[Anarki95]

Originally Posted by Unregistered

TS, what makes you think that banking sales is easy? It's definitely not easy at all. You are likely to face the same situation in banking sales. First of all, yes you get a basic but if you are not able to perform consecutively for 3 to 6 months (meaning not hitting your target), out you go. It can be dismissal which is worse than you resigning from insurance companies. You are expected to do well EVERY month consecutively, it's not hit target this month and then slack the next month. And the targets are very very high. Some banks require you to hit targets for both insurance AND investment component, meaning you cant just do a single product type unless you are an insurance specialist.

Banks don't provide you leads, you have to source for leads yourself via the bank system. The problem is the bank system is already over-farmed. You think a lead is good, you are probably the 200th banker to call the customer. Most of the time you are still expected to bring in new leads yourself. And then luck plays a big big factor. If you are in a branch, pray that you are in a good branch with high walk-in, but that will also mean you are competing with the other 10 or more bankers in your branch. If you are in a cui branch, then you can probably say goodbye to sales. If you are a RM, it depends on your port. If you are lucky, you get a reasonably good port that you can still do sales. If you get a bad port, it's probably the end. RM target is like 3x higher than those in branch and the story repeats again. And of course to become a RM, you need to do well in your non-RM role first.

In banking sales, you dun just do sales. You have to do tons and tons and tons of servicing and admin work which can suck up all your time to do sales. Imagine reporting for work just to do servicing from 9 to 6pm (yes it can happen) and then at the end of the day, your boss chase you for numbers and is asking why are you slacking the whole day with no sales?!?

Banks do not pay good commission. The amount of commission does not even justify the amount of work you put in for sales. And then many people do not get commission at all cos they have no sales and then they disappear (cos they either get dismissed or resign).

Just sharing with you cos I have been there done that. Banking sales is definitely not the 'easy' way out, in fact it can be worse cos you have no more freedom like an agent. You have to report to office on time everyday and have to be accountable for where you are at every hour. Sometimes you are in office the whole day and your boss will question you why you are not out for appointments?? Most banks also expect you to cold call after office hours after a long day at work and imagine picking up the phone just to have customers yelling at you. The amount of stress is not for the faint hearted.

Yes, i went for the interview and i was in for a shock. The manager was telling me how banking sales is gonna be outphased in two or three years in retail space. And you are very right about the leads who are being over farmed by other Bankers. Luck does play a part. Luckily i found a new job in a trading company. My friend is the CEO Of the company. I initially thought it was easier than insurance. I decided to not to quit insurance as i am still under contract. So i have two income sources now.