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Opinions on working as Financial Advisor at RBC? Is it different than Brokers?

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  • Jun 2nd, 2017 6:59 pm
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Deal Fanatic
Apr 15, 2004
5438 posts
80 upvotes
Sydney
Abel4Life wrote: That post was from 2007 so I'll give the benefit of the doubt that the poster has matured and since then.

The negative people just don't get that without sales there is no business. In addition, without growing sales, no new jobs. Declining sales leads to layoffs. Pretty 'real' to me.
I wouldn't count on that ;)
I'm not against sales. Anyone that thinks that is reading my words with their own intentions and assumptions. What I'm against is salespeople. You don't need dedicated staff to sell direct to consumers or businesses as seen by the Amazon model. If you have a good entry mechanism, computers will outsell humans any day of the week and with less chance of errors. Salespeople, especially in finance do not have your interests at heart. How could they? Talk to any major bank advisor. Will they recommend funds from a rival bank even if you have a major of assets there or historically, the rivals have better management and returns? Of course not. They will upsell you on products that generate the most commission. Real jobs are jobs that provide long-term value to the business, not just immediate uptick in revenue at the expense of the customer. I would rather see all these salespeople lose their jobs, and replaced with engineers to build a functional product that provides self-serve capabilities, so consumers make their own choices. At the end of the day, fees matter in investments. Salespeople do not have incentives to disclose fees and educate consumers on the impact of the fees over the portfolio balance at retirement. I have more examples on how sales have corrupted certain industries, but it's beyond the effort I want to expend for this forum.
Member
Dec 7, 2006
466 posts
100 upvotes
Toronto
ItemFinder wrote: I wouldn't count on that ;)
I'm not against sales. Anyone that thinks that is reading my words with their own intentions and assumptions. What I'm against is salespeople. You don't need dedicated staff to sell direct to consumers or businesses as seen by the Amazon model. If you have a good entry mechanism, computers will outsell humans any day of the week and with less chance of errors. Salespeople, especially in finance do not have your interests at heart. How could they? Talk to any major bank advisor. Will they recommend funds from a rival bank even if you have a major of assets there or historically, the rivals have better management and returns? Of course not. They will upsell you on products that generate the most commission. Real jobs are jobs that provide long-term value to the business, not just immediate uptick in revenue at the expense of the customer. I would rather see all these salespeople lose their jobs, and replaced with engineers to build a functional product that provides self-serve capabilities, so consumers make their own choices. At the end of the day, fees matter in investments. Salespeople do not have incentives to disclose fees and educate consumers on the impact of the fees over the portfolio balance at retirement. I have more examples on how sales have corrupted certain industries, but it's beyond the effort I want to expend for this forum.
Lol you don't think Amazon employs B2B sales people?
Newbie
Dec 24, 2015
13 posts
I have been quite attracted to the Financial Advisor job at the banks and I am trying very hard to get it as if it is something really worth it.

For but for people who have actually done it - is my charm misplaced? Is the allure misleading? How stressful or lack of there of is it?

Would love to hear from people who are already working as FAs.
Member
Mar 8, 2015
204 posts
61 upvotes
Nauman777 wrote: I have been quite attracted to the Financial Advisor job at the banks and I am trying very hard to get it as if it is something really worth it.

For but for people who have actually done it - is my charm misplaced? Is the allure misleading? How stressful or lack of there of is it?

Would love to hear from people who are already working as FAs.
see my post earlier this year just above...or PM me if you want.
Deal Fanatic
User avatar
Dec 8, 2007
5551 posts
2221 upvotes
allchooedup wrote: see my post earlier this year just above...or PM me if you want.
+1

Old thread but still very relevant ....

Read the post lol
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Newbie
Dec 24, 2015
13 posts
allchooedup wrote: see my post earlier this year just above...or PM me if you want.
Thank and I added you as a friend as I had more questions.

I dont want a life long career in retail banking. I just want to do it so I can learn the skills and get experience and move out as soon as possible. So I wanted to ask any of you gous who have worked at these FA positions at the big 5. Does it matter which bank I go with?

My biggest question to those who have does this recently.., what are the targets on a monthly basis? If you can tell me I would really appreciate it. What are you as FA required to do?

- How much in investments
- how much in loans and line of credits
- credit cards
- new bank accounts
- new deposits
- What else is important and how much?

I am looking for real numbers as that will be the only thing that will clarify a lot of things for me. Opinion from financial advisor trainees at td, bank of NS etc. will be welcome too.
Member
Mar 5, 2009
369 posts
124 upvotes
Are you going to be selling high mer mutual funds? It's typically well known that these funds underperform against the market...
Newbie
Jan 1, 2016
1 posts
1 upvote
Toronto, ON
Currently working in big 5 retail as a sales person, aka account manager(new title is advisor, yes smartie pants)

As indicated this is a sales role. Obviously utilizing knowledge of financial products on top of that. But you are solely judged on sales results and client satisfaction, not how well you know that products. Yes, the more you know the better you should be, however, it is the good looking people excelling at sales.

Office politics are real. No more apparent than in retail. Prepare to compete for your job/promotional mobility.

Sales quotas are met however you like. You won't sell millions in Visa cards. You will live or die on securing large loans, mortgages, etc.

This is a dying role as the face of retail banking changes. The sooner you can get out of the role the better. Banking is shifting to meet the behavior of new generations, i.e mobile.

I know this role inside and out, ask anything, I will have the answer.
Newbie
Sep 13, 2014
2 posts
Ottawa, ON
no1knowshowlifecame2be wrote: Currently working in big 5 retail as a sales person, aka account manager(new title is advisor, yes smartie pants)

As indicated this is a sales role. Obviously utilizing knowledge of financial products on top of that. But you are solely judged on sales results and client satisfaction, not how well you know that products. Yes, the more you know the better you should be, however, it is the good looking people excelling at sales.

Office politics are real. No more apparent than in retail. Prepare to compete for your job/promotional mobility.

Sales quotas are met however you like. You won't sell millions in Visa cards. You will live or die on securing large loans, mortgages, etc.

This is a dying role as the face of retail banking changes. The sooner you can get out of the role the better. Banking is shifting to meet the behavior of new generations, i.e mobile.

I know this role inside and out, ask anything, I will have the answer.
I'm currently being interviewed for a Client Advisor position with RBC. I'm entering the bank at the bottle of the totem pole with intent to climb to their Capital Markets or Wealth Management divisions. I'm writing the CFA Level I this June. What kind of position should I be looking for after I complete the CFA Level I or perhaps Level II the following year? I have a University degree but not a straight business background. Experience mostly in customer services, sales, law/governance.
Newbie
May 31, 2017
25 posts
7 upvotes
aZian_ wrote: For an investment advisor at RBC dominion securities:
1) Pay is 100% commission 50% of what you make goes towards RBC dominion securities
2) work whatever hours you want...but usually 9-5 cause of the market
3) you find your own clients
4) no job promotion......its really more like...the more clients you get...the bigger the office, and showered with gifts from RBC Dominion securities
5) as an investment advisor, its really really stressful the first 4-5 years cause your looking for clients. It's easy going when your satisfied at what your making...so lets say..you hold an asset of 10 mil, you make 2% which is 200,000 and rbc gets half so you make annually 100,000...So depends at where your satisfied.
6) i'm only learning the business so far, but i like it ...why? 1) If i were planning to go in this industry, i'm already building myself a base working along side with my boss 2) its really flexiable...but of course you have to make it to that level where your comfortable with the amount of money where your cruising along 3) theres a huge tax benefit with being 100% comission

Questions/Answers
Why not find clients on your own and be a private investment advisor?
when you work for someone as big as RBC dominion securities, you can back yourself with a name. Rbc Dominion securities is Number 1 in terms of wealth management. On top of that you get all the resources.

How hard is it for an individual to start in the career of an investment advisor
Like i said, its really hard at the beginin cause its a sales job. and your finding clients. Your first client may take months to find and on top of that, since its so flexiable in hours, some people would end up slacking and not working. But like my boss said once you get your FIrst 100 Million Your cruising in the big offices

What is comission calculated on?
Everything that client hands over to you. From RRSP to Money he wants you to invest

Is it a sales position or a bringing in returns for your clients?
Its a bit of both. You need to of course find clients for yourself if you want to grow, But on top of that you need to show to your clients you can bring in a return for them.

How does an investment advisor find clients?
If you seen movies like Boiler room or the most recent pursuit of happiness, Cold calling is the number 1 way of finding clients. Most investment in their senior years don't do as much cold calling anymore, because they get referrals from their current clients. Fact: Atleast one New investment advisor in Toronto finds a client thats worth a million by cold calling. in todays world...lots of people have lots of money just dont realize it...cause they have funds here and there.

Difference with a financial advisor at a branch and investment advisor at a private client division like Dominion securities?
Financial advisors get paid salary + base. where investment advisors don't.
Investment advisors work with a team like a financial planner, insurance guy, and estate guy. Where financial advisor does it on his own.
Investment advisor handles 10-100 clients personaly where financial advisor handles the branches clients
* this is what i believe for the difference

Credentials?
As an investment advisor, you need different credentials, to begin with you need your Canadian securities course from CSI. LOL and than im not sure, like i said i'm learning this business just now, but if you go to www.CSI.ca you can find all the information you need

who are some of the Financial Institutions?
RBC Dominion SEcurities
TD Waterhouse
Scotia Captial
CIBC Wood Gundy
Investors Group
Dundee
Manulife
Clarica

and many more
*not in any particular order

lol i hope that helps? i kno you were asking about financial advisor but thats what i know about investment advisor

Oh for financial planner working at dominion securities. gets paid by salary not comission

List of financial
It is now 2017 and I have just found this thread. Did you pursue being an IA if so, how have you progressed since you've started?
Newbie
May 31, 2017
25 posts
7 upvotes
Whoever else sees this with experience in being an IA at RBC DS please feel free to chime in.

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