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The differences between relationship managers and finance advisors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a relationship manager, becoming a finance advisor takes usually requires 2-4 years. Additionally, a relationship manager has an average salary of $83,761, which is higher than the $64,993 average annual salary of a finance advisor.
The top three skills for a relationship manager include client relationships, work ethic and strong work ethic. The most important skills for a finance advisor are team support, wealth management, and securities.
| Relationship Manager | Finance Advisor | |
| Yearly salary | $83,761 | $64,993 |
| Hourly rate | $40.27 | $31.25 |
| Growth rate | 5% | 15% |
| Number of jobs | 72,920 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 74% |
| Average age | 46 | 45 |
| Years of experience | 8 | 4 |
A relationship manager is responsible for maintaining a positive and professional relationship with customers and business partners, ensuring the highest customer satisfaction and good reputation. Relationship managers advise management on identifying business opportunities by analyzing the current market trends that would help generate revenues and increase its profitability. They connect with the marketing and sales team for product and services innovation, create compelling sales pitches, and develop customer service processes to assist customers with their inquiries and concerns efficiently.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Relationship managers and finance advisors have different pay scales, as shown below.
| Relationship Manager | Finance Advisor | |
| Average salary | $83,761 | $64,993 |
| Salary range | Between $56,000 And $123,000 | Between $34,000 And $121,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Enbridge | |
| Best paying industry | Finance | Finance |
There are a few differences between a relationship manager and a finance advisor in terms of educational background:
| Relationship Manager | Finance Advisor | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Minnesota - Twin Cities |
Here are the differences between relationship managers' and finance advisors' demographics:
| Relationship Manager | Finance Advisor | |
| Average age | 46 | 45 |
| Gender ratio | Male, 53.5% Female, 46.5% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 3.2% Unknown, 4.4% Hispanic or Latino, 9.8% Asian, 4.1% White, 78.2% American Indian and Alaska Native, 0.2% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 5% |