Factual Local Bank Salaries - DBS , UOB , OCBC (A commoner climbing up the ranks)

[Roberterop]

That's actually a good question, and I faced a similar issue when I relocated to Norway and got all my instruments and piano with me. We decided to relocate there as the chances of getting some awesome gigs were much better than in Singapore. The only issue was the tough economic situation, and to go ahead with it found a great loan site https://www.xn--lnguide-exa.se/foretagslan/ that made the process of getting some money very easy. I mean, the rates were much better than Singapore, so why not get money from the country you are relocating to?

Originally Posted by Unregistered

Sounds like Retail RM?

Yep most likely retail RM. Corporate RMs don't earn commission. If you're very good in sales and psyching people and aren't beneath using underhanded methods to convince people to invest in your company's actively managed fund or ILP, you will make alot of money as a retail RM/financial advisor. It is not fixed deposits nor credit cards that will earn a financial advisor the most commission, but the actively managed funds and ILPs, this is why you always see them pushing you to buy such plans. Yet it is common knowledge that the overwhelming majority of actively managed funds fail to outperform a passive one that simply tracks a stock exchange aka ETF (go Google for the statistics). So when you buy into an actively managed fund, not only are you paying about 2-3% of your AUM to the fund managers annually (REGARDLESS of whether they make money for you or not), these managers are usually worse than useless, because they lose to an ETF. You would expect anyone with the title "financial advisor" to feed you this little piece of advice. But of course they don't.

I rather be a corporate RM.

Originally Posted by Unregistered

Yep most likely retail RM. Corporate RMs don't earn commission. If you're very good in sales and psyching people and aren't beneath using underhanded methods to convince people to invest in your company's actively managed fund or ILP, you will make alot of money as a retail RM/financial advisor. It is not fixed deposits nor credit cards that will earn a financial advisor the most commission, but the actively managed funds and ILPs, this is why you always see them pushing you to buy such plans. Yet it is common knowledge that the overwhelming majority of actively managed funds fail to outperform a passive one that simply tracks a stock exchange aka ETF (go Google for the statistics). So when you buy into an actively managed fund, not only are you paying about 2-3% of your AUM to the fund managers annually (REGARDLESS of whether they make money for you or not), these managers are usually worse than useless, because they lose to an ETF. You would expect anyone with the title "financial advisor" to feed you this little piece of advice. But of course they don't.

I rather be a corporate RM.

I rather have $$$.

what exactly is the role of a dbs wealth planning manager? are you a branch RM or are you working out mbfc in the wealth management department serving HNW clients? and how's the pay and progression?

Originally Posted by Unregistered

what exactly is the role of a dbs wealth planning manager? are you a branch RM or are you working out mbfc in the wealth management department serving HNW clients? and how's the pay and progression?

Stationed in the branches and ask auntie unker to buy insurance

Hihi,

Would like to seek assistance to find out more about the OCBC rank structure please.Thanks!

Originally Posted by Unregistered

Hihi,

Would like to seek assistance to find out more about the OCBC rank structure please.Thanks!

They go by a numeric system, starting with the smallest number at the entry level
- Associate 8
- Assistant Manager 7
- Manager 6 (equivalent to UOB AVP)
- AVP 5 (equivalent to DBS SA)
- AVP 4 (equivalent to DBS AVP)
- VP 3,2,1 (VP1 is equivalent to SVP at some intl banks)
- SVP
- EVP

Salary grade varies not just by rank but across business areas/functions as well.

Hope this helps ✌️

BB MO or DBS FO?

Originally Posted by Unregistered

BB MO or DBS FO?

BB MO if you don’t really feel like chionging too hard. Decent salary to lead a comfortable life.

Appreciate the assistance. Thank you. =)

Originally Posted by Unregistered

They go by a numeric system, starting with the smallest number at the entry level
- Associate 8
- Assistant Manager 7
- Manager 6 (equivalent to UOB AVP)
- AVP 5 (equivalent to DBS SA)
- AVP 4 (equivalent to DBS AVP)
- VP 3,2,1 (VP1 is equivalent to SVP at some intl banks)
- SVP
- EVP

Salary grade varies not just by rank but across business areas/functions as well.

Hope this helps ✌️