Career path of a "Relationship Manager"?

ThorOdinson

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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. :)
 

focus1974

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Ya.. I heard a lot of RMs who cannot handle the sales quota and stress of doing it will join insurance industry since they can are doing the sales anyway.

Anyway, if you can join bank as RM, go do it and don't think too much about career path. You never know how far you can go.
I want to be RM also cannot.
 

evets

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its just a sales role. instead of selling cars or house, one sell financial products.

career prospect is continue sales to private banking or move to management role or become a specialist of sort to support the RMs.
 

ThorOdinson

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its just a sales role. instead of selling cars or house, one sell financial products.

career prospect is continue sales to private banking or move to management role or become a specialist of sort to support the RMs.

does those specialist roles you said pay well? subseuqently where can they move?

how about management roles? :)
 

ThorOdinson

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Why u nv ask abt path of an insurrance agent instead? Here got so many insurance agents to reply u lol.

Tia gong RM everyday need to hit target. Managers are super pushy, got daily targets to hit. My cousins (2 of them) used to be RM, everyday forced to sell at least 1 ILP. If not must give cold call till late.

They were pretty good at sales so it wasnt too ard for them. One of them realized how lousy an ILP she is selling actually is, end up sje decided to push for 4 shield plans per day instead to hit target.

Now both of them are no longer RMs or doing the similar sales job.

I believe positions in the banks are afterall merely titles. Not so much of financial litteracy or experience, but as long as u got good sales production u get the promotion.

Same goes for financial advisors. Managers or MDRTs are most often achieved with sales but does not necessarily equal to knowledge of money managment.

I would be more than happy if insurance agents share their POV. :)

mind sharing your that two cousins doing what now? did they find something in banks or totally out of the industry? :)
 

ThorOdinson

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Ya.. I heard a lot of RMs who cannot handle the sales quota and stress of doing it will join insurance industry since they can are doing the sales anyway.

Anyway, if you can join bank as RM, go do it and don't think too much about career path. You never know how far you can go.
I want to be RM also cannot.
How "far" can a RM go, in terms of career? Forever sales?
 

j1

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the staff turnover for RMs are pretty high...my RM for SCB changed almost 1-2 times each year for the past few years
 

ThorOdinson

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the staff turnover for RMs are pretty high...my RM for SCB changed almost 1-2 times each year for the past few years

each year?

that's bad.....like..6 months tenure?

are you talking about scb priority or retail?
 

focus1974

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How "far" can a RM go, in terms of career? Forever sales?

Sales skill is a very transferable skill.

You can be Biz development manager in Telco , car company, insurance agent, property agent, retail sales, corporate sales.

So many.

I think it's good to be able to try out.
Even entrepreneurs need sales skill.

No matter how good a product is, it will most probably lose out to an inferior product with a good sales team.
 

wahkao3

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if banks have low risk high return products to sell, i think should be able to sell
 
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