the "banker" title nowadays is overrated. He banker, he also
banker, he also banker...haiz
It's like "Business Executive". A grand title but tells nothing
about what he/she does.
Not every banker earns half a million in a year. In fact most do
not. Only the very top private investment bankers earned maybe
3-400K a year.
Let me give u an over simplified example.
Assuming a private banker manages to bring in a rich fellow who
invests $1million cash. Assuming the private banker earns 1% one
off commission, he will get $10K.
1. This however do not take into account the expenses he paid to
entertain the potential client. (Although some banks and financial
institutions offer an expense account for their bankers, they must
justify the expenses with the sales profits).
2. Most bankers in sg deals with mutual funds, which pays them an
one off commission. Most rich people dun invest primarily in mutual
funds, as it is not as lucrative as other forms of investments,
example the stock market (although the risk is higher).
3. Stock Brokers only earn a one off commission of a percentage of
the size of the fund if a buy-sell transaction is made.
4. Private banking in SG is one of the most cut throat business.
Only the very top producers survive. The weaker ones will last at
most a couple of years.
2 cent
