I need honest advice. Jump to banking or stick in insurance

Originally Posted by Anarki95

Thanks to all the unknown members here. It’s amazing how anonymous people here giving good advices. No brainwashing involved.

Yes, no problem we are always happy to help! Please remember to update us in this thread once you find your footing in the banking industry, we would love to hear from you

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

[Anarki95]

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.

Originally Posted by Anarki95

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.

If you don't hit the target set for you, you'll be gone in no time too. Depending on which bank you go, some requires you to do a lot of other menial stuff. Those steals time away from you to focus on doing sales. Speaking from experience in one of the local bank.

Originally Posted by Anarki95

Recently,

For 2 years in this insurance industry , i am damn burn out. I feel bad for all the friendships that have soured. I am making less than $1000/month. It’s over for me. Basically the problem with me is that i want to have the stability in bank. But it comes with high targets which i can handle the pressure. The problem in insurance is that we are not given leads.

Quitting insurance industry is also another problem. I have to pay back some of the cost and my manager is brainwashing me not to leave and say that i don;t put in enough effort. Like are you serious after 2 years ?? I am just a sick and tired of the company culture.

I need advice from Bankers, ex-insurance agents or people who have made changed career from insurance to banking. I am completely hopeless and depress. I am in a mess.

Seriously, are you joking? Please tell me you are joking. You are expecting it to be easier and more stable in banks, is that what you are saying? Dude you got another thing coming for you. Yes, most banks have basic salary of higher than $1k p.m. for sure. But if you think you can live comfortably off that basic pay you are seriously mistaken. Most Baccaninsurace sales person start off below $2k p.m.Firstly, there are targets you MUST achieve. Easier to sell, you say? Maybe. Debateable. Stable? Hell no. You don't meet your target for 6 months, you are out. If you do really well, there are caps in place. If you think you will be provided leads, think again.

Originally Posted by Anarki95

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.

Consider working as a mortgage specialist.

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

Originally Posted by Unregistered

Consider working as a mortgage specialist.

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

Agree. Insurance u gotta beg them to buy. Mortgage they gotta beg u to approve

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

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.