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how much do financial service representatives @ banks make?

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  • Sep 14th, 2007 1:38 pm
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how much do financial service representatives @ banks make?

I was just wondering...
how much do financial service representatives @ banks make?
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UrbanPoet wrote:
Sep 12th, 2007 2:24 pm
I was just wondering...
how much do financial service representatives @ banks make?
If your referring to the new title of a "teller" then I'd say $12-16 starting?
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YnD wrote:
Sep 12th, 2007 3:14 pm
If your referring to the new title of a "teller" then I'd say $12-16 starting?
Not the guys on the front line... but the ones in the back dealing with more complicated banking services on an individual basis. They need some sort of certificate to sell mutual funds.
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i believe it is around 15+..depends on the bank tho.
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I see job posting and those people who answer phone calls about Financial/Insurance stuff are paid 17$/hr already.

15$ is low for someone working in a bank as Financial Consultant.
Even Fido rep is paying 13-14.50$ already.
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My husband was an FSR, he started at $30000.00, before bonuses. After one year he moved to FA and makes $44000.00, before bonuses.
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My friend is an FSR manager and makes 42/year (just started)
She's doing this now until she moves over to FA which they said 42-44/year plus bonuses.
This is at National Bank of Canada.

I have some connections with the banks (CIBC and RBC).. I was offered an FSR trainee position for 36/year.. then in 6-12months I'd move over to FA at 40-44/year and bonuses (already have all the courses). Then branch manager and so on. Kind of content where I am right now.. we'll see in a few months.

I live 2 hours from TO.. so these amounts should be indexed higher in Toronto?
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Arkaine wrote:
Sep 12th, 2007 8:17 pm
My friend is an FSR manager and makes 42/year (just started)
She's doing this now until she moves over to FA which they said 42-44/year plus bonuses.
This is at National Bank of Canada.

I have some connections with the banks (CIBC and RBC).. I was offered an FSR trainee position for 36/year.. then in 6-12months I'd move over to FA at 40-44/year and bonuses (already have all the courses). Then branch manager and so on. Kind of content where I am right now.. we'll see in a few months.

I live 2 hours from TO.. so these amounts should be indexed higher in Toronto?
Thanks!

whats the difference between a financial service representative, and a FA (which i assume is a Financial Advisor)?
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UrbanPoet wrote:
Sep 12th, 2007 9:02 pm
Thanks!

whats the difference between a financial service representative, and a FA (which i assume is a Financial Advisor)?

Financial Services Representative


About the position:
In this position, you'll be an integral part of the Branch Sales and Service team. Your focus will be to provide the right banking solutions — solutions that meet the diverse financial needs of both established and new customers — by opening new accounts, offering credit and basic investment counselling, and promoting the sale of all personal banking products and services.

Financial Advisor

About the position:
Your challenge and primary goal is to develop the branch's personal customer base by providing sound advice and creatively selling bank products and services to existing and potential customers. You'll manage a portfolio of assigned customers and use basic wealth management and debt management concepts to meet your customers' financial needs. You'll also develop new business opportunities through sales initiatives and participate in branch campaigns.
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UrbanPoet wrote:
Sep 12th, 2007 2:24 pm
I was just wondering...
how much do financial service representatives @ banks make?
Ever consider working in the back office? Back office tends to make more money than retail banking. Many entry level jobs too - but the difference is that you don't face the customer.
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coolspot wrote:
Sep 12th, 2007 10:24 pm
Ever consider working in the back office? Back office tends to make more money than retail banking. Many entry level jobs too - but the difference is that you don't face the customer.
Im open to suggestions. what kind of back office stuff are you talking about?
I like dealing with people though. :D
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from what i was told FSR in TD don't get bonuses(not the usual year end kind of bonuses).......the FA gets good bonuses


FSR with TD is around 32k/y......FA starts around low 40k/year(base salary)
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In RBC, it varies by the area that you work too. Take these information as approximate figure as I am not sure whether they have been changed.

FSR in GTA is (Salary only):
Low range: $32k - $34k
Mid range: $34k - $44k
Max range: $44k - $49k

It all based on your experience and performance. In terms of bonus, it based on your personal performance + business performance, which for FSR could get up to $6k. Also of course the benefits on top which comes together as a total compensation package of over $60k. (potentially)

The Senior account managers/Financial advisors are:
Low Range: $39k - $41k
Mid: $41k - $53k
Max: $53k - $60k

With potential bonus of around $10k. Therefore total compensation can get up to $70k - 75k.
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cy wrote:
Sep 13th, 2007 11:18 pm
In RBC, it varies by the area that you work too. Take these information as approximate figure as I am not sure whether they have been changed.

FSR in GTA is (Salary only):
Low range: $32k - $34k
Mid range: $34k - $44k
Max range: $44k - $49k

It all based on your experience and performance. In terms of bonus, it based on your personal performance + business performance, which for FSR could get up to $6k. Also of course the benefits on top which comes together as a total compensation package of over $60k. (potentially)

The Senior account managers/Financial advisors are:
Low Range: $39k - $41k
Mid: $41k - $53k
Max: $53k - $60k

With potential bonus of around $10k. Therefore total compensation can get up to $70k - 75k.
oh wow... that pretty much sums it up perfectly.
I guess thats all !
thanks.
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