To explore how Relationship Managers (RMs) or Arms (Advisory
Relationship Managers) at a bank can become better investment
advisors.
Ultimately aimed at helping the bank:
o Attract and retain more High Net-Worth Individuals (HNIs).
o Improve customer experience and investment advisory
effectiveness.
o Create a stronger client base and enhance strategic
engagement.
2. Core Problems Identified
Many RMs lack deep technical knowledge about investment
products.
RMs are not always equipped to handle investment-related
discussions; they mainly focus on relationship building.
Certification requirements (e.g., NISM VA for mutual funds) are being
pushed across teams to improve advisory quality.
3. Internship Activities & Approach
Phase 1: Understanding Ground Reality
o Talk to RMs and investment advisors to understand the
process and challenges.
o Attend client meetings (if clients are comfortable) to observe
real-life advisory sessions.
o Request access to product decks and approved investment
product lists.
Phase 2: Research & Data Collection
o Design a questionnaire for RMs/Advisors covering:
Pain points in the advisory process.
Challenges in client engagement.
Suggestions for improvement.
Feedback on current product offerings and demand
gaps.
o Consider segmenting data by:
Client profiles (age, wealth, location, risk appetite).
Product preferences and investment behavior.
Phase 3: Analysis
o Quantify responses using descriptive statistics.
o Identify patterns and trends from the feedback.
o Create a systematic, model-based approach for presenting
findings.
4. Deliverables/Expected Output
A structured report suggesting:
o How RMs can be better enabled or trained to act as
investment advisors.
o Areas of product knowledge gaps, client engagement issues,
or training needs.
o Potential strategies or tools to improve client servicing and
advisory.
o Observations and suggestions related to engaging younger
clients with modern investment options.
5. Tools & Frameworks Suggested
Use Design Thinking principles:
o Empathize with RMs and clients.
o Define key problems.
o Ideate potential solutions.
Consider modeling responses and presenting data-driven insights
(e.g., charts, graphs, tables).
6. Suggestions for Better Learning
Make it a learning-oriented project, not just a report.
Gain insights that can be used in interviews or future jobs.
Think from the bank’s and client’s point of view—put yourself in
their shoes.
7. Next Steps
Prepare your questionnaire based on this understanding.
Schedule interviews with RMs and investment advisors (contacts
shared with you).
Start attending meetings, reviewing product materials, and
conducting field observations.
Organize findings and insights into a structured, presentable
format.
The project focuses on how bankers can improve as investment advisors
to attract more high-net-worth individuals (HNIs) and clients. The goal is to
enhance organizational strategies and solutions. There is an effort to
ensure all bankers pass necessary qualifications, enabling them to sell
mutual funds and other products effectively. It seems there is a concern
regarding the time available for the bankers to study for these
qualifications, as they are given a brief period of only two weeks.
The intern has been in the role for only four days and is still gathering
insights. A structured interview process is planned, and it's recommended
that they prepare a questionnaire for their project. This questionnaire
should help quantify data and provide systematic insights, allowing for
more informed conclusions. The intern is encouraged to learn about the
investment discussions and processes by shadowing experienced
investment advisors and understanding product offerings.
There is a focus on understanding what challenges investment advisors
face, such as maintaining client relationships and addressing clients'
investment needs. It is essential to engage with younger clients and
understand their aspirations and demands when it comes to investing. The
intern is advised to approach the project from an empathetic perspective,
putting themselves in the clients' shoes to better understand their needs.
The project will involve collecting feedback from investment advisors on
available products and identifying potential issues. The intern is also
encouraged to research the investment market, focusing on what younger
clients might seek from their investments. This could involve analyzing
demographic data and understanding how different client profiles can be
engaged.
In summary, the project aims to provide valuable suggestions to improve
the investment advising process while facilitating learning for the intern,
allowing them to discuss relevant insights during future interviews. The
intern is urged to prepare thoroughly for meetings and be ready to engage
with experienced advisors.