Private Banker Salary

A big portion of take-home pay for Private Bankers — approximately one-fourth, in fact — arrives through commissions. This profession's median overall income is approximately $81K. With some bonuses approaching $40K and certain profit sharing proceeds approaching $10K, overall incomes of Private Bankers spread between $45K and $130K depending on individual performance. This group's pay is mainly influenced by geography, followed by the company and tenure. Almost all receive medical and dental insurance and a fair number get vision insurance. The majority of Private Bankers claim high levels of job satisfaction. There are more male Private Bankers than female among those who completed the questionnaire, making up 62 percent. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$37,399 - $109,897
$37K
$68K
$110K
MEDIAN: $68,261
10%
50%
90%

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$14.34 - $31.05
$14
$18
$31
MEDIAN: $18.28
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$37,399 - $109,897  
   
Bonus
$1,467 - $40,018  
Profit Sharing
$962 - $10,045  
Commission
$7,652 - $49,269  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$45,163 - $130,112  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 335
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$25$50$75
Hourly Rate
$14.34 - $31.05  
   
Overtime
$7.52 - $43.70  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$1,467 - $40,018  
   
Commission
$7,652 - $49,269  
Profit Sharing
$962 - $10,045  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$45,163 - $130,112  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 48

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United States (change)

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Job Description for Private Banker

A private banker's primary responsibility is to manage the financial accounts of high-income clients. They often fulfill a variety of tasks, but a private banker’s primary responsibilities include increasing and protecting a client’s wealth through investments, as well as processing transactions such as purchasing a home and estate planning. Private bankers work alongside other financial experts such as market analysts, fund managers, and estate lawyers; however, as they function as the client’s primary point of contact, they are often also called relationship managers. Most private bankers work in private banks that cater to wealthy clients, but some are also employed by regular banks that also provide special services to high-income individuals. Even though they work in a professional, office setting during regular business hours, a a private banker must be available to respond to the needs of clients at any time of the day or night. Besides being available 24/7 to receive requests from current clients and pursuing new clients, a private banker’s typical day consists in working with his or her team of financial and legal experts to develop and implement strategies to grow and preserve the assets of their clientele.

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Private Banker Tasks

  • Manage full banking relationships with clients and monitor changing client needs.
  • Monitor loan portfolio and resolve loan delinquencies, overdrafts, and loan and deposit maturities.
  • Recommend solutions to credit problems, approve loan requests, and assist senior lenders.

Private Banker Job Listings

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Popular Employer Salaries for Private Banker


Private Bankers fill the offices of leading firms Wells Fargo Bank, J.P. Morgan Chase & Co. (JPMCC), Chase Bank, Wells Fargo & Co., and SunTrust Banks Inc. SunTrust Banks Inc. leads the field in terms of pay, with a median salary of $120K.

J.P. Morgan Chase & Co. (JPMCC) lags the field greatly in terms of pay, offering a median salary just about half of the top paying company's median ($65K).

Pay by Experience Level for Private Banker

Median of all compensation (including tips, bonus, and overtime) by years of experience.


In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. In this position, someone who has worked for fewer than five years can expect a median salary of $68K. The median for people with five to 10 years of experience is only a little bit higher at $76K. Private Bankers bring in $92K after working for 10 to 20 years. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $115K.

Pay Difference by Location

National Average: $80,539

Larger city markers indicate a job is popular in that location.

Home to some of the best pay for Private Bankers, Atlanta offers exceptional salaries, 56 percent above the national average. Private Bankers will also find cushy salaries in Los Angeles (+39 percent), San Francisco (+37 percent), Birmingham (+30 percent), and Miami (+23 percent). One of the biggest compensable factors for Private Bankers is geography, with workers in Pittsburgh earning a whopping 31 percent below the national average. Workers in Cincinnati and Raleigh earn less than others in this profession; their salaries fall short of the national average by 26 percent.

Related Job Salaries

Key Stats for Private Banker

Gender

Female
38 %
Male
62 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.
Less than 1 year
2%
1-4 years
23%
5-9 years
31%
10-19 years
33%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Private Banker Salaries

▲43%

▲14%

National Average
$81,000

▼6%

▼15%

Skills That Affect Private Banker Salaries

lending
▲109%

Investment Management
▲24%


Financial Advisor
▲11%


▲5%

▲5%

National Average
$81,000

Consumer Loans
▼1%

Customer Service
▼12%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.

Gender

Female
38 %
Male
62 %

Years of Experience

Less than 1 year
2%
1-4 years
23%
5-9 years
31%
10-19 years
33%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 86%
vision benefits
Vision: 78%
dental benefits
None: 8%
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