Private Banker Salary

An average Private Banker in the United States can expect to take home roughly $68K annually. Individual bonuses, profit sharing and commission for Private Bankers — as high as $40K, $10K and $45K, respectively — each contribute to the degree of variation within overall compensation, ranging from $46K to $133K. Career duration is the biggest factor affecting pay for this group, followed by geography and the individual firm. Nearly all report receiving medical and dental coverage from their employers and a strong majority collect vision insurance. Most workers in this position report high levels of job satisfaction. The majority of Private Bankers (60 percent) survey respondents are male. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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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 seeking a sizable paycheck can earn the most at Wells Fargo Bank, where the median salary comes to $91K, though the large pay difference between employees at the top ($52K) and those starting out ($133K) creates a rather diverse pay scale.

For Private Bankers, below-average salaries can be found at J.P. Morgan Chase & Co. (JPMCC); in fact, average earnings are around $68K, the lowest in the area, though the difference in the company's lowest and highest employee paychecks ($40K versus $116K) is great.


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. Skills that are correlated to lower pay, on the other hand, include Customer Service and Consumer Loans. Aptitude in Customer Relationship Management tends to also indicate an understanding of Sales.

Pay by Experience Level for Private Banker

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


For many Private Bankers, more experience generally translates to higher pay. The average inexperienced worker's salary is approximately $68K, and people with five to 10 years of experience bring in more at around $78K on average. Private Bankers with one to two decades of relevant experience report an average salary of approximately $99K. More than 20 years of experience mean a somewhat bigger median paycheck of $112K, but it's not much more than what less experienced people make.

Pay Difference by Location

National Average: $80,412

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

Private Bankers will find that Los Angeles offers an impressive pay rate, one which exceeds the national average by 18 percent. Private Bankers can also look forward to large paychecks in cities like 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 in Cincinnati and Raleigh also lean toward paying below-median salaries (25 percent less).

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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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