Private Banker Salary

Median pay for Private Bankers in the United States lies in the neighborhood of $68K per year. Total incomes of Private Bankers incorporate potential for, in a few cases, more than $40K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $46K and $133K. This group's pay is mainly influenced by career length, followed by the particular city and the specific company. Job satisfaction is high and work is enjoyable for most Private Bankers. Almost all enjoy medical and dental coverage in this occupation, and a fair number get vision benefits. Men account for the majority of Private Bankers who responded to the questionnaire — 60 percent to be exact. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$38,453 - $110,863
(Median)
$38K
$68K
$110K
MEDIAN: $67,967
10%
50%
90%

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$15.22 - $31.62
(Median)
$15
$20
$32
MEDIAN: $19.00
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
$38,453 - $110,863  
   
Bonus
$1,233 - $39,567  
Profit Sharing
$438.50 - $10,304  
Commission
$6,082 - $44,698  
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).
)
$46,294 - $132,553  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 436
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
$15.22 - $31.62  
   
Overtime
$22.82 - $42.32  
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
$1,233 - $39,567  
   
Commission
$6,082 - $44,698  
Profit Sharing
$438.50 - $10,304  
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).
)
$46,294 - $132,553  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 35
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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

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

Private Banker Job Listings

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Popular Employer Salaries for Private Banker


Private Bankers flock to Wells Fargo Bank for generous paychecks, where average earnings of $91K lead the pack in compensation; however, Wells Fargo Bank also provides employees with a wide spectrum of compensation ranging from $52K at one end to $133K at the other end.

J.P. Morgan Chase & Co. (JPMCC) offers the lowest compensation; the median salary there averages out to only $68K. The pay range is also narrow, ranging between $40K and $116K.


Private Bankers report using a pretty varied skill set on the job. Most notably, facility with lending, Investment Management, and Banking are correlated to pay that is significantly above average, leading to increases of 109 percent, 37 percent, and 21 percent, respectively. At the other end of the pay range are skills like Customer Service and Consumer Loans. Customer Relationship Management and Sales are also commonly seen together.

Pay by Experience Level for Private Banker

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


Private Bankers who reported more years of relevant experience also reported higher earnings. Salaries for inexperienced workers average out to $78K, and those with five to 10 years' experience earn a higher median of $68K. On average, Private Bankers make $99K following one to two decades on the job. Private Bankers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $112K on average.

Pay Difference by Location

National Average: $80,412

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

For Private Bankers, busy Los Angeles offers a higher-than-average pay rate, 18 percent above the national average. Private Bankers will also find cushy salaries in San Francisco (+16 percent), Chicago (+15 percent), Miami (+10 percent), and New York (+8 percent). Private Bankers in Pittsburgh take home the lowest salaries, earning a whopping 31 percent less than the national average. Employers also pay below the national average in Cincinnati and Raleigh (25 percent lower).

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Experience Affects Private Banker Salaries

Late-Career
up arrow 40%


National Average
$80,000



Skills That Affect Private Banker Salaries

lending
up arrow 109%

Investment Management
up arrow 37%

up arrow 21%

Investment Planning
up arrow 13%

Financial Advisor
up arrow 11%


Sales
up arrow 4%

National Average
$80,000

Consumer Loans
up arrow 8%

Customer Service
up arrow 12%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 73 votes.

Gender

Female
40 %
Male
60 %

Years of Experience

Less than 1 year
2%
1-4 years
27%
5-9 years
33%
10-19 years
27%
20 years or more
11%

Common Health Benefits

medical benefits
Medical: 90%
dental benefits
Dental: 87%
medical benefits
Vision: 73%
dental benefits
None: 8%
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