House Dealer Kay Hian & Kim Eng
 

hi i post another thread recently "Product control". the job search for that didn't go well for the last few months so i tried applying for some sales role.

And i got an interview with Kay Hian and Kim Eng. Does anyone know is there any difference with this 2 ? be it the environment, the working culture, career progress, the pay increment and the bonus payout. of course i'm not asking for the nominal amount but a rough gauge.

beside all these, is there any difference with brokages firms ? e.g kim eng has CFD platform does it means more product the broker can advice the client ?

no difference lah, no matter what you join sure start out handling peanut retail clients who are not interested in any sophisticated products or advice.

kay hian more emphasis on customer service, so they require their dealers to do a lot of seminars, talks and workshops after office hr & during weekend to build up relationship. for the first year if no major screw up and you can meet target should be able to get ~35k annual inclusive of basic & incentive

so little meh ? even now my basic is 38k

huh got so high? 38k got aws? Are you fresh grad or mid career? I thought the standard rate among most broker is 2.5k for a deg grad...

grad 2 years ago. however 2 years down the road still contract staff with not much hope to turn perm. hence looking out for something else.

haha paiseh... thought you were a fresh grad. anyway i think other than the pay the rest of my comment still same, mostly dealing with retail clients so take this as opp to spend a few years build up your business network.

dun worry about products and company, at your level there is no difference

what about career prospect ? if want come out of brokage can do what kind of jobs ?

chiong ah !

market now not good, very hard to survive as dealer

Any idea how is the commission like for a broker? Is it base on total contract value transacted every month?

this job not easy. go around knocking and harrassing heartland citizens for their hard-earned money.

Be prepared to have a rebuttal with them.

thanks ppl. anyway they quote much less then 2.5 lol.

so how much they offer you in the end???

wont advised u to join unless u have deep interest in equity trading or a rdy pool of clients from your network.
if u really want to join i think uob is better bcos they have a bigger pool of clients and u'll have new clients assigned to u. dun join those companies dat cant let u grow ur client base. u'll 'die a slow death' if u cant perform in sales and ur peers will outearn u in few yrs time.

but UOB the base pay is really damn low. And what you mean by "dun join those companies dat cant let u grow ur client base". for Kim eng it should be alright right ? the size is not as big as kay hian but its still 1 of the bigger ones ya

hi vincent, for a new house dealer it's impt for the company to continously supply u with 'walked-in' clients for u to grow your base. w/o a solid base of clients u'll not last long.

do find out from uob kh and maybank ke on how long will they keep assigning new clients to u and how many. if you have 50 hse dealers and only a handful of walked in clients per week, u're going to find it hard to grow your base as supply of clients < demand from hse dealers.

im not sure abt kim eng but i heard uob hse dealers get new clients frequently. their basic may be low but commission is good.

good luck.

i know kay hian is quite big but they mentioned they only give comm once a year. the base pay not sufficient for me to wait for the bonus man.

ok maybe i will ask them about the new clients when i go in for interview with ke. thanks

How about anyone out there tried Philips capital ?

Kim eng paying 2.5k basic

theres still comm right?

have a friend working as a dealer and i see that hes earning quite alot.

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.

Deadend
 

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

Deadend
 

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.

Deadend
 

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.

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?

Deadend
 

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 :)

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.