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How to survive as a Personal Banker?

50% of Personal Banker quit in 9 months. That is disturbing statistics. After all the pain and glam of getting into the job as a Personal Banker, your survivor rate is at best, 50% in 9 months. That includes 1 to 2 months of training and maybe 1 month of settling in your new banking branch.

Still, the banking wealth management takes in a few hundred new hires every year. There is always fresh blood, and people with the hunger and determination to succeed who can replace you. So how do you become the 50% who survived the 9 months?


No. 1 Accept Yourself as a SALES PERSON!

Yes. We enlarge it for special effects. No matter how you imagine you are as a Banker, Wealth Manager, Personal Banker, Graduate with top-notched investment grade knowledge – the truth is you are a Sales Person.

You do one thing well: You sell. You sell financial products such as Unit Trust, Structured Products, Insurance Linked Investments, and maybe Loans, Deposits Accounts and Credit Cards.

The bank needs revenue and high margin to pay your salary and your commission.

Sales equals income. If you want more income, learn to sell.

~ Robert Kiyosaki

Very often, a new Personal Banker takes many months to realise that it is a sales role, and hate the fact that they are selling products and not providing advice to customers. They wasted precious time, which they could spend on understanding customers, products & wealth management.  The sooner you accept it, the better you will do.


No. 2 There is never the best product

Investment Analysis
Investment Analysis

Many Personal Bankers find themselves competing against other banks products, interest rates, and inadequate product range. Some believe so much in other bank’s products that they quit their job to join them – only to realise that the perceived better product comes with trade-offs such as lower commission, small investment launch size or locked in promotions with other products.

There are always good products you can recommend as a wealth management solution. The struggle is to learn and understand the products fast enough so that you are able to fit into client’s financial plan.  There isn’t any guide to learn from.  The best is via Caproasia Online.


No. 3 Unable to recognise the Art of Wealth Management & Investing

It is hard to differentiate between Wealth Management and Investing. Most think of Wealth Management as Insurance, Retirement or Educational needs. Investing is about making money.

Simply explained or flawed? As a Personal Banker, you will be caught in providing Wealth Management advice or Investing advice. Either way, you probably don’t know what is the difference. Or maybe you thought you do.

Many Personal Bankers fall into the trap of practicing Wealth Management and unable to hit sales target. The easier way to hit sales target is to provide Investing advice, which when it goes wrong, the Personal Banker panic. How do you achieve a balance? Which brings us to the next point.

If stock market experts were so expert, they would be buying stock, not selling advice

~ Norman Ralph Augustine


No. 4 Build Relationships

Relationship Manager with Family
Relationship Manager with Family

If you had noticed many banking wealth managers are called Relationship Managers, it is a very appropriate description of their roles. They manage the relationships of clients for the bank.

Through this, the Personal Banker understands the clients well enough to provide a range of financial advice to the client. This is an often-neglected step – leading to poor advice given. Back to sales, when you sell well, you deserve to earn more.

Financial matters are personal and sensitive. The ones that connect personally to customers well, has the advantage.  When a client trust you, you should not abuse the trust.

Read More: Top 2 products to build a strong relationship with clients in retail banking


No. 5 Managing Sales Targets

The biggest issue for Personal Banker is the inability to manage sales target. Unfortunately, fresh out from school, what would you know about managing sales target?

Being able to have a good plan to manage sales targets against limitations such as product range, product promotions and customers’ investment profiling is absolutely necessary.  Follow us on Caproasia Online as we provide sales & revenue strategies to help you exceed your sales target.  It means more incentives and commission.


No. 6 Speak Banking & Investments Jargons, Terminologies, History

Financial Intelligence
Financial Intelligence

UT, ILP, CLN, CDS, SOE, GIC, ECB, Fed, Janet Yellen, Warren Buffett?

  • Do you know what happen in 1997? The Asian Financial Crisis.
  • Do you know what happen in 1995? Barings Bank Collapse
  • Do you know what happen in 1945? International Monetary Fund was formed
  • When was DBS Bank formed?
  • What happens if DBS Bank collapsed?
  • What happens to the money if I die?

Now you get curious questions, which disturbed your intelligence and professionalism. Do you learn fast enough or do you quit fast enough?

Here we have 6 Tips to get you to survive the 9 months.  If you are a Personal Banker, follow us as we uncover more ideas, insights and strategies for you.


Recommended Article: How do you succeed as a Personal Banker?  and What do you do after Personal Banking?

Visit Personal Banker Guide or Priority Banker Guide for more info.

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