Private Banker Salary (United States)

Private Bankers in the United States can expect to earn an average of $78,229 annually. The pay spectrum stretches from $47,214 to $127,136 per year. Overall incomes of Private Bankers—including $36K bonuses, $9,933 profit sharing proceeds, and $44K commissions on the more lucrative end—ranges between $40,901 and $102,489. The most important factor affecting compensation for this group is experience level, followed by geography and the individual firm. Generous benefits are a perk in this profession; nearly all claim both medical and dental insurance and most get vision coverage. Men make up a slight majority of Private Bankers (57 percent). Job satisfaction for Private Bankers is high. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Private Banker Salary (?
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.
)
$40,901 - $102,489
(Median)
41K
51K
67K
85K
100K
MEDIAN: $66,618
10%
25%
50%
75%
90%
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Private Banker Salary (?
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.
)
$10.63 - $27.18
(Median)
11
17
19
22
27
MEDIAN: $19.00
10%
25%
50%
75%
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
$40,901 - $102,489  
   
Bonus
$1,226 - $35,895  
Profit Sharing
$446.98 - $9,933  
Commission
$3,091 - $43,631  
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).
)
$47,214 - $127,136  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 333
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
$10.63 - $27.18  
   
Overtime
$21.93 - $42.62  
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
$1,226 - $35,895  
   
Commission
$3,091 - $43,631  
Profit Sharing
$446.98 - $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).
)
$47,214 - $127,136  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 18
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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 $82,511.
The consistently lowest paying firm on the list is Chase Bank, where the median salary is just $57,500. Employees at J.P. Morgan Chase & Co. (JPMCC) and Wells Fargo Bank can also expect below-average earnings of $68,631 and $80,348.

Popular Skills for Private Banker

Just a handful of professional skills are reported by Private Bankers who took the survey. Most notably, facility with Financial Advisor and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 21 percent and 4 percent, respectively. Employees educated in Customer Relationship Management (CRM) are typically practiced in Sales, too.

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 salaries. New salaries start at $64K and reach $78K in five to 10 years. Those with one to two decades of experience under their belt tend to see salaries around $100K. As Private Bankers reach 20 years on the job, salary increases slow down a bit, averaging $105K. Experienced employees who have 10-20 years of experience make up 25 percent of the workforce; inexperienced individuals who have been working for less than one year comprise less than five, and senior people with more than 20 years under their belt fill out the remaining 12 percent. Most employees in this workforce have between one and nine years of experience; more than half of those surveyed fall within this distribution.

Pay Difference By Location

Chicago
up arrow 18%
New York
up arrow 10%
Miami
up arrow 9%
Los Angeles
up arrow 3%
National Average
$78,000
San Jose
up arrow 6%
San Francisco
up arrow 25%
Larger circles over a city indicate a job is popular in that location.
With a pay rate for Private Bankers that is 18 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Private Bankers will also find cushy salaries in New York (+10 percent) and Miami (+9 percent). Private Bankers in San Francisco report much lower salaries than the rest of the country—25 percent below the national average—proving that residency is a major factor in overall pay.

Related Job Salaries

Experience Affects Private Banker Salaries

Late-Career
up arrow 34%
Experienced
up arrow 22%
National Average
$78,000
Entry-Level
up arrow 18%

Skills That Affect Private Banker Salaries

Financial Advisor
up arrow 21%
Customer Relationship Management (CRM)
up arrow 4%
National Average
$78,000
Sales
up arrow 1%

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 77 votes.

Gender

Female
43%
female alumni
 
Male
57%
male alumni

Years of Experience

Less than 1 year
2%
1-4 years
24%
5-9 years
37%
10-19 years
25%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 85%
vision benefits Vision: 71% employee benefits None: 8%
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