Pay package of a Branch Relationship Manager aka "salesman".
-
I would like to ask if anyone here knows anything about the pay package of a Branch Relationship Manager, consumer banking.
It would be great help if anyone has friends or themsleves in the career, and are there any difference in the local banks?
cheers -
citibank - citigold's relationship manager?Originally posted by nefnuy:I would like to ask if anyone here knows anything about the pay package of a Branch Relationship Manager, consumer banking.
It would be great help if anyone has friends or themsleves in the career, and are there any difference in the local banks?
cheers
i know one of the relationship manager (very young.. around 25) has a big diamond whenever i meet her. -
If I'm not wrong, they are paid more than 2K a month. However they need to make sales quota every month. From what I heard, there are 2 types of targets.
1) Sales quota per month is 3 times their annual salary. Therefore, if one earns 2K per month, his monthly quota will be 72K.
2) Dunno if it's true but I do heard that some banks require them to bring in "sales" of 1million per month!
If you cannot meet target for 3 consecutive months, you will be asked to leave. Of course, once you exceed quota, you get commissions. Can bank RMs enlighten us? I would like to know which one reflects the truth better. -
out of pointOriginally posted by tze7:If I'm not wrong, they are paid more than 2K a month. However they need to make sales quota every month. From what I heard, there are 2 types of targets.
1) Sales quota per month is 3 times their annual salary. Therefore, if one earns 2K per month, his monthly quota will be 72K.
2) Dunno if it's true but I do heard that some banks require them to bring in "sales" of 1million per month!
If you cannot meet target for 3 consecutive months, you will be asked to leave. Of course, once you exceed quota, you get commissions. Can bank RMs enlighten us? I would like to know which one reflects the truth better.
just tell that to those ppl doing MLM then they will finally know how good SALES line can be....
-
Seems that no one here knows...
-
My friend is a coporate RM with one of the overseas bank. Not mentioning which one, but of those that has a strong presence here as well.
They have a basic salary, ard $2500 + handphone allowance + taxi vouchers + entertainment expense.
They need to rake up sales according to what their managers set for them ( if they are rookie, high performer or ppl who need to work on their sales etc) usually it will be ard $30,000 to $80,000 per mth.
Usually its achieveable as they have a existing set of portfolio for them to work on. So its kinda of selling new products and services to the clients.
Payouts are by quaterly basis. If you been a consistent worker and smooth talker, a mthly average of ard $5000 to $8000(taking into account the quaterly payout) is usually possible before CPF.
The rewards are high no doubt, but so are the pressure to make u perform. 3 mths is the norm the grace period they will allow anyone not performing to pull up their socks.Usually once your out, you out of the entire banking business.
A diploma at least, relevant studies in BnF is gd, but quick wits and being street wise will get you further
Gd Luck !