Wealth Coaching

“Many Client Relationship Managers (CRMs) have neither the experience nor the training to deal with the challenges that today’s economic crisis brings to wealth management. Aside from the obvious difficulties of managing volatile investment portfolios, their communication skills have been found wanting as they have to deliver bad news to clients and respond to mounting frustration and increasing demands for greater transparency.

 “Given this backdrop, it is perhaps not surprising that wealth managers identify the three most common areas of weakness for CRMs as an inability to adapt to change, lack of client relationship skills and poor appreciation of risk. Indeed, CRMs realise they have shortcomings. They identify client relationship skills and taxation as the two areas where they would most like to receive additional training. Considering that CRMs expressed the same view in our 2007 Survey, it is clear wealth managers need to review their training programmes.”