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Private Banker Salary

The average Private Banker in the United States earns approximately $67K per year. Cash earnings for Private Bankers — including $36K in bonuses and $10K in profit sharing proceeds near the top of the pay scale — generally stretch from $47K to $128K depending on individual performance. Compensation for this group is mainly affected by career duration, but the particular city and the particular employer are influential factors as well. Most Private Bankers like their work and job satisfaction is high. Almost all report receiving medical and dental coverage from their employers and a fair number collect vision insurance. The information for this snapshot was generated by responses to the PayScale salary survey.
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$39,521 - $108,179
(Median)
$40K
$67K
$110K
MEDIAN: $66,869
10%
50%
90%

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$14.06 - $29.85
(Median)
$14
$19
$30
MEDIAN: $19.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Salary
$39,521 - $108,179  
   
Bonus
$1,167 - $36,449  
Profit Sharing
$5.07 - $9,978  
Commission
$6,040 - $43,781  
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).
)
$46,535 - $128,403  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 372
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25$50$75
Hourly Rate
$14.06 - $29.85  
   
Overtime
$20.97 - $43.34  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$1,167 - $36,449  
   
Commission
$6,040 - $43,781  
Profit Sharing
$5.07 - $9,978  
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).
)
$46,535 - $128,403  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 25
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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


Wells Fargo & Co. leads the field in terms of pay, with a median salary of $81K.

J.P. Morgan Chase & Co. (JPMCC) offers the smallest salaries in town — $69K on average — but the considerable range in workers' salaries (stretching from $40K to $127K) creates a rather varied pay scale.

Popular Skills for Private Banker


Survey results imply that Private Bankers put a diverse skill set to use. 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. Most people experienced in Customer Relationship Management also know Financial Advisor.

Pay by Experience Level for Private Banker

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


Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Relatively untried employees who have less than five years' experience have a median salary of $66K. Those who have been around for five to 10 years can expect to take home more — $77K on average. Private Bankers bring in $91K after working for 10 to 20 years. Veterans who boast more than two decades of experience make around $109K on average — an ample six-figure paycheck.

Pay Difference by Location


Chicago offers some of the highest pay in the country for Private Bankers, 18 percent above the national average. Private Bankers will also find cushy salaries in Los Angeles (+13 percent) and Miami (+9 percent). Private Bankers in Pittsburgh take home the lowest salaries, earning a whopping 29 percent less than the national average. A couple other locations with smaller-than-average paychecks include San Francisco (10 percent lower) and San Jose (4 percent lower).

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Experience Affects Private Banker Salaries

Late-Career
up arrow 40%

Experienced
up arrow 17%

National Average
$78,000


Entry-Level
up arrow 16%

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 2%

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 77 votes.

Gender

Female
40 %
Male
60 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
36%
10-19 years
28%
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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