Personal Finance

Do big6 bank employees make commissions on lines of credit, bank accounts, etc?

  • Last Updated:
  • Aug 19th, 2021 5:02 pm
[OP]
Newbie
Jan 13, 2010
8 posts
9 upvotes
Toronto

Do big6 bank employees make commissions on lines of credit, bank accounts, etc?

Just wondering how much they make for originating a line of credit, mortgage, chequing account, brokerage account, etc. Is it a percentage of the revenue a client generates for the bank? Or more of a flat incentive payment per product sold?
8 replies
Deal Expert
User avatar
Feb 8, 2014
26003 posts
10706 upvotes
Socially Distanced
I have wondered this as well, and when they recommend investment products you buy as well, a mutual fund, a GIC and so forth.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Sr. Member
Nov 10, 2019
622 posts
609 upvotes
I knew someone who worked as banking advisor at a branch where the managers pressure them to meet high volume quota every month with low salary and no commission. Was told also the retirement investment advisors work solely on commission.
Deal Addict
Nov 8, 2005
3145 posts
2528 upvotes
A healthy reminder that anyone at a branch is not an advisor. They are all salespeople that work for the bank. That's not to say that they're evil or that they're out to get you. Many of their products are valuable for you, but everyone should just look at it that way.
Deal Expert
User avatar
Mar 9, 2007
15003 posts
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Think of the Childre…
When they sell you them tacky insurance, they get a cut.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Member
Oct 20, 2018
278 posts
122 upvotes
For the typical investment advisor/financial advisor at the bank brick and mortar branches there no commission, sales are part of your weekly/monthly quota. Meeting or exceeding your quota would result in bigger year end bonus. There would be no commissions on insurance, overdraft protection, mortgage insurance or disability/life insurance

For high net worth advisors (500k+ of investments) they work entirely off commissions and fees (some can decide their structure of how they want to charge)
Sr. Member
Jul 22, 2015
691 posts
253 upvotes
Ontario
I know someone who used to work at a bank as a financial advisor. They had to get a certain # of points each month to reach their goal, so each item they sold, had a certain # of points attached to it. At the end of the year, their bonus was based on whether they met or exceeded their goal.

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