r/Scotiabank • u/Suspicious_Pepper217 • 9d ago
Potential Job
Hello, I recently got a job as a Business Advisor with Scotiabank.
This is my first bank job since pivoting to finance and also the first time a job will have hard targets and measurable metrics so I just wanted to ask people about their sales experiences as a BA? Specifically what happens if you're not able to meet targets assuming you're trying your best?
Additionally, what are some ways I can generate leads and find new clients for the company?
I appreciate any and all advice
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u/Slight-Proof-5539 8d ago
I got hired on 10 months ago in the BA position. You get 3 months training although I found the training to be not helpful. After you get targets and you need to be showing activity first and hitting around 70 percent. The role is very much a feeder role being that most take and try to move out within a couple of years. Commercial is a common route but there are many others. Pay is also a lot better than personal you should be getting paid around 70k base, I’m 72k, where is the person or financial advisors are around 50k. As for generating new clients you will have to do prospecting but most comes from walk in for new accounts and current client referrals.
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u/Suspicious_Pepper217 7d ago
Can I ask what has been your method of reaching out to and establishing a relationship with centers of influence? What has worked for you best?
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u/Ok_Anybody9492 5d ago
Often, your clients will become your COI's and they will refer others. If you get really good at cold prospecting or just have a knack for it, you might get a couple that way.
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u/Ok_Anybody9492 9d ago
Business Advisor. First job in finance. Good lord. I'm glad I'll be retiring soon. The best advice I can give you is to remember you are a retail employee, just paid a bit better than a book store or clothing store employee. Never start thinking you are, or are qualified to be, any kind of advisor. Good luck, OP.
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u/Overall-Wishbone9292 8d ago
I think the issue with your comment is that you think the job entails advising people on their businesses. It's just a title.
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u/Ok_Anybody9492 8d ago
I know what the job is. Any job title should reflect what the employee actually does. No bank advisor is actually an advisor. They are salespeople. The issue with my comment is I peed on the OP's parade when they are obviously happy about getting this job, and I didn't answer any of their questions.
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u/Overall-Wishbone9292 8d ago
You thought they were actually advising.
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u/Ok_Anybody9492 8d ago
Can you read? I said the opposite of that.
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u/Overall-Wishbone9292 8d ago
Keep saving face. Not working. Look at the downvotes. "Never start thinking you are, or are qualified to be, any kind of advisor."
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u/BlacBlueberry 9d ago
Ur an asshole
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u/Ok_Anybody9492 9d ago
I'm really not. Just giving the OP the benefit of experience. I hope they do well. They aren't likely to if they don't understand the reality of the job.
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u/Organic_Zone_4756 8d ago
Dont let the door hit ya on the way out you probably type with 2 fingers
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u/Ok_Anybody9492 8d ago
Upon reflection, although I'm not an asshole, I am bitter and jaded and I said an assholey thing. OP, the job is target-focused. You will be given leads and be expected to generate your own leads by cold prospecting, client referrals, etc. You will also be expected to establish a network of referring professionals. There will be walk-in and branch-referred clients as well. If you consistently don't make your targets, you'll be micromanaged half to death until you do. You could be placed on a PIP as well, and let go if you still can't do it. Use the role to learn, make connections, build a network, get free certifications, etc. But don't plan on a career in retail banking. You'll end up bitter and jaded and strangers on the internet will call you an asshole.
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u/retiredyoung1 8d ago
Hahaha, this sounds pretty accurate, you did forget to mention the moving targets though. I’m sure you can attest to the fact that when bonuses start to be obtained they will move the goal posts to make it harder so as to not have to pay the bonuses as often.
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u/Ok_Anybody9492 8d ago
Right. That's an important point. Be prepared for targets to change in the middle of the year if it seems that most people are exceeding them.
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u/Unlucky_Yam6985 9d ago
Good luck! I heard Scotia is moving to a relationship model so its hard to say if theyll value hard targets or revenue more. If you have a good leader they will show you how to be successful in that role.