House Dealer Kay Hian & Kim Eng

Kim Eng is going for a comm revision, they are gonna move the target higher with the same amount of work. Heard alot of people moving out.

Brokerage firm is a dead end career..dun join them. Go for the banks.

if i do not have any finance knowledge at all, can I still be a dealer? i have the drive and motivation and sales experience in another unrelated industry

Yup, no finance knowledge still can..problem is you need to pass interviews..so at least you must go read up and brush up your knowledge.

If you are damn hungry for success and not scared of hard work, go join banks as personal bankers/financial consultants. Bar to entry is not high cause their turnover rate is high.

Good performing bankers make more than dealers. Also, dealers have to pay for customers' losses if they default.

Repeat again..join banks, not brokerages.

i thought of personal bankers too but prob is if i leave after 2 or 3 years, the clients or customers i have will be 'aborted' right? its like abuse their trust in me in the first place. or will i be able to bring my clients with me even if say, i hop on to another bank taking a higher position?

seems like dealer dun make alot huh? whats the exact difference between dealer, broker and trader? i know remisier is kinda like independent and self employed and have to place of deposit of $30k first.

If you quit a bank and joined another one, you cannot "bring along" your existing clients. Rather, if your clients like you and wish to continue a r/s with you, then they'll open a new account with your new bank. Personal bankers deal with the mass market, anyone from aunties to professionals etc. When you treat your best clients well, after a few years, of course they won't mind opening an acc with you at the new bank.

Dealers make anywhere from 2k for the junior ones to 8-9k for the very senior ones (on average, depending on the brokerage firm as well. A few are CMI ones....) How much does the banker make? A personal banker basic is already abt 3-3.5k excl comms. After you gain exp as a personal banker, you'll move on to become a relationship manager in the premier/priority banking segment which deals with affluent clients (min. 200k funds) That is potentially where the big money is..you can make anywhere from 4k basic up to 10-20k or more if you are bloodthirsty. In banking sales, if you are ruthless (plus you have some luck) you can make a lot. If you're a nice person, not pretty, don't expect that kind of money.

Broker is just a generic term for dealers/remisiers. Dealer is an employee of the firm but remisier is independent agent. Dealer does not need to put deposit but remisier yes. Remisier gets bigger cut of comms because if customer defaults payment, he has to foot the bill. Dealer same too, but the firm will only deduct from comms you earn. Dealer/remisier makes money by earning commissions from customers' trades. There are some differences in policies across diff firms..

A trader, generally speaking, has no customers, but takes positions in markets to make money. Note: remisier can trade for his own account, but not dealer.

Originally Posted by Unregistered

If you quit a bank and joined another one, you cannot "bring along" your existing clients. Rather, if your clients like you and wish to continue a r/s with you, then they'll open a new account with your new bank. Personal bankers deal with the mass market, anyone from aunties to professionals etc. When you treat your best clients well, after a few years, of course they won't mind opening an acc with you at the new bank.

in that case, whatever they have opened with you in the previous bank get 'wasted' right?
i heard there is a 'hire and fire' policy in place and the target is very high, causing the high turnover rate. will the target increase every month?

seems to me an insurance agent is doing the same job scope too, except that they have no target and able to earn much more. any exact differences?

appreciate your input, have you worked in both positions before?

Originally Posted by Unregistered

Yup, no finance knowledge still can..problem is you need to pass interviews..so at least you must go read up and brush up your knowledge.

If you are damn hungry for success and not scared of hard work, go join banks as personal bankers/financial consultants. Bar to entry is not high cause their turnover rate is high.

Good performing bankers make more than dealers. Also, dealers have to pay for customers' losses if they default.

Repeat again..join banks, not brokerages.

Agreed.
An equity sales broker/dealer's job is 'sales' ultimately. Taking care of your portfolio of clients making sure they 'churn' enough comm/brokerage for your comm/year end bonus. Constantly looking for new clients to replace 'old' ones. You do not need any skills infact. Just make sure your clients trade that's all.

And assuming you decided not to be a dealer in the future. Ask yourself what would you have learn that can be your selling points and to impress your next employer. probably nothing much.
So, after saying all these and anyone still want to give it a try i'll say good luck and all the best to you

Originally Posted by Unregistered

in that case, whatever they have opened with you in the previous bank get 'wasted' right?
i heard there is a 'hire and fire' policy in place and the target is very high, causing the high turnover rate. will the target increase every month?

seems to me an insurance agent is doing the same job scope too, except that they have no target and able to earn much more. any exact differences?

appreciate your input, have you worked in both positions before?

Insurance agent has no basic salary, no benefits. Personal bankers have basic salary, bank benefits like annual leave, medical coverage etc. Insurance agents sell insurance and unit trusts / endowment plans ILP etc. Personal bankers sell unit trusts, some have tie up with some insurance companies and also credit cards, term loans, mortgage loans and whatever loans the bank has.