“Lack of freedom … not enough staff … too much micro-managing.” Those are some of the comments from the more than 250 personal bankers at the country’s seven largest banks and numerous credit unions surveyed by Investment Executive for this year’s Account Managers’ Report Card.
Could it be that despite all the pluses of the job — great benefits and working for institutions that are among the most stable in corporate Canada — there are a few minuses?
Cutbacks, branch closings, mergers and increased competition throughout the financial services industry mean account managers are working longer and harder than ever. While there are many who thrive simply because they enjoy helping people plan for a secure future, there appears to be a growing number who are burning out from the added stress and pressure.
“I can think of a lot of negative things [about the job],” says a manager in Alberta with Bank of Montreal, “and I’m not a negative person. We’re just so focused on numbers and cutbacks … we’re also getting bombarded with products and services we don’t know a lot about.”
Another personal banker in Alberta, with Bank of Nova Scotia, complains about the high-stress environment. “The workload is extremely high and hard to manage,” she says. “They don’t focus on career development. We need more educational support.”
It seems the bankers still “need” a lot of things.
During the past two months, IE researchers spoke to an average of 30 account managers at each bank and another 63 AMs within the credit union system. They were asked to rate their employers in 19 categories on a scale of zero to 10, with 10 being “excellent.” Most scores fell from last year; only Royal Bank of Canada and Scotiabank saw improvements, and then in only two areas and one area, respectively.
Some conclusions can be drawn from the ratings. For one, overall technology ratings at all but Royal Bank and Laurentian Bank of Canada are weaker this year; it seems the banks just can’t get technology right, with an industry average of 6.4 for front-office systems and 6.2 for efficiency. National Bank of Canada has the lowest ranking in the front-office category, with a measly 4.0.
One National Bank account manager in Ontario says it’s not just the poor quality of the system, it’s the fact that the system doesn’t even exist.
“I don’t believe we have any [client management software]. I have my clients listed in a book,” he says. Another Ontario rep says the lack of technology makes serving clients next to impossible. “We have no laptops, no software, and it keeps getting put off,” she says. “It’s almost impossible to service our clients the way we need to.”
Bankers across the country are pleading for attention and support from management. They slam the pamphlets and brochures they receive for prospecting, rant about the lack of marketing and advertising support and practically beg for more sales support. After technology scores, those three categories received the lowest marks.
They also happen to be the four areas that account managers urged their employers to focus on in the coming year.
When it comes to sales support, one manager with Laurentian in Ontario says: “During mutual fund season, they do it; otherwise, you’re on your own. We call User Services ‘Useless Services’.”
“We’re not in Montreal so we don’t get any [support],” says another Ontario-based rep with Laurentian, voicing a common concern among many of its personal bankers outside Quebec.
When we asked an account manager in Nova Scotia to rate CIBC on its sales support, she laughed and said, “I want to say zero but lets be fair … two.”
“To say the least, I’d like a lot more [support],” says another CIBC rep in Ontario.
Not everything is bad, of course. There are some who could not say enough good things about their employers. At many credit unions, the two biggest complaints have to do with lack of size and image, but the working conditions are rated top-notch.
“They’re pretty friendly and honest,” says one CU rep in Ontario. “It’s not as stressful or pressured as other jobs. They treat their employees well; if you need a day off, it’s OK.”
The size of the Big Five banks is one of their greatest advantages, many reps told IE, in particular because they offer scope, reputation and stability. “They’re solid and stable, I don’t have to worry about them going broke,” says a CIBC account manager in Alberta.
“In all my years there’s always been job security,” says one manager with Scotiabank in Ontario. “Nobody’s ever been laid off. They’ve been good to me and I’ve been good to them.”
An account manager with BMO in Ontario says it’s the stability of being with a chartered bank that is the best aspect of her work. “Coming from Bankland and going to an independent and then going back to Bankland, it’s nice knowing you’re going to get paid every month.”
One sore point is salaries, or the lack thereof. Many account managers said they would consider moving firms if better compensation was offered. “It seems like they want everything for nothing sometimes,” says a CIBC banker in Saskatchewan. “They want someone with experience but they don’t want to pay for it. And once you get to a certain level there’s nowhere to go.”
“There’s really no consistency [with salary],” adds a British Columbia banker. “If a person left CIBC, they could certainly make more money.” IE