information.

4. If you are asked a question that you don’t understand, ask the person to rephrase it or ask them to explain how it relates to your situation.

5. Financial advice can be overwhelming. If one meeting gets to be too much for you, request for a follow-up meeting 

6. When asking for a business loan, be prepared with information about the business. You also must have a business plan and be ready to articulate it. Consider this tip, having just a good idea is not a good business plan, know the difference.

7. Don’t be afraid to ask for a loan. Banks are in the business of lending money to help people succeed with their endeavors such as a business venture.

8. Tell your account manager specifically why you need a business loan and what you need to finance. Banks today have an array of financial products with different rates, terms, and structures. Your account manager can help you find a solution unique to your needs.

9. Let your account manager know if you are not happy. A follow up meeting can be scheduled with your account manager to review your needs again. Once the account manager better understands your needs, they can make new recommendations.

10. Have your account manager explain to you what you are signing and what your obligations to the bank are. Don’t assume everything is standard.

11. Account manager love it when clients ask questions, this allows them to show off their financial knowledge and at the same time provide you with a solution catered to your unique situation.

12. Banks being in the service industry, rely on clients to survive. Building a relationship with one bank and continuing to grow it over a long period of time is important. This relationship is often compared to a marriage that lasts a life time. 

Tom Magnowski

Tom Magnowski is a Senior Account Manager with over 15 years of experience in retail and consumer services. He offers personalized advice and solutions to meet the unique needs of his clients. He works closely with franchisees and franchisors taking the time to truly understand the demands of their industry and to ensure that all aspects of their banking relationship with RBC, are as efficient and convenient as possible. By taking the time to get to know his clients and understand their specific financial needs, Tom is able to offer personalized service with flexible solutions.