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I was in a banassurance role before. During my tenure I wished I was an agent instead as the commission is terrible. The targets set are unrealistic as well alongside with the longer working hours.
The trade off to a fixed pay isn’t worth it imho. Best to leave the industry when you’re young |
Honestly working Long hours is not a problem with me. 7 days/6days a week i am used to it. But if it does not relate to results, then there’s no point. At least i get a fixed pay In banking . As an agent, it’s much worse. Yes sure commission are good. But in terms of sustainability? It’s a huge issue.
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I started out with 3.8 inclusive of allowance. Expect long working hours as you need to attend showflat on the weekends (will be additionally paid for this) It’s different from insurance as it doesn’t require cold calling. Your leads come from showflat and agents. So you need to build relations with agents ALOT. At least it’s better than hunting leads yourself. You just focus on spamming agents |
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Banassurance has a bad name
Insurance companies take a cut, bank takes a cut, bank staff takes a cut. What is left for the buyer? An overpriced policy. This does not mean insurance agent policy is good. They take 60% of premium as commission for whole life policy/investment linked plan in the first three years So straightaway you lose 60% of annual premium once you sign on the line |
Independent financial advisor(IFA)
Have u considered joining an independent financial advisor(IFA) firm??
[s://myifa.sg/career/[/ |
You should still try banking sales role if your heart is still there.
It is true that people trust bankers more easily and the leads are given to you. Albeit targets are really high , probably need to close on avg 5 small case count to be safe. |
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