Job Responsibilities
Responsibilities for this job is to meet monthly goal by closing
loans, gathering cash deposits, taking advantage of cross sell
opportunities, and deepening existing relationships. Although the
loan number is an important one, cash deposits are the most
crucial to the bank's overall 'wallet'. It is the true
measurement against the competition. Deposit gathering through
the business dda & savings accounts is quite common. However for
those individuals with good law firm relationships, a sizeable
IOLTA account may be all that is needed to make goal for that
month, or longer. Know that in addition to loan closings, cash
accumulation will be paramount to the individual's success.
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Job Requirements
A solid liberal arts education is best for this particular sales
job. What is important to realize is that, while college
business, accounting and other similar courses are helpful, a
well rounded education that plays up the individual's ability to
think out of the box will be the most suuccessful path taken. The
Business Banker is always looking for solutions. How can this
loan work? How can we maximize the client's borrowing power and
still limit bank risk? How can I decline this prospective
businesss loan request for a line of credit yet still pitch the
need for the company's deposits? No accounting or business course
will teach the answers to these questions. My best advice for the
individual looking to get involved with lending and sales in the
banking industry is to take classes that will force him/her to
learn a number of solutions to problems in a creative manner.
Sales is really quite an art. Public speaking courses will also
pay off for the individual. Be sure to polish your presentation
skills and above all learn the art of getting your client to
trust you.
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Uppers
I find that the most satisfying part of the role of being a business banker is
the ability to help. To know that a line of credit or commercial mortgage that I
provide will enable a particular business to move to the next level or be able to
have the cash flow for purchasing more raw material is quite exciting. I am
always looked to by my client as an individual problem solver. I enjoy getting to
know each business, how it works and how to make it efficient. In doing so I have
also had my fair share of job offers from my own clients!
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Downers
Due to the nature of today's banking industry and the significant
competition for the same business, banks must be very aggressive
when it comes to sales. The goals placed on each banker are
extremely high. The irony is that the high goal demand make it
nearly impossible to properly service your client book. Some
banks try to alleviate this problem by 'handing off' clients to a
branch based clerk, so that the banker may concentrate on
business development. Many clients are put off by this treatment
and know when they are being tossed aside for new business.
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Lifestyle
The life of a business banker is 24/7, although it may not all be spent at your
desk. Face to face meetings with clients are key to building relationships.
Clients want to see you, what you look like, how well you carry yourself, how
professional you are. They want to know that they can trust you with their
finances, their businesses, their lives. The banker is not flashy in dress
although a sense of conservative style is certainly key. The most important thing
in any sales oriented position is to look and feel successful. Show it on your
face as well as on your sleeve. Be personable. Always find something that you
have in common with your client. The job is hard enough as it is and leveling the
playing field anyway you can will be in your best interest. The banker is always
looking to grow his book of business either by servicing existing accounts or by
acquiring new business. A round of golf, a dinner appointment, a casual 'drop-in'
on a client, a birthday card sent,theatre tix, all of these add up to the level
of committment that the banker must adhere to. Also, be very aware of your
actions whether or not you are 'working'. All banks expect their bankers to be
people with civic duties as well as leaders in their community. Do not think that
just because its the weekend you may go out and relive your college days or do
something stupid. A double standard? Perhaps. However clients wanting to trust
you with their money may find it very hard to do so after they see you out with
'da guys' on Saturday night! Relax. Its not that bad being a mature adult most of
the time. And if you feel that you really need to cut it up, you can always go to
Vegas!
In addition to the time spent with clients, be prepared to spend a great deal
of time in sales meetings with your team. Again banks nowadays are extremely
competitive and team leaders are always being fed new information from executive
management to relay to the bankers. Be prepared to adjust goals(almost always
UP!). Also be prepared to log some serious road time. Clients do not line up
neatly along the route to and from your office or home(and neither do the team
meeting locations). A cell phone and pager will also make life easier, especially
if you need to be in two places at once. Multi-tasking will always be expected,
however success goes to the banker that can prioritize properly and manage his
constituents within the bank.
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Compensation
Compensation in Banks is almost always a base salary with an
incentive based on the amount of business you bring in. However
there is usually a catch. The catch is that the incentive is
based upon the %/amt. of business that you close OVER GOAL. In
otherwords, you are not a star if you meet your goals. You are a
banker that simply justified his/her salary. Hows that for cold
water?!!! Some banks will pay out a team bonus if the collective
group did quite well, although this is becoming more of a thing
of the past.
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Advice to Jobseekers
1. Stay broad in your education. It will ultimately be your sales
weapon because you will be able to speak to anyone, anywhere and
about anything.
2. Learn a leisure activity that you can enjoy throughout your
career. You may play in a men's lacrosse club now but you won't
be doing so with the 61 yr old CFO you've been prospecting. Try
tennis, boating, fishing, RC airplanes, etc.and of course golf,
although I detest the sport.
3.This may sound goofy or silly or even out of place, but for god
sake learn self control(aka. common sense). In all my
professional years I am still amazed by the baffoons that still
do not know how to drink a cocktail without getting smashed or
tell one joke too many in order to get a client or boss to laugh,
or know how to network without 'sucking up' etc. If you are ever
guilty of these things know one will ever tell you. They just
won't be dailing your number any longer.
4. Perfect your balance sheet skills. You'll not only look more
professional but knowing the 'tests' will save you precious time.
Remember, your goals will be high and the month time frame will
be short. You do not need to waste several hours with a loan
request that will be declined later anyway.
5. Be conservative. Or let your clients believe that you are.
They care only about how you will financially help their company,
not whether or not you like 'The Dead' or that you may think 'W'
is a warmonger.
7. Understand office politics. Banks are large and hierarchy is
complex. Learn the infrastructure as best as you can. Or at the
very least know who your boss reports to AND competes with
(another team in another region?)
8. Do not trust HR. No matter what they say their role is, they
are not there for you. They are the eyes and ears for management.
9. Do take any certification courses that the bank offers. These
are getting harder to come by because banks are stingy and do not
want to pay for the cert. courses. They would rather give you
some 'in house' program. These are fine until you need to leave
the company. The new bank you are applying to will not care about
your old employer's credit course at the Marriott Convention
Center last fall.
11. Watch the banking industry trends in the hiring of lenders.
This is mostly tied to rates and the particular region of the
country.
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