Confused!!

[Solution9]

1. don believe in e bs from ur line manager whos trying to recruit u..they will promise e sun and moon to get more downlines for overriding commission

2. pardon me but u sound like a mediocre performer at its best and is looking at a quick exit and fast cash

3. Where u start is where u end, pls don be idealistic and assume you can switch into corporate using 2-3 years as test phase, ur transferable skill set and work credential is tantamount to none when u r in financial advisory

4. be prepared to lose ur pride, dignity and social circle as u beg for sales..frens will avoid u like ebola

5. don understand why u cant set ur foot on e ground and work ur way up esp. if u believe in ur capabilities, i grad from local uni at 25, started in a statboard, join a korean mnc, a tier 1 consulting firm and now a US tech company, hit >150k PA when i am 32 and i save 95% of my salary. E point is 脚踏实地 can let u scale e most treacherous mountains..好高务远 will cause u to plunge into deepest abyss

be prepared to do lots of cold calls and sales begging..and camping at mrt irritating ppl with all ur nonsensical surveys

what you said is true actually. But I have to be honest with myself, I am sick of engineering, been studying all my life in engineering. I wanted to do something different. You know, be my own "boss", manage my time, my career, everything juggle by myself, whack for a few years see where can I go, if its my thing, it will be it.

 

[arctician]

what you said is true actually. But I have to be honest with myself, I am sick of engineering, been studying all my life in engineering. I wanted to do something different. You know, be my own "boss", manage my time, my career, everything juggle by myself, whack for a few years see where can I go, if its my thing, it will be it.

Then y u can't switch career tracks into corporate? Mktg..biz dev etc..or even go into statboard like edb or ies which doesnt require specialized degree? There are so many alternative path

if u wan do financial sales better to join those banks as a rm..At least u can service walk in..its agonizing trying to beg for sales frm ur frens..I know coz I always avoid them like plague n only entertain them if they r good lookers with short skirts

 

[iCuteCube]

zhun bo? can hop like that meh? will they accept u?

There's a possibility, because you will be going through training on how T&M works and how to sell CLI products.

Basic pay doesn't mean that you cannot be fired or asked to go.

Basic pay for sales staff is really purely for expenses. The incentives / commission is where the savings and investments grow from.

From my best knowledge, as long as your attitude is good. Your figures are not too far off, I guess you are pretty safe. Some banks they might be very harsh, maybe 3-6 months cannot close sales they are asked to leave. I guess really depends on the bank culture, you can always ask around existing staff to hear their honest opinion before joining. But of course, don't ask the HR, the opinion might be bias because there's a possible conflict of interest.

Once again, the "survival rate" is rather low as what Majestic12 had mentioned. Out of 10, maybe 2 or 3 will really survive the job. However, if you are young, want to try something new, by all means go ahead if there's no major commitments. It doesn't have to be a bank job, just do something that you like and you foresee a future.

 

[wahkao3]

Then y u can't switch career tracks into corporate? Mktg..biz dev etc..or even go into statboard like edb or ies which doesnt require specialized degree? There are so many alternative path

these are elite jobs leh
not everyone as elite as you

 

[arctician]

these are elite jobs leh
not everyone as elite as you

no la its not about elitism, anyone can apply for those roles i specified as long as u have a local degree

i seen my frens suffer in financial advisory n mlm..they are like a satanic cult which aims to brainwash ur integrity..and they tend to magnify their glamarous side without adequate warnings on pitfalls..just remember they are there to make u feel good about urself..end of e day they just wan the OVERRIDING COMMISSION ..does not take a pea brain to figure that out

 

[wahkao3]

no la its not about elitism, anyone can apply for those roles i specified as long as u have a local degree

i seen my frens suffer in financial advisory n mlm..they are like a satanic cult which aims to brainwash ur integrity..and they tend to magnify their glamarous side without adequate warnings on pitfalls..just remember they are there to make u feel good about urself..end of e day they just wan the OVERRIDING COMMISSION ..does not take a pea brain to figure that out

these jobs hard to get. go interview have to fight with dunno how many ppl out there

 

[arctician]

these jobs hard to get. go interview have to fight with dunno how many ppl out there

if u notice financial advisory positions are almost a SURE GET..doesnt that spell smtg

 

[Solution9]

Then y u can't switch career tracks into corporate? Mktg..biz dev etc..or even go into statboard like edb or ies which doesnt require specialized degree? There are so many alternative path

if u wan do financial sales better to join those banks as a rm..At least u can service walk in..its agonizing trying to beg for sales frm ur frens..I know coz I always avoid them like plague n only entertain them if they r good lookers with short skirts

hahaha.. no la banks from what I've heard and think is that we have to hit monthly targets, hit hit hit, serve this client before, den promoted, serve another networth of clients, not bothering even what their need is, before they come to me, I already know their assests and the first thing in my mind is to market the products my boss tell us. Its like sucking people dry without them knowing whether they need or not. Integrity issues bro. But doesn't mean insurance also no integrity lah. I kinda like wanna grow together with the client, even though I admit; yes, I'm hard selling products also. Just my thinking.

 

[zirhk3355]

As a comm-based financial advisor, you are NEVER on your client's side. Its a fact, you can kid yourself about what long-term relationships, get more referrals, etc but you are never on his side.

Why? Simply because the better products means lower TER, means lower income for you. Which means you wont be successful.

Heard of any FAs getting successful from selling only term and life insurance? No? Because it doesn't happen that way. As an agent, your performance comes from ILPs and other high TER products. And its not a numbers game - there is no way you can catch up on your targets by just selling term and life.

So there - you DO NOT grow with your client. You earn, they suffer. They earn, you suffer. Your manager OF COURSE will tell you something different to hoodwink you, blur the lines but lift the curtain and you will see what I m saying is the hard truth.

Sent from GAGT Android App

 

[sAVaGEmP5]

Theres only 3 things that when u work hard u get results:

1. 6 pack abs with exercise at gym

2. Sports - Soccer, bball, pool, etc etc...

3. Make a baby - constant **** **** everyday

For the rest, u need other elements

 

[archcherub]

1. don believe in e bs from ur line manager whos trying to recruit u..they will promise e sun and moon to get more downlines for overriding commission

2. pardon me but u sound like a mediocre performer at its best and is looking at a quick exit and fast cash

3. Where u start is where u end, pls don be idealistic and assume you can switch into corporate using 2-3 years as test phase, ur transferable skill set and work credential is tantamount to none when u r in financial advisory

4. be prepared to lose ur pride, dignity and social circle as u beg for sales..frens will avoid u like ebola

5. don understand why u cant set ur foot on e ground and work ur way up esp. if u believe in ur capabilities, i grad from local uni at 25, started in a statboard, join a korean mnc, a tier 1 consulting firm and now a US tech company, hit >150k PA when i am 32 and i save 95% of my salary. E point is 脚踏实地 can let u scale e most treacherous mountains..好高务远 will cause u to plunge into deepest abyss

be prepared to do lots of cold calls and sales begging..and camping at mrt irritating ppl with all ur nonsensical surveys

good advice.
exactly for u TS. Mark the words of the other forumers.

the explicit skills u learnt in financial advisory is non-transferable. Meaning- ITS USELESS.
despite all the things we told u, u insist on going in. As observed by someone else, u are in it for the money. Nothing else.

nothing wrong in it for the money, but this is a foolish mistake in the short term.



awww youth is wasted on the young.

 

[Solution9]

good advice.
exactly for u TS. Mark the words of the other forumers.

the explicit skills u learnt in financial advisory is non-transferable. Meaning- ITS USELESS.
despite all the things we told u, u insist on going in. As observed by someone else, u are in it for the money. Nothing else.

nothing wrong in it for the money, but this is a foolish mistake in the short term.



awww youth is wasted on the young.

I know and that said, I still wanna give it a shot. Give myself a year or so to do sales and farm. I have read other forumers who's like me, you know, never done it before but still gonna try. I say in the event I can't survive, at least I have been through this line and tasted the medicine before.

I really appreciate for all the advice and opinions, at least I am mentally prepared!

 

[arctician]

e only reason i entertain FAs are when they have smtg 'special' to offer..do u have anything 'special'

my fren in prudential offer me full rebate of his comm and he is a manager now..i asked if its a shady industry and he did tell me one of his female colleagues slept ard just to lock sales with a high net worth individual..coz e client called him when she went MIA

forgot to add 1 year is not gg to get u anywhere unless u have a large social network of friends and colleagues, my fren from nus computing joined prudential upon graduation and his first year of income is average 1k a month ..for first 6 months its near to zero..so either u go in for long haul..or just avoid it altogether..1 year is 残而不废

 

[Knight_Rider]

I know and that said, I still wanna give it a shot. Give myself a year or so to do sales and farm. I have read other forumers who's like me, you know, never done it before but still gonna try. I say in the event I can't survive, at least I have been through this line and tasted the medicine before.

I really appreciate for all the advice and opinions, at least I am mentally prepared!

See you back here in 3 mths time. That's how long Citi give their frontline.

Insurance your manager better be Chen Ming Li.

 

[Mecisteus]

I know and that said, I still wanna give it a shot. Give myself a year or so to do sales and farm. I have read other forumers who's like me, you know, never done it before but still gonna try. I say in the event I can't survive, at least I have been through this line and tasted the medicine before.

I really appreciate for all the advice and opinions, at least I am mentally prepared!

good decision. all my sincere best to you.

dont worry. even if you fail the next 3 years, you still have nearly half a century to work your ass off to cover for your losses. if you look at the potential against the risks, its a no brainer decision.

 

[vofzxy]

WAH TS !

i also flirted with the idea of an FA when i graduated.
but right now, im behind a desktop typing this earning gross <3k a month LOL
you're 25 and i'm 28

Yes, our generation is very ingrained with YOLO

while you are still young and unmarried, my advices are
1) go where the money is
2) dont be afraid to try something new
3) earn, save, insure and invest

even right now, looking at my friend at his FA firm, i am thinking
"if he can, so can i" almost like "Some people make it, some leave, why can't i be the one to make it"

2. U really think sales is a "If i work hard, i succeed" industry ? Naive Naive 25... Since u have a few yrs to burn, go ahead and try then. By the time u realize it not too late, maybe 30+ also.

i only , honestly, half believe in "If i work hard, i succeed" ,
even in the gym, not every one who works hard successfully achieve their goals =)

I wish i was like Majestic12, saving 67% of my income,
atm , im only starting to try to learn from

Good point. I learnt more about investment from shiny things, dividend warrior, wahkao, knight rider, apple beats, limster, henrylbh, gummybear, alexchia etc than I did in my whole career.

Good luck TS.

but you're 25 and i am 28...
Good luck, i will let you know the day i join the FA firm =)
keep us updated ?

 

[archcherub]

See you back here in 3 mths time. That's how long Citi give their frontline.
Insurance your manager better be Chen Ming Li.

BTW, chen ming li's agents mostly very handsome and chio ones lor!! see liao will go whooo.. is this a modelling agency?

Having said that, do remember that chen ming li succeeded years ago when there was no internet, and no other things to invest in... no easy ETFs to put ur money...

WAH TS !
i also flirted with the idea of an FA when i graduated.
but right now, im behind a desktop typing this earning gross <3k a month LOL
you're 25 and i'm 28
Yes, our generation is very ingrained with YOLO

even right now, looking at my friend at his FA firm, i am thinking
"if he can, so can i" almost like "Some people make it, some leave, why can't i be the one to make it"

i only , honestly, half believe in "If i work hard, i succeed" ,
even in the gym, not every one who works hard successfully achieve their goals =)

I wish i was like Majestic12, saving 67% of my income,
atm , im only starting to try to learn from

but you're 25 and i am 28...
Good luck, i will let you know the day i join the FA firm =)
keep us updated ?

just curious, so why didnt you join the FA? lol
actually to me, its all persuasion by the manager. honey words are the best.
WHAT HAVE YOU GOT TO LOSE? hahaha

i always encourage friends and colleagues to drop everything for a business ventures they consider. Or an idea. Entrepreneurship is beautiful.
Or even quitting their job for doing somethign that they love, even if it does not pay well.. because we are spending half of our awaking hours at work time.


Just.. not.. insurance.

 

[Knight_Rider]

BTW, chen ming li's agents mostly very handsome and chio ones lor!! see liao will go whooo.. is this a modelling agency?

Having said that, do remember that chen ming li succeeded years ago when there was no internet, and no other things to invest in... no easy ETFs to put ur money...

But she every year MDRT when others are finding hard to sell and complaining mkt is saturated. She really can sell when she was an agent.

 

[archcherub]

But she every year MDRT when others are finding hard to sell and complaining mkt is saturated. She really can sell when she was an agent.

heh heh, actually she already reached the top top top..
lifetime member of TOT liao (more than 10yrs)

MDRT (million dollar round table), COT (court of table) then TOT (top of table)
basically she is top of the top of the top... haha

yeah she did well, and good for her, her hard work happened at the same time when insurance was a really good choice to stash your savings away. (and even more impressive was that she came to singapore from taiwan, with no existing social circle to utilise.. she just sell to factory workers $40 monthly insurance 1 at a time...)

but still dont advise TS to go for it... I mean, Kodak film was such a successful business... i won't advise my friends to try and be a film salesman now....

 

[lousylah]

what you said is true actually. But I have to be honest with myself, I am sick of engineering, been studying all my life in engineering. I wanted to do something different. You know, be my own "boss", manage my time, my career, everything juggle by myself, whack for a few years see where can I go, if its my thing, it will be it.

Then y u can't switch career tracks into corporate? Mktg..biz dev etc..or even go into statboard like edb or ies which doesnt require specialized degree? There are so many alternative path

if u wan do financial sales better to join those banks as a rm..At least u can service walk in..its agonizing trying to beg for sales frm ur frens..I know coz I always avoid them like plague n only entertain them if they r good lookers with short skirts

like I have said earlier, do not let your engineering background go to waste. in financial terms - leverage on it

banks will appreciate your (perceived) strong math skills from your engineering background - making it easier to secure interviews.

you can focus on selling to the marine/shipping industry - that way you will not be considered a fresh grad and instead be considered an experienced hire (better pay!)

you can join the shipping or project finance side of the bank - again your experience and education will count and not go to waste. in fact you will be a specialist in that field of financing.

key word: leverage

hahaha.. no la banks from what I've heard and think is that we have to hit monthly targets, hit hit hit, serve this client before, den promoted, serve another networth of clients, not bothering even what their need is, before they come to me, I already know their assests and the first thing in my mind is to market the products my boss tell us. Its like sucking people dry without them knowing whether they need or not. Integrity issues bro. But doesn't mean insurance also no integrity lah. I kinda like wanna grow together with the client, even though I admit; yes, I'm hard selling products also. Just my thinking.

if you are joining an insurance firm like AXA, Prudential, AIA, etc you will just be persuading your clients to buy insurance on top of insurance. insurance firm are only allowed to sell products with some element of insurance.

your clients will end up being over-insured and more importantly over-paying for insurance. whatever "investment" product you sell them will be expensive and in-efficient investments.

since you seem quite sold to be a financial consultant at least consider the independent financial agencies (IFA):

Is the FA Industry For You?
IPP Financial Advisers Private Limited

I only know of these two but I'm sure there are more. the difference between them and the insurance firm you are joining is they sell products from multiple insurance firms and also are able to provide pure investment options like Unit Trusts.

In terms of "helping your clients", IFAs are better at it as they can offer a wider range of products (similar range less deposits and fx to a personal banker in fact). you still get the freedom to plan your day (work/life balance).

it is still a "lesser evil" though

even in this area, try to get into the corporate/industrial insurance side. I have an insurance agent friend who has had quite abit of media coverage in recent years for a young professional (<30) earning big bucks, etc.

he did so not by selling term insurance or ILP to retirees and gullible students. He made his money selling shipping and warehouse insurance.

it is mandatory for companies to be insured, so it sells itself, and because of the value of what is being insured, the fees are good.

always better to rip money off of corporates than individuals.