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The differences between business relationship managers and asset managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a business relationship manager and an asset manager. Additionally, a business relationship manager has an average salary of $87,741, which is higher than the $85,814 average annual salary of an asset manager.
The top three skills for a business relationship manager include customer service, relationship management and cash management. The most important skills for an asset manager are asset management, financial statements, and property management.
| Business Relationship Manager | Asset Manager | |
| Yearly salary | $87,741 | $85,814 |
| Hourly rate | $42.18 | $41.26 |
| Growth rate | 17% | 17% |
| Number of jobs | 114,003 | 64,732 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 68% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A business relationship manager is primarily responsible for improving the relationship between customers and businesses. Typically, it is their responsibility to develop strategies and business plans to strengthen client relationships, address issues and concerns, and perform corrective measures when necessary. There are instances when they have to reach out to clients through calls and correspondence, perform follow-up contacts to offer new services and opportunities, and provide industry advice or consultation. Furthermore, as a manager, it is essential to lead and encourage staff in the joint effort to reach target sales and improve client base.
An asset manager is responsible for advising clients with their investment preferences and financial goals based on their assets' quantity and value. Asset managers regularly meet with their clients regarding their asset management's progress, recommending more investment options and considering the clients' needs. They manage financial portfolios and prepare stock market reports and forecasts as needed. An asset manager must have a broad knowledge of the financial industry and investment processes, identifying profit opportunities for long-term investment objectives.
Business relationship managers and asset managers have different pay scales, as shown below.
| Business Relationship Manager | Asset Manager | |
| Average salary | $87,741 | $85,814 |
| Salary range | Between $61,000 And $125,000 | Between $59,000 And $123,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | New Jersey | New York |
| Best paying company | AstraZeneca | Deutsche Bank |
| Best paying industry | Technology | Finance |
There are a few differences between a business relationship manager and an asset manager in terms of educational background:
| Business Relationship Manager | Asset Manager | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 68% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between business relationship managers' and asset managers' demographics:
| Business Relationship Manager | Asset Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 64.6% Female, 35.4% | Male, 64.3% Female, 35.7% |
| Race ratio | Black or African American, 7.4% Unknown, 4.1% Hispanic or Latino, 14.2% Asian, 10.0% White, 63.9% American Indian and Alaska Native, 0.3% | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 8.9% White, 63.8% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |