HSBC job as Financial Planning Manager

[petertok]

My daughter has been offered above job to sell financial instruments at ( basically insurance ) HSBC , her job is to look for clients to sell insurance to them . But surprisingly , the job pays very lowly , much lower than OCBC ! As a degree holder from a reputable University , her pay is like being an audit intern , $2k which is a clerk's pay.

I am wondering if this job is long term as looking for new clientsw to buy insurance is very tough , we normally buy insurance from friends or relatives as an obligation to assist them but how many friends and relatives can we sell to? Especially most of them must have insurance already. I am afraid she will be exploited for a few months to get new clients and after she runs out of contacts , she will lose her job for being unable to produce results.

I hope some forumners here can advice me so that I can help my daughter decide as I smell a rat in this position which will benefit the bank more than the worker. A friend told me staff turnover is very high in this industry , can someone with experience please reply ? Thank you.

 

[Ash007]

Whats your daughter degree? Which uni?

 

[Subok]

In the first place $2'000 is a decent pay nothing "lowly" about it. PLUS, that is just BASIC!! I am seriously doubing what kind of parenting you are giving in the name of positive hardworking attitude! In sales industry, you get rewarded for what you do. It is all a number game.

In Insurance the number is 10-3-1 on the average. 10 calls 3 appointments 1 sales close.

so if she need 30 sales a month? she need to make at least 300 calls, get at least 90 appointments then possibily 30 cases closed.

If she just blindly work the figures, she will reach the target. But having say that we are all emotioal beings. Once we are faced with rejections, we lose some of our tenacity to carry on.

 

[cooleo]

My daughter has been offered above job to sell financial instruments at ( basically insurance ) HSBC , her job is to look for clients to sell insurance to them . But surprisingly , the job pays very lowly , much lower than OCBC ! As a degree holder from a reputable University , her pay is like being an audit intern , $2k which is a clerk's pay.

I am wondering if this job is long term as looking for new clientsw to buy insurance is very tough , we normally buy insurance from friends or relatives as an obligation to assist them but how many friends and relatives can we sell to? Especially most of them must have insurance already. I am afraid she will be exploited for a few months to get new clients and after she runs out of contacts , she will lose her job for being unable to produce results.

I hope some forumners here can advice me so that I can help my daughter decide as I smell a rat in this position which will benefit the bank more than the worker. A friend told me staff turnover is very high in this industry , can someone with experience please reply ? Thank you.

Please tell your dotter to stay far away from this kind of job. This kind of job, you will burn out v fast. If you don't perform well, you will stay stagnant, and the work experience (basically sales) counts for nothing.

On the flip side, if she can do well, it is very possible to get a nice 5-figure commission per quarter. But hor....not everyone can.

Anyway, i don't recall this position offering such a low pay ($2k) leh. She is better off working in a factory. With some OT, can earn $3k. haha!

 

[petertok]

Nus , business degree

 

[cooleo]

Nus , business degree

As a father, you need to guide your dotter leh. With an NUS Business Degree, she can just work in some shitty position in a gahmen stat board. Every year get bonus and pay increment. Work is usually uneventful, but if you are not the type who likes to rock the boat, then it is ideal!

Also, i understand that this kind of job don't have bonus or AWS one hor. All u get is the basic pay every month and commission (if any).

 

[clinton666]

My daughter has been offered above job to sell financial instruments at ( basically insurance ) HSBC , her job is to look for clients to sell insurance to them . But surprisingly , the job pays very lowly , much lower than OCBC ! As a degree holder from a reputable University , her pay is like being an audit intern , $2k which is a clerk's pay.

I am wondering if this job is long term as looking for new clientsw to buy insurance is very tough , we normally buy insurance from friends or relatives as an obligation to assist them but how many friends and relatives can we sell to? Especially most of them must have insurance already. I am afraid she will be exploited for a few months to get new clients and after she runs out of contacts , she will lose her job for being unable to produce results.

I hope some forumners here can advice me so that I can help my daughter decide as I smell a rat in this position which will benefit the bank more than the worker. A friend told me staff turnover is very high in this industry , can someone with experience please reply ? Thank you.

You spastic maggot :oIo:

It is 'advise' (verb) and NOT advice (noun).No wonder your daughter is so lowly paid. She has inherited your moronic peasant genes.

 

[cooleo]

You spastic maggot :oIo:

It is 'advise' (verb) and NOT advice (noun).No wonder your daughter is so lowly paid. She has inherited your moronic peasant genes.

Clinton dog, have u sold your ShittyBank stocks yet? Don't keep waiting for your broker to 'remind' you to pay up! :oIo:

 

[wikiphile]

Nus , business degree

Uncle Tok, pardon me if i am breaking this to you hard. If i throw a rock from my office at Suntec from 36 storey high at the crowd below. I'll say i have a 1/3 chance of hitting someone who has the above credentials. FYI, my younger brother has the above degree from that same crap university too, his starting pay was $2,200 about 5 years ago in a foreign bank and his current pay is about double of what he has 5 years ago.

Your daughter is not facing competition from the likes of my brother, she is facing competition from 'highly qualified' foreigners in today's workforce. So if you think $2,000 is pathetic and low, wait till she finally gets a $1,800 salary per month or less after 6 months of trying to find a job!

 

[Rogue Trader]

Allow me to put things in perspective. Tell her singapore is filled with FTs who will gladly take over her job for $200 less.
Why is 2k (excluding commission) starting pay so bad? What did they teach your daughter at Nus? Being a grad does not exempt anyone from good ol'fashion slogging, risks taking and sacrifices to afford what we want.

But if you daughter is a loser like Tonychat, she can always give up on leading a functional life, move to a backwater country and be bitter about it for the rest of her life.

 

[Zombie]

If your daughter needs you to tell her what to do and how to decide, then she is not suitable for this job.

 

[Ash007]

ekkeek I would like to add, please also be reminded that our miniStars asked us to be "Cheaper, Better, Faster" also. So that is why your daughter has to work for peanuts.

Allow me to put things in perspective. Tell her singapore is filled with FTs who will gladly take over her job for $200 less.
Why is 2k (excluding commission) starting pay so bad? What did they teach your daughter at Nus? Being a grad does not exempt anyone from good ol'fashion slogging, risks taking and sacrifices to afford what we want.

But if you daughter is a loser like Tonychat, she can always give up on leading a functional life, move to a backwater country and be bitter about it for the rest of her life.

 

[Logisex]

$2k basic is not low for this kind of job. She should be looking at what kind of commission she is getting.

Ask her to go for mortgage sales instead of insurance. Mortgage sales much easier and she can get at least $8k in commission alone in this hot market.

 

[Rogue Trader]

So that is why your daughter has to work for peanuts.

hello! Peanuts level is $600,000 per annum.

 

[Ash007]

hello! Peanuts level is $600,000 per annum.

Yah loh, like my former boss said, "you pay peanuts, you get monkeys." That is why the miniStars salary has to increase so you don't get ministars "monkeys".

 

[hossey]

Here we have a concern father seeking advise from forumners and yet some replies are simply unflattering for the image of Singaporeans. Apart from "cooleo" , some others who responded behave like mental patients out to devour and make insensible remarks, are they sick in their minds? Go IMH and seek help if you have a problem , nobody force you to reply to someone asking for advise but if you choose to reply , be polite and cultured !Shame to all these diseased minds who cant even behave humanely.

 

[yellow_people]

Please tell your dotter to stay far away from this kind of job. This kind of job, you will burn out v fast. If you don't perform well, you will stay stagnant, and the work experience (basically sales) counts for nothing.

On the flip side, if she can do well, it is very possible to get a nice 5-figure commission per quarter. But hor....not everyone can.

Anyway, i don't recall this position offering such a low pay ($2k) leh. She is better off working in a factory. With some OT, can earn $3k. haha!

You are some piece of work. When a job comes along and at HSBC mind you, your advice is to shun the job rather than try to make something out of it. Who knows it might lead to better opportunities within the bank or at another firm. Its better to be employed and lookout for opportunities then unemployed and looking for one.

At this rate HSBC will then have no choice but to hire a foreigner for the job and Ah Bengs such as yourself will be whining yet again in this forum or screaming for a boycott. Is it any wonder more and more companies are shunning Singaporeans altogether?

 

[Relako]

Hi petertok,

This job is a good stepping stone if your daughter wants to be in the insurance industry for the long term.

Her client base will come from the bank's customer database (which is huge !). But she needs the RMs (relationship managers) to give her the leads and bring her along during customer meetings.

If the RMs tagged to her don't like her or don't like customers' funds to be parked into insurance but other avenues (unit trusts, bonds, currencies ....), your daughter may have a hard time hitting her targets.

After many years in HSBC, your daughter can progress to be an insurance specialist in a private bank, where the basic pay and performance bonus will be much better.

 

[pachinko]

That bastard Clinton666 got nothing better to do , criticise other's english and thinks he is very clever. Dont you know alot of ah beng and ah seng have millions in their coffers and yet they speck no english? Clinton666 can count every strand of his public hair and the total quantity cannot even come close to a successful illiterate man's wealth. Is noun , proverd , verd so important ? It's not that the by and large dont understand what petertok wrote , hope clinton666 CBM learn to shut his trap if he has nothing to contribute.

 

[cooleo]

You are some piece of work. When a job comes along and at HSBC mind you, your advice is to shun the job rather than try to make something out of it. Who knows it might lead to better opportunities within the bank or at another firm. Its better to be employed and lookout for opportunities then unemployed and looking for one.

At this rate HSBC will then have no choice but to hire a foreigner for the job and Ah Bengs such as yourself will be whining yet again in this forum or screaming for a boycott. Is it any wonder more and more companies are shunning Singaporeans altogether?

I see that u are still bitter that even a $2k job was not available to you previously. But like all things dark, you should learn to accept your fate and continue to work for what you call "ah bengs".