Why More than 50% of Priority Bankers Quit in 15 Months?

Banker in Distress
0

Why More than 50% of Priority Bankers Quit in 15 Months?

50% of Personal Bankers quit in 9 months.  Into banking and into the global financial markets, many Personal Bankers struggle hard to survive the gruelling initial period.  For those who managed to stay on, some took the path of becoming a Priority Banker.

But why more than 50% of Priority Bankers quit in 15 months?  We look at 9 reasons why:

No. 1 Getting a Poor Portfolio

An often cited reason.  If you get a portfolio of deposits-fancy clients, it is tantamount to trying to turn carbon into diamonds. Financial markets can be as simple as it is, and as complex as we can make it to be.  But there is no reason why you should continue to share your wealth management expertise to clients who prefer not to listen, and risk infringing regulations where it protects:

  • clients with little or no experience
  • elderly and vulnerable clients
  • low-risk profile clients

Neither would Priority Bankers be positively and officially rewarded for turning a non-investible client into an investible client.

Since Priority Bankers had pretty much survived being a Personal Banker and are pretty astute, if the portfolio is accessed to be poor, Priority Bankers tend to decide quickly: Stay or Move on.

Read More: Why more than 50% of Priority Bankers Quit in 15 Months

 

Related: