Personal Financial Consultant in Financial Institute VS Bank
As above! Anyone been through both of them? What are the pros and cons?
Banks Pros More structured and proper training Selling of more products as you move up (into premier/private banking) Cons No recurrent commission No work life balance Financial Institution Pros Recurrent Commission More work life balance Cons ????? |
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I doubt structured training really matters much. They just teach you a few basic selling points and basic admin procedures, you are not expected to do any in depth strategising or portfolio management anyway. As for becoming a private banker, this is just a fantasy for 99.9% of the people out there. The chances of joining as a bancassurance sales agent in retail banking moving up to private banking is so rare that it wouldnt count as a "pro". |
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That is what I thought so too. OCBC did gave a career progression pamphlet. It shows sales route and management route. Sales route eventually will get into private banking. But of course, if you perform well that is.
As for FC in FI moves into private banking, I'm not sure. But definitely, private banking is easier to get in as compared to investment banking. |
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Both are different roles. |
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Might want to check out google and linkedin and tell me how many private bankers start off as some retail neighborhood bank sales agent. Also Premier banking is nothing and just a gimmick to sell to the masses they are some sort of elite. The products are the same and qualifications so low (most only require 250k net worth) that a lot of normal PMEs who save will get it in their late 30s or early 40s. |
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Of course, those who are in private banking are high flyers and have connection or were from investment banking. Like what you said, most private bankers don't start from retail banking. But is there not anyone who start out from retail banking into private banking? That is my question though. Is is not possible to fight you way up? Well, that is the career progression given during the interview. Of course, the % of ppl who goes into private banking is very small. No doubt. But is it really impossible? You will deal with futures and securities as you move up, you won't just be selling insurance and unit trusts. This is what I understand. Are you from the banking sector? If you are, then, maybe you can correct me more. |
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Probable? No. And it has nothing to do with qualifications. You seem to think selling securities/futures products to the mass market is some sort of sophistication and that earlier comment about premier banking, it shows you are completely clueless on the retail banking sector. I strongly suggest you do some research offline and go look for friends who actually work at branch sales to find out more. Almost every sales guy on the ground aspires to be a private banker, how many actually make it in the end? <1%. If you think all you need to do is to work hard, achieve your KPI and meet a few “rich” people in your neighborhood bank, then good luck. You gonna need it. A branch sales agent becoming a private banker is akin to striking 4D. The possibility is there, but nobody should be making career decision based on that remote possibility and outlyer examples. |
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