Chio Bank Relationship Managers

[LeDivorcee]

I didn't have any encounters with investment bankers but back then during the boom period of real estate, when I was going to purchase my condo (which cost above 1mil). Me and my ex-wife were hunting around for banks to do the financing for us.

Meet up with one SYT from HSBC. She was wearing like macham going to chiong in disco. Low cut, slinky dress, keep on keeping eye contact with me and once in a while made hand contact with mine and flirting away. My wife was staring daggers at her and of course we ended up not getting the loan with HSBC...

[LianLover]

Originally Posted by imaginative

I recommended a friend to invest about $1million with a private bank. I got $2,000 in referral fee - just for referring only. How much you think the banker will get then??

depending on the product that was invested into, if the portfolio created was predominantly based on term deposits and dual currency deposits then the commission for the banker will be very low, even lower than the $2000 you got.

if it the portfolio was structured as higher risk with the bulk into mutual funds or hedge funds then the commission will be much higher.

however most private banks are working on fixed salary with bonuses and not on a commission structure similar to the mass market and premier banking segment.....and....the minimum AUM (assets under management) for most private banks are 2-3m to qualify. of cos there are independant asset management companies which offer lower minimum AUM to qualify as well.

but looking at this from the point of view as 1m invested into pure unit trusts and based on a commission structure of a premier banking RM, a 1m investment can fetch at least $10k++ in commission

Originally Posted by LianLover

this is roughly the commission scale for insurance agents dealing in unit trusts.

for banks, assuming thresholds have been met and the commission paid is at the highest tier....the highest in the industry is about 1.5%-1.8%

Actually we work on revenue points. If commission to the bank on $1m unit trust is 5% we get 50,000 revenue points which is what the bank earns in dollars. If we have a target of 150,000 points so to hit we need approximaTELY $3m sales of unit trust. Other products yield lower. that should pay only 3-4k max in commissions. So bankers usually try to hit more than 130% of their target to hit a higher commission tiering. Gone are the days where commissions are paid dollar up or where the targets are low. If you work the numbers, the average a top RM earns per mth is between 10-15k at best.

[imaginative]

Bro lianlover, seems that u know very well. are you a private banker?

..... but looking at this from the point of view as 1m invested into pure unit trusts and based on a commission structure of a premier banking RM, a 1m investment can fetch at least $10k++ in commission[/QUOTE]

Depends on which bank. Maybank, Hong Leong RHB, ABN.... probably. The more popular and commonly used banks like Citi, HSBC, Stanchart, no way, simply because of market share and mass coverage. Local banks are improving in their commission payout though, then it'll be a matter of the bankers choice between career progression and remuneration.

[asdfghjkl]

lianlover - a lover of ah lian RM managers? kekeke..

[LianLover]

Originally Posted by asdfghjkl

lianlover - a lover of ah lian RM managers? kekeke..

a lover of ah lian anything heheh need not be restricted to RMs :P

Originally Posted by imaginative

Bro lianlover, seems that u know very well. are you a private banker?

nah not a private banker per se, im with a pte asset management firm. same role same function

[Cunnosieur]

Got one called Sharon.

Used to be colleagues...

Si beh flirt...real cock teaser - seeing different guys n always talking flirtuously. Ultra-short skirts everyday.

Dunno where she's gone to now...heard married an old man but also heard she's working in a local bank.

[fat29]

Welcome back. Any more HDY adventures for you and your battalion bros?

Originally Posted by Cunnosieur

Got one called Sharon Wong.
Used to be colleagues... Si beh flirt...real cock teaser - seeing different guys n always talking flirtuously. Ultra-short skirts everyday. Dunno where she's gone to now...heard married an old man but also heard she's working in a local bank.

[Cunnosieur]

LianLover
"slutty ones who will go for ONS yes.....chio ones yes......happening ones yes"

U got such lobang???

I have some lobangs....you wanna try???

[LianLover]

Originally Posted by JuicyBunny

Actually we work on revenue points. If commission to the bank on $1m unit trust is 5% we get 50,000 revenue points which is what the bank earns in dollars. If we have a target of 150,000 points so to hit we need approximaTELY $3m sales of unit trust. Other products yield lower. that should pay only 3-4k max in commissions. So bankers usually try to hit more than 130% of their target to hit a higher commission tiering. Gone are the days where commissions are paid dollar up or where the targets are low. If you work the numbers, the average a top RM earns per mth is between 10-15k at best.

making a general statement such as "....we work on revenue points...." followed by a single example does at its very best show that you do work in a bank in the particular position. however to me...and i speak only for myself.....it also shows inexperience/ignorance.....

re-read what i posted and you will discover that i mentioned payout AT THE HIGHEST TIER....i.e. you have already covered enough sales such that an additional million earns u that particular reward....regardless of how much less you are getting for the initial amount of sales done.

i do agree that revenue points system is what most banks use in order to calculate commission and targets....however if you were to do your maths, you will realise that my translation of 1.5-1.8% commission payable on each dollar invested in UT at the highest tier will reflect the scales of the better paying banks in SG.....

when you also mention that hitting targets will only yield 3-4k and that would be the reason for bankers to hit 130% of their targets so as to achieve a higher tier.....did u realise that you are generalising and that what you mentioned does not hold true for most other banks besides the one you are employed in.....did you also realise that you have just divulged to me which bank you are from?...not that the latter matters much....

unless you can garner enough support on the fact that your statements were more easily understood than what i have posted for the benefit of all then will i formally apologise....for i feel, and again i speak for myself, that your posting is redundant and merely to demonstrate your involvement in the banking industry....would this fact be sumthing in compensation of the lack in other areas?....for, to me no job is above any others....bankers alone, or any other occupation for that matter, cannot function without the help from anyone else....

[LianLover]

Originally Posted by Cunnosieur

LianLover
"slutty ones who will go for ONS yes.....chio ones yes......happening ones yes"

U got such lobang???

I have some lobangs....you wanna try???

if i were to admit having such lobangs my mailbox would be flooded...lol

lets just leave it as i know of such bankers....whether personally or not would be another matter....heh

thanx for the offer but i'd rather pass......dun shit whr you eat....and in the banking industry whr we eat is across the whole industry and not merely in the organisation whr we represent.....i have heard of stories that were so intense that when i joined a new financial institution some years back....my new colleagues were even aware of it....this is shocking as it concerned 2 people who were from my initial employer and no one else....however i must admit the details of the story are indeed juicy and scandalous...hence on hindsight....not much of a surprise that it went around like wildfire..

[Cunnosieur]

"this is shocking as it concerned 2 people who were from my initial employer and no one else....however i must admit the details of the story are indeed juicy and scandalous...hence on hindsight....not much of a surprise that it went around like wildfire".

The place where I was from, the female manager got posted back to her country and the male subordinate was being asked to leave within 3 months...

Originally Posted by LianLover

unless you can garner enough support on the fact that your statements were more easily understood than what i have posted for the benefit of all then will i formally apologise....for i feel, and again i speak for myself, that your posting is redundant and merely to demonstrate your involvement in the banking industry....would this fact be sumthing in compensation of the lack in other areas?....for, to me no job is above any others....bankers alone, or any other occupation for that matter, cannot function without the help from anyone else....

Surprised to sense a tone of defense in your response.. My most sincere apologies to you if you'd felt in any ways challenged. I agree with you that my posting was redundant to the purpose of the thread. In fact, I was substantiating the purpose of your post that it may be a misconception that the money comes easy. Not for this career path nor another. My involvement in the industry at this point only goes as far as a bank-client relationship. I work closely with several banks on behalf of the company i represent. Not that my career history is of any significance here, I do know for a fact that it is no longer as easy as it used to be for bankers.

I hope this short clarification brings closure to an otherwise pointless debate on redundancy.

[tryying]

Sorry, not back for another imagine story :P

Anyway, recieve a call from my insurance company. I know that since it is not my agent (guy) who call me, I just say not interested. She ask why, even don't let her explain and sounded very sad. I just say not interested and hang up.

But if I got $, i might listen to her, meet her up n see how she look like etc... Then lay down my T&C and in the end, she might be mine, provided her look is acceptable.