Relationship manager / Personal banker

Originally Posted by osd

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.

Disclaimer. I'm intending to be personal banker / RM. I already satisfied in my current job. Hehe. I ask because I want to benchmark myself against my friends, some of whom are RMs.

Okay, I get what you're saying. Yes, it is also linked to the assets you bring in and that's largely a function of who you know and wants to let you be their banker.

I just want to get down to the specifics of those hot shots just graduate and bringing in the big bucks, which I heard is $20k a month. Okay, lemme tell you who they are.

Presentable and pretty girl. Normal graduate from local U. 3 years in retail banking. Then all of the sudden my friends kapo then update me saying she went private banking draw $6k base and pull in $15k commissions making like $20k a month. Got such thing or not? And is it a consistent $15k a month comms. One thing I admit is that she's hardworking and knows how to sell.

If it's true, any thoughts?, then it still pretty much beats IB. She mention that she's considered normal in terms of the industry because like everyone said, she's serving a retail customer. But normal job drawing $20k a month, I very happy liao.

Originally Posted by Unregistered

Disclaimer. I'm intending to be personal banker / RM.

Correction: I'm NOT intending to be personal banker / RM.

Originally Posted by Unregistered

Presentable and pretty girl. Normal graduate from local U. 3 years in retail banking. Then all of the sudden my friends kapo then update me saying she went private banking draw $6k base and pull in $15k commissions making like $20k a month. Got such thing or not? And is it a consistent $15k a month comms. One thing I admit is that she's hardworking and knows how to sell.

If it's true, any thoughts?, then it still pretty much beats IB. She mention that she's considered normal in terms of the industry because like everyone said, she's serving a retail customer. But normal job drawing $20k a month, I very happy liao.

Total crap. I am not sure which bank she works at but there isn't such a thing as "commission" in private banking. They are essentially helping rich clients manage their money and if they perform well, the banks get a cut from the fees. From there, the private bankers are awarded "bonuses".

Stop with all these nonsense stories please. Next time, you tell these people to show you their payslip.

[osd]

Originally Posted by Unregistered

I ask because I want to benchmark myself against my friends, some of whom are RMs.

why not ask them yourself?

Originally Posted by Unregistered

Presentable and pretty girl. Normal graduate from local U. 3 years in retail banking. Then all of the sudden my friends kapo then update me saying she went private banking draw $6k base and pull in $15k commissions making like $20k a month. Got such thing or not? And is it a consistent $15k a month comms. One thing I admit is that she's hardworking and knows how to sell.

pretty girl in finance open leg can get good money. I know girls who have affairs with people with HNW and I have friends who tell me stories. Managers openly asking who want to sleep with client. Client messaging pretty bankers to go ''hang out'' with them. One time I met up with my friend she told me this guy messaged her ''wanna come chill at my condo, i'll come pick u up in my CONVERTIBLE"


Another one that I just heard from my friend. His ****buddy = mistress for some super highflyer. He buy her stuff and gives her money every month. Life is like that. Study hard sometimes no use. Must have connections. Sometimes people no connection no education but born pretty just need open leg 1 time done. If you wanna take it a step further, poke hole in condom.

dont obther to compare so much, this is the problem wtih singaporeans. since young evreything also compare. grades compare salary compare. suicide rates for people aged 20-29 super high. There will always peopel someone earning more than you. Just live to your means, be nice to your family and friends. Don't spend beyond your means, save what you can and be happy.

I got to agree that finance is a very dirty industry.

The girls are notorious for sleeping around. Bosses, clients, whomever can advance their careers. The question is not will they, but how much?

Originally Posted by Unregistered

Total crap. I am not sure which bank she works at but there isn't such a thing as "commission" in private banking.

Ummm ... that's why I'm here to clarify. Okay, thank you for your comments.

But just to make less confusing. She earns a base of $6k. Then she's given target to meet. Like if she sells $100k worth of banks product, she get another $6k. And anything else she sells pass $50k, she gets 20% of it.

So for example, if she one month sells $150k of banks products, she gets $6k base, $6k comms and $10k bonus comms making her pay for that month $22k. She explained me the structure very thoroughly that's why I think might be true.

I'll also add I can double confirm plus chop she works in MNC bank. And I think this job is what the OP is looking for so I at least share what I hear but also want to make sure is true.

Originally Posted by Unregistered

Like if she sells $100k worth of banks product, she get another $6k. And anything else she sells pass $50k, she gets 20% of it.

When I say she sells $100k of bank products, it means the total premium the customer will pay. So if there's insurance product pays out $1m and total premium is $50k, then it means she sold $50k of banks product even if the customer will pay like $200 monthly. Makes sense?

[osd]

Originally Posted by Unregistered

Then all of the sudden my friends kapo then update me saying she went private banking draw $6k base and pull in $15k commissions making like $20k a month

first your friend kaypo

Originally Posted by Unregistered

She explained me the structure very thoroughly

then suddenly your friend(this girl) explain to you

now you're here asking when the girl already explain. Your story dont make sense.
get your story straight young man.

Originally Posted by Unregistered

Ummm ... that's why I'm here to clarify. Okay, thank you for your comments.

But just to make less confusing. She earns a base of $6k. Then she's given target to meet. Like if she sells $100k worth of banks product, she get another $6k. And anything else she sells pass $50k, she gets 20% of it.

So for example, if she one month sells $150k of banks products, she gets $6k base, $6k comms and $10k bonus comms making her pay for that month $22k. She explained me the structure very thoroughly that's why I think might be true.

I'll also add I can double confirm plus chop she works in MNC bank. And I think this job is what the OP is looking for so I at least share what I hear but also want to make sure is true.

Dude, that's definitely NOT private banking.

Maybe a sales RM. But even then, I am pretty damn sure her comm structure is bull.

I know Private bankers and their starting salaries for fresh analyst is about 8K. I am talking about private bankers at IBs.

I don't know where exactly she is working at and what exactly is she doing. If she is doing a sales role like personal banker type... I still find it hard to believe. The bank that she is most likely to be in is probably Citibank, correct? Maybe she might even be in Citigold but there is almost zero chance that the comms structure pays so well.

Why do I know? Because Citi is extremely stingy with salaries and makes it super hard for most of their RMs to even HIT their monthly targets. I will take her story with a pinch of salt unless again, she is willing to show her payslip or IRAS filings. Nothing to hide right since she has already so willingly stated what she is earning to you?

I don't know why she thinks she can bluff you. If she is meeting a real M&A banker or someone who works a real job in banking like myself, I can assure you that she will be pwned left right and center.

Originally Posted by Unregistered

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.

Lol. Chill buddy. Can't you even tell he made up that bs for laughs? You are taking it too seriously, man. Chill out. Go outside and talk to people more.