DBS Treasures: Bancassurance Specialist vs. Relationship Manager

[Gan28]

Hello everyone, I would like to seek advise/opinions on these 2 positions as I can't make up my mind on the 2.

A brief intro abt myself
- 7 years in IFA
- Strong background in insurance
- Knows/understands little in my opinion, about world market and sophisticated investments
- See myself going into management role when the opp arises as I don't want to cont chasing numbers daily.

I don't know well about the pay difference or benefits, so any input will be great!

My concerns:
Bancassurance Specialist- you depend on the RMs to hit your monthly targets and don't run for own sales. But RMs only need to hit figures thus they can do w/o selling any insurance products.

RM - the port/leads given to YoY will most prob be those clients that the other RMs can't get hold of cause client don't want to meet etc. I'm new to bonds/notes etc and applying of knowledge of world news to stock market.

I am worried that juggling these factors as RM might be biting more than I can chew compared to Banc Specs since I have the knowledge and expertise from IFA background for it, just that I'll need to build on good relationships with the RMs as I rely on them so to speak.

Putting aside why treasures/if I can get in, any input and your time to is very appreciated! Thank you

How much and from what bank in terms of basic and incentive are your 2 offers? It's very hard to just talk generalities without knowing the actual bank & salary.

Originally Posted by Gan28

Hello everyone, I would like to seek advise/opinions on these 2 positions as I can't make up my mind on the 2.

A brief intro abt myself
- 7 years in IFA
- Strong background in insurance
- Knows/understands little in my opinion, about world market and sophisticated investments
- See myself going into management role when the opp arises as I don't want to cont chasing numbers daily.

I don't know well about the pay difference or benefits, so any input will be great!

My concerns:
Bancassurance Specialist- you depend on the RMs to hit your monthly targets and don't run for own sales. But RMs only need to hit figures thus they can do w/o selling any insurance products.

RM - the port/leads given to YoY will most prob be those clients that the other RMs can't get hold of cause client don't want to meet etc. I'm new to bonds/notes etc and applying of knowledge of world news to stock market.

I am worried that juggling these factors as RM might be biting more than I can chew compared to Banc Specs since I have the knowledge and expertise from IFA background for it, just that I'll need to build on good relationships with the RMs as I rely on them so to speak.

Putting aside why treasures/if I can get in, any input and your time to is very appreciated! Thank you

If your goal is to become a manager, it makes more sense to join an insurance firm or an affiliate agency as a team lead or manager.

Both RM and bancassurance specialist are junior level sales in banking. You will end up wasting another 5-7 years trudging the sales targets before reaching manager, provided your performance is good and don't get retrenched half way.

[Gan28]

Hello, thank you for your time! Insurance agencies or affiliate don't offer basic salaries. And I want stability explains why I chose the bank as I don't want to waste the years of exp I have. But looking at my concerns and experience, what do you think would be a better role for me given the 2?

Originally Posted by Gan28

Hello, thank you for your time! Insurance agencies or affiliate don't offer basic salaries. And I want stability explains why I chose the bank as I don't want to waste the years of exp I have. But looking at my concerns and experience, what do you think would be a better role for me given the 2?

Understand your perspective, but joining a bank as entry sales will give you a basic salary, but how does that not waste your years of exp?

If stability is what you want, joining banking sales at the entry level doesn't help either as the industry is famous for hire & fire.

I agree with the poster above. You need to provide more perspective - how much are you making now, how much "stable" salary are you looking at and what sort of timeline you want to be a manager?

Since all your 7 years sales is commissioned salesman, I suspect you don't really need to restrict your choice to just RM or bancassurance. There are many types of sales jobs in different industries out there, since starting from zero might as well relook at your whole career instead of just 2 specific DBS job (provided they even want you in the first place).