Relationship manager / Personal banker

So if one does RM for customers just below the private banking (ie 200k-1mil) is it normal to get like 300k every year if we include all the bonus and commission?

Absolutely not normal at all unless it's someone very, very senior.

Look, I have many friends in the elite circles of high finance, and no one even gives a crap ass about RMs. It's just very annoying because these idiots often grossly inflate their salaries to astronomical proportions.

Originally Posted by Unregistered

So if one does RM for customers just below the private banking (ie 200k-1mil) is it normal to get like 300k every year if we include all the bonus and commission?

Just to emphasize the terms. There's private client and private banking. I think it's something like private client are clients with $200k to $1m and private banking are clients with $1m+. I was initially confused but then my friend help me clarify. Hehe.

Originally Posted by Unregistered

Just to emphasize the terms. There's private client and private banking. I think it's something like private client are clients with $200k to $1m and private banking are clients with $1m+. I was initially confused but then my friend help me clarify. Hehe.

your friend is bs you. internally there is no such thing as 'private client'. this is a marketing term used to make those 200k customers sound like vip when they are not. from a bank's perspective its just retail/personal banking or private banking.

there is virtually no diff in products and treatment b/w a normal bank customer and a so call 'pte client', only diff is surface stuff like different queue, can sit down enjoy free coffee and a lower customer to teller ratio.

in many banks the same basic pay and incentive plan apply to both consumer bankers and pte client banker. there is hardly any difference in total package b/w the 2 type of bankers if both have the same performance.

[danc]

Originally Posted by Unregistered

there is hardly any difference in total package b/w the 2 type of bankers if both have the same performance.

so how much do they earn? got 100-200k per annum?

I would expect the majority to earn under 100k. Especially for junior RMs. It's like insurance agent. You don't have to be very qualified to do the job. From time to time, there will be those who do decently... but the majority can't cut it.

Originally Posted by Unregistered

I would expect the majority to earn under 100k. Especially for junior RMs. It's like insurance agent. You don't have to be very qualified to do the job. From time to time, there will be those who do decently... but the majority can't cut it.

Likely around there. I was from one of the major insurance before and pay levels are much lower on average than people expect. If you look at the requirement of business generated needed to be a "million dollar club" elite, you only need to earn commission of ~80k minimum to get in.

This 80k is gross commission some more, if you deduct away usual business and marketing expense you have to pay on your own, the net pay is like ~70k and you can be a so call million dollar club financial consultant already. I don't think the banks are any different since a lot of people move b/w banking RM and insurance FC.

Originally Posted by adsl-

How much does one typically earns? Career prospect wise?

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I have been in the industry for 5 years. Let me give some clearly insights.

As a fresh grad/entry level PB.
Basic is around 3k, commission is much easier to hit as target is lower and serving the mass market clients means a lot of "hit-and-run", meaning to say you might not see that client again. For someone who is doing well, basic plus comms is easily 10k/month

At the Privilege/Priority/Premier level, depending if you jump enough or promoted internally, basic can be from 3k+ to 6k+. At this level, commission is harder to hit as target is much higher than the entry level. Some people draw their basic and not seen comms for very long. That being said, those who are doing well in the Priority segment can also have an NOA of 200k to 500k.

Private Client level, CPC, TPC, PVR. Basic above 8k is normal. Needless to say target is even higher.

Private bankers range too wide, I have seen low 300k NOA to 6mil NOA.

Originally Posted by Unregistered

I have been in the industry for 5 years. Let me give some clearly insights.

As a fresh grad/entry level PB.
Basic is around 3k, commission is much easier to hit as target is lower and serving the mass market clients means a lot of "hit-and-run", meaning to say you might not see that client again. For someone who is doing well, basic plus comms is easily 10k/month

At the Privilege/Priority/Premier level, depending if you jump enough or promoted internally, basic can be from 3k+ to 6k+. At this level, commission is harder to hit as target is much higher than the entry level. Some people draw their basic and not seen comms for very long. That being said, those who are doing well in the Priority segment can also have an NOA of 200k to 500k.

Private Client level, CPC, TPC, PVR. Basic above 8k is normal. Needless to say target is even higher.

Private bankers range too wide, I have seen low 300k NOA to 6mil NOA.

Yup. That was what I was told and tried to describe in my earlier responses. Thank you for the info direct from someone inside the business.