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Old 12-08-2020, 01:18 AM
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To TS

Insurance and banking sales depends on a lot of the same factors:

Tenacity, ability to handle stress, deliver numbers consistently, positivity & ability to sell

The workload was incredible then and I fear would be same or higher now

Speaking from an existing banker

I have been in the industry for 15 years

10 years at retail bank, past 5 years in private banking

As a general guide to the type of targets I had to deliver

Personal banking - SGD40k to 50k of revenue per month
Premier banking - SGD70k to 100k depending on rank
Private clients - SGD100k onwards depending on rank

That’s an incredible amount of fees that you need to generate for the bank to meet your targets

For 50k revenue, you need to sell SGD1.67m worth of unit trust at a very high 3% upfront (Hard enough when people can buy funds online for minimal brokerage)

Say you meet that and also the rest of the non sales KPI involved, you will probably take home a measly 4000 to 5000 of commission on top of your basic

As another poster mentioned, it all resets once the month is over

So you get to run it all over again, and again and again

Just as a guide, it doesn’t get easier as your progress, it only gets harder.. my revenue target now at the private bank is about USD2.8m per annum or almost SGD330k per month

This is made up of retrocessions, interest income, fee income, structuring, corporate banking deals AND I need to bring in new assets to the bank every year

Do I make decent money? Yes I do, but the work is real tough and there is an element of luck in it as well as lots of hard work and hunger to make it

Good thing about banks is, at least there is an infrastructure for you to get customers via walk ins or a cold calling list. There are (or were) many roadshow and events for you to tag customers to generate a leads list or pipelines for potential deals

All in all, if you enjoy the grind of sales and are willing to stick it out.. by all means make the leap to banking. Give yourself a window to see if it works for you .. you have nothing much to lose anyway as I assume you are young

I guess you will find Yourself selling a lot of insurance as a personal banker anyway given that insurance offer the highest revenue per dollar Ratio, so you do actually have a small advantage compared to your peers

Good luck
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