ThorOdinson
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- Jul 23, 2016
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Just wondering what's the typical path...
I have a uni coursemate working as a RM now...kinda curious how it is like actually...yes, I understand from him it is at the end of the day, a sales job. Very stressful with targets hanging above your head.
What I understand from him is that unless you come from a rich family who can pilot you in...you start from the mass segment. Then you move into priority level. From there, you can either go into private or offshore. Although he stated it usually takes quite a few years; just wondering how long? For the typical RM to move from mass to priority level then offshore/private, how long would it take? Also, he mentioned that most people fail to reach the real private banking level, falling more into the level of "priority-private" instead-for instance, DBS Treasures Private Client instead of DBS Private Bank. Not that it is a shame, but he mentioned that there are very few true private bankers. He did mention that for such real private bankers, entry PBs can get $10-12k. But he didn't share for a RM at priority or offshore level.
He also mentioned that at some point, if you are sick of sales, you can convert to become a branch manager, assuming you have enough experience and there is an opening. I'm also a little curious as to how much a branch manager typically makes?
Disclaimer: I'm not considering a career as a RM, just keen to understand the career path of it a little more...
Of course I can ask him more, but not very close. So just a little curious, thus asking here. Hope someone can give me a clue, I'm not from banking industry, just hoping to know more.
I have a uni coursemate working as a RM now...kinda curious how it is like actually...yes, I understand from him it is at the end of the day, a sales job. Very stressful with targets hanging above your head.
What I understand from him is that unless you come from a rich family who can pilot you in...you start from the mass segment. Then you move into priority level. From there, you can either go into private or offshore. Although he stated it usually takes quite a few years; just wondering how long? For the typical RM to move from mass to priority level then offshore/private, how long would it take? Also, he mentioned that most people fail to reach the real private banking level, falling more into the level of "priority-private" instead-for instance, DBS Treasures Private Client instead of DBS Private Bank. Not that it is a shame, but he mentioned that there are very few true private bankers. He did mention that for such real private bankers, entry PBs can get $10-12k. But he didn't share for a RM at priority or offshore level.
He also mentioned that at some point, if you are sick of sales, you can convert to become a branch manager, assuming you have enough experience and there is an opening. I'm also a little curious as to how much a branch manager typically makes?
Disclaimer: I'm not considering a career as a RM, just keen to understand the career path of it a little more...
Of course I can ask him more, but not very close. So just a little curious, thus asking here. Hope someone can give me a clue, I'm not from banking industry, just hoping to know more.