REVscene Automotive Forum - View Single Post - Financial Planning (bank jobs: aka advisors)

CT10 · 03-24-2011, 09:06 PM

I work at RBC so I know their system inside and out. I apologize if I've repeated something since I didnt read the entire thread.

A breakdown of RBC's retail banking roles (from low to high)

1. CSR - not much to say here, its basically a CSR job but you're also expected to sell financial products. While nothing happens if you don't sell, it will severly impact your chances of moving up and advancing in your career, as all higher roles are all sales.

2. Account Manager (AM) - The next step from a CSR. You deal with the low end clients (clients with only a few $k in their account) and you're expected to get them onto credit cards, mortgages, credit lines, upselling them on a more expensive package and position it like it somehow benefits them). It's really going against your morals as you'll ask yourself, how can this broke ass family be able to afford a $30/month banking package?
If you don't sell, you're fired.
If you're successful, you can move onto the next role. Youl'l need your CSC for this.
Expected salary $40k + bonus (which is a few $k depending on your performance)

2. Senior Account Manager (SAM)
Here you deal with more higher net worth clients, same shit to deal with as an AM, but richer clients, but also higher sales goals
Expected salary about $50k + year end bonus

3. Financial Planner (FP)
You'll need your CFP/PFP for this.
Basically you deal with even higher net work clients than the SAM role, but then again you'll have higher sales goals
Expected salary about $60k + quarterly bonus + yearly bonus

These roles are all about selling, you're selling credit cards, mortgages, loans etc and like someone mentioned, sometimes it's a conflict of what you actually believe in. It's more selling than 'advising'.

After you do well in the FP role, there are a few other routes you can go to within the retail banking.
Either a Branch Manager, Investment Retirement Planner (IRP), or Mortgage Specialist (MS).

While you get paid for 37.5 hours a week and are supposed to work regular 'banking' hours, you'll most often find yourself being stuck in the branch til 6~7pm, if you're not prepared to do that then forget it.

4. IRP
You're basically a mobile FP, you'll need your financial planning designation. You use your current network of friends/clients and you bring in business to the bank, and anchor the new clients to a current FP or SAM. This role is all commission only, however if you're decent at it you could easily make $100k

5. MS
You basically use your relationships with realtors and get the realtors to bring in new mortgage applications to you. Again it's all commission and if you're somewhat decent you'll be making $100k

Also a note, the recent trend is the banks are getting more competitive and trying to be more customer service oriented. That's why you'll see RBC extending to 6 day work weeks (which you'll be working 5 of them), or TD opening on Sundays. This trend is here to stay, and I wouldnt be surprised if all banks are open on Sundays in the coming years. Again if you're not prepared for this then don't get into it.

The real FA's are the ones that work at Wood Gundy, Dominion Securities, Nesbitt Burns, Waterhouse, etc.
They're paid solely on commission, and help you grow your money on stocks, bonds, mutual funds, etc, its less of a sales pitch there and it's a very relaxing environment once your business is established.

03-24-2011, 09:06 PM	#28
CT10 14 dolla balla aint got nothing on me! Join Date: Jan 2004 Location: Burnaby Posts: 624 Thanked 48 Times in 26 Posts Failed 1 Time in 1 Post	I work at RBC so I know their system inside and out. I apologize if I've repeated something since I didnt read the entire thread. A breakdown of RBC's retail banking roles (from low to high) 1. CSR - not much to say here, its basically a CSR job but you're also expected to sell financial products. While nothing happens if you don't sell, it will severly impact your chances of moving up and advancing in your career, as all higher roles are all sales. 2. Account Manager (AM) - The next step from a CSR. You deal with the low end clients (clients with only a few $k in their account) and you're expected to get them onto credit cards, mortgages, credit lines, upselling them on a more expensive package and position it like it somehow benefits them). It's really going against your morals as you'll ask yourself, how can this broke ass family be able to afford a $30/month banking package? If you don't sell, you're fired. If you're successful, you can move onto the next role. Youl'l need your CSC for this. Expected salary $40k + bonus (which is a few $k depending on your performance) 2. Senior Account Manager (SAM) Here you deal with more higher net worth clients, same shit to deal with as an AM, but richer clients, but also higher sales goals Expected salary about $50k + year end bonus 3. Financial Planner (FP) You'll need your CFP/PFP for this. Basically you deal with even higher net work clients than the SAM role, but then again you'll have higher sales goals Expected salary about $60k + quarterly bonus + yearly bonus These roles are all about selling, you're selling credit cards, mortgages, loans etc and like someone mentioned, sometimes it's a conflict of what you actually believe in. It's more selling than 'advising'. After you do well in the FP role, there are a few other routes you can go to within the retail banking. Either a Branch Manager, Investment Retirement Planner (IRP), or Mortgage Specialist (MS). While you get paid for 37.5 hours a week and are supposed to work regular 'banking' hours, you'll most often find yourself being stuck in the branch til 6~7pm, if you're not prepared to do that then forget it. 4. IRP You're basically a mobile FP, you'll need your financial planning designation. You use your current network of friends/clients and you bring in business to the bank, and anchor the new clients to a current FP or SAM. This role is all commission only, however if you're decent at it you could easily make $100k 5. MS You basically use your relationships with realtors and get the realtors to bring in new mortgage applications to you. Again it's all commission and if you're somewhat decent you'll be making $100k Also a note, the recent trend is the banks are getting more competitive and trying to be more customer service oriented. That's why you'll see RBC extending to 6 day work weeks (which you'll be working 5 of them), or TD opening on Sundays. This trend is here to stay, and I wouldnt be surprised if all banks are open on Sundays in the coming years. Again if you're not prepared for this then don't get into it. The real FA's are the ones that work at Wood Gundy, Dominion Securities, Nesbitt Burns, Waterhouse, etc. They're paid solely on commission, and help you grow your money on stocks, bonds, mutual funds, etc, its less of a sales pitch there and it's a very relaxing environment once your business is established.