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Relationship manager / Personal banker

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  #11 (permalink)  
Old 31-01-2016, 06:42 PM
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Lol the next thing you know, insurance agent also can move to IB.

I say it again, unless it's IB at some crap firm, no chance.

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  #12 (permalink)  
Old 01-02-2016, 05:54 PM
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Lol the next thing you know, insurance agent also can move to IB.

I say it again, unless it's IB at some crap firm, no chance.
I know a fella who used to be a salesperson at Best Denki Bishan, Washing machine dept. Top performer through 2013-2015 and also one of the few top grosser. He couldn't get a proper job despite having a degree in acct from ntu. Because he served jailtime before. When he was a young hot blooded prick, he went on 1v20 outside of Scape. Despite being outnumbered and unarmed, he managed to skillfully outclassed his opponents and dumpstered all of them. Unluckily, the police came just when he was about to leave, still high on andrenalin he accidentally fractured 1 of the officer's wrist and injure the other. He was then arrested and was handed down a 5 year sentence for rioting and violence.

Like as if heaven has a road planned out for him, one day he carried out his usual SOP at work. Little did he know, the prospective customer was a senior MD of an american IBD with global footprint.

Impressed by his passion and knowledge towards customer service and towards washing machine, he was offered a job on the spot by the MD.

Fast forward 5 years later, the former Best denki salesperson is now a VP of his own team incharge of the energy sector.

You'll never know unless you try. Last i know that fella is driving a black color lancer and married a former stewardess gf who has the looks and body of a VS model. This guy, envy of all SG men.

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  #13 (permalink)  
Old 01-02-2016, 06:14 PM
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Since you know the fella, why don't you post his name or linkedin?

It's nothing bad right. But yeah, it's not going to happen because it's another BS feel good story. Or you easily mistook his role inside the IB. I can guarantee you that someone like him with no pedigree or polish would never cut it in IBD.

If you want to argue otherwise, call my bluff. But, you can't.

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Old 01-02-2016, 09:19 PM
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Since you know the fella, why don't you post his name or linkedin?

It's nothing bad right. But yeah, it's not going to happen because it's another BS feel good story. Or you easily mistook his role inside the IB. I can guarantee you that someone like him with no pedigree or polish would never cut it in IBD.

If you want to argue otherwise, call my bluff. But, you can't.
for some strange reason when it comes to banking the no. of exaggerated story is just astounding. i remember not long ago in another thread also got another bs claim abt some poly girl who made it big to svp compliance in 10 years. in the end after linkedin posted turn out to be just some regulatory adviser in stan chart.
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Old 02-02-2016, 04:05 PM
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lol I have plenty of friends who are relationship managers. From my understanding it's like a salesman job with normal pay + comms. What kind of banks do u guys work at? How come can get 4.5-7k basic , 6 months bonus and even progress to IB LOL.

Last edited by osd; 02-02-2016 at 04:08 PM.
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  #16 (permalink)  
Old 02-02-2016, 04:15 PM
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lol I have plenty of friends who are relationship managers. From my understanding it's like a salesman job with normal pay + comms. What kind of banks do u guys work at? How come can get 4.5-7k basic , 6 months bonus and even progress to IB LOL.
Let me clear the air. I don't know the absolute figures but I speak from reputable source.

When you say wealth advisor, relationship manager, your pay and opportunities depend on which tier. I think the leveling goes something like this:

Retail - someone like me with little cash.
Privilege - $50k to $200k.
Private Client - $200k to $1m.
Private Banking - $1m and above.

I'll say that you can earn $4.5k to $7k base + bonus / commissions when you start serving Private Client. Then when you serve Private Banking, I think all in monthly can be $40k.

Anyone else with to confirm with me?


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  #17 (permalink)  
Old 02-02-2016, 04:21 PM
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Let me clear the air. I don't know the absolute figures but I speak from reputable source.

When you say wealth advisor, relationship manager, your pay and opportunities depend on which tier. I think the leveling goes something like this:

Retail - someone like me with little cash.
Privilege - $50k to $200k.
Private Client - $200k to $1m.
Private Banking - $1m and above.

I'll say that you can earn $4.5k to $7k base + bonus / commissions when you start serving Private Client. Then when you serve Private Banking, I think all in monthly can be $40k.

Anyone else with to confirm with me?
Anything below private banking is just consumer banking. Don't believe in all those gimmicks the banks use. Think about it, it is not that hard for any PME who has worked 20 years to have a net worth of few hundred thousand, there must be thousands of these customers in any neighborhood branch.
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  #18 (permalink)  
Old 02-02-2016, 04:27 PM
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Anything below private banking is just consumer banking. Don't believe in all those gimmicks the banks use. Think about it, it is not that hard for any PME who has worked 20 years to have a net worth of few hundred thousand, there must be thousands of these customers in any neighborhood branch.
Sure. But tiers aside, I'm giving my comments on the salary the banker earns given which type of client he serves.

Private Client, $200k to $1m - I think $4.5k to 7k base doable.
Private banking, $1m+ - I think $12k base.

Am I wrong?
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  #19 (permalink)  
Old 02-02-2016, 04:49 PM
osd osd is offline
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Quote:
Originally Posted by Unregistered View Post
Let me clear the air. I don't know the absolute figures but I speak from reputable source.

When you say wealth advisor, relationship manager, your pay and opportunities depend on which tier. I think the leveling goes something like this:

Retail - someone like me with little cash.
Privilege - $50k to $200k.
Private Client - $200k to $1m.
Private Banking - $1m and above.

I'll say that you can earn $4.5k to $7k base + bonus / commissions when you start serving Private Client. Then when you serve Private Banking, I think all in monthly can be $40k.

Anyone else with to confirm with me?
Privilege and Private client = fancy titles.

Banks inflate their job title too. MOST RMs are fresh grads who graduate with low GPA and can't get those 'better' jobs. You start off at the bottom of the food chain = salesman standing in front of banks trying to make u open account/sign credit card. If you're a good looking person who can charm people it helps a lot.

It's easy to be RM but hard to stay as one. It's a very KPI driven job as you have to sell products to clients. Basically you have to find a way to make peopel give you their hard-earned money for some products(insurance/trust/depository products etc) that may or may not benefit them in the long run. Not alot of people can do this and most people quit after a few months.

The proper RMs are those who handles HNW people. This guy is asking for RM/Personal banking and from the way he ask he is probably looking at the bottom of the food chair.

To the person who started this post :
All these things can be easily found if you just search forum. If you're asking basic questions like this when its already available on Google(EDMW/HWZ/Salary.SG/Reddit/sgforum), I suggest you buck up.
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  #20 (permalink)  
Old 02-02-2016, 05:00 PM
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for some strange reason when it comes to banking the no. of exaggerated story is just astounding. i remember not long ago in another thread also got another bs claim abt some poly girl who made it big to svp compliance in 10 years. in the end after linkedin posted turn out to be just some regulatory adviser in stan chart.
Agreed, I don't know why all these people pop up. Either they are very delusional or just plain naive to believe all the nonsense from their friends.

Working in a bank =/= baller. LOL.
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