12-08-2020, 03:16 PM
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Verified Member
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Join Date: Jun 2020
Posts: 21
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Quote:
Originally Posted by Unregistered
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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I would like to ask on the private banking side, is it as prestigious as what it seems to be and also how do you find high net worth clients? Through networking events or recurring referrals? I rarely see premier Bankers/retail Bankers jumping to private banking. But i do see other fields like trading/people who work in other industries that make the switch to private banking. They must have some sort of rich friend/clients to manage their aum. What are your thoughts?
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