Private Banker Salary

Median pay for Private Bankers in the United States lies in the neighborhood of $67K annually. Total cash earnings of Private Bankers range from $46K on the low end to $128K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $36K and $10K, respectively. Compensation for this group is mainly affected by career length, but geography and the specific company are influential factors as well. Nearly all enjoy medical and dental coverage in this occupation, and a strong majority get vision benefits. Male Private Bankers are more prevalent than women among those who took the survey — 61 percent of professionals. Most workers in this position report high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$39,423 - $107,773

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$14.45 - $29.58

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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
$39,423 - $107,773  
   
Bonus
$1,189 - $35,921  
Profit Sharing
$5.21 - $9,933  
Commission
$5,960 - $43,459  
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).
)
$46,234 - $127,555  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 367
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
$14.45 - $29.58  
   
Overtime
$22.82 - $43.34  
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
$1,189 - $35,921  
   
Commission
$5,960 - $43,459  
Profit Sharing
$5.21 - $9,933  
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).
)
$46,234 - $127,555  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 29
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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


Employees of Wells Fargo & Co. can expect to make the most, with the company offering a median salary of $80K; however, pay is widely dispersed from bottom to top, ranging from $51K to $152K.

The consistently lowest paying firm is J.P. Morgan Chase & Co. (JPMCC), where the median salary is just $71K. There isn't much variation there, either; the pay scale ranges only from $41K to $125K.


Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with lending, Financial Advisor, and Banking are correlated to pay that is significantly above average, leading to increases of 96 percent, 12 percent, and 9 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Investment Planning, 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.


Experience seems to be a major factor in determining the incomes of Private Bankers. During their first five years in the workforce, individuals in this position earn $67K on average. Survey participants with five to 10 years under their belts see an only a slightly bigger average of $77K. People with 10 to 20 years of experience make an average of about $91K in this role. Six-figure salaries aren't unusual for professionals who have achieved more than 20 years of experience; median compensation for this group sits in the range of $110K.

Pay Difference by Location


Professionals in Chicago, Los Angeles, and New York — the three largest American cities — enjoy a comfortable lifestyle with compensation above the national average. Compared to the national average, Pittsburgh Private Bankers have considerably lower salaries, 29 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Below-median salaries also turn up in San Jose and San Francisco (4 percent lower).

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Experience Affects Private Banker Salaries

Late-Career
up arrow 41%

Experienced
up arrow 17%

National Average
$78,000


Entry-Level
up arrow 14%

Skills That Affect Private Banker Salaries

lending
up arrow 96%

Financial Advisor
up arrow 12%

Banking
up arrow 9%

Customer Relationship Management (CRM)
up arrow 3%

Sales
0%

National Average
$78,000

Consumer Loans
up arrow 7%

Customer Service
up arrow 9%

Investment Planning
up arrow 13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 68 votes.

Gender

Female
39 %
Male
61 %

Years of Experience

Less than 1 year
2%
1-4 years
26%
5-9 years
36%
10-19 years
27%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 91% dental benefits Dental: 86%
vision benefits Vision: 72% employee benefits None: 8%
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