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Private Banker Salary

Private Bankers in the United States pull down an average of $67K annually. Total cash compensation for Private Bankers runs from $46K to $130K depending on bonuses that can occasionally exceed $37K and profit sharing that can reach almost $10K. This group's pay is mainly influenced by career duration, followed by geography and the particular employer. Job satisfaction is reported as high by the vast majority of workers. Medical benefits are awarded to nearly all, and most earn dental coverage. The information for this snapshot was generated by responses to the PayScale salary survey.
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$40,133 - $108,719
(Median)
$40K
$67K
$110K
MEDIAN: $67,384
10%
50%
90%

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$10.40 - $29.85
(Median)
$10
$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
$40,133 - $108,719  
   
Bonus
$1,445 - $36,766  
Profit Sharing
$442.19 - $10,000  
Commission
$5,068 - $39,453  
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).
)
$46,355 - $130,232  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 365
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
$10.40 - $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
$1,445 - $36,766  
   
Commission
$5,068 - $39,453  
Profit Sharing
$442.19 - $10,000  
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).
)
$46,355 - $130,232  
Country: United States | Currency: USD | Updated: 31 Mar 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


Private Bankers flock to Wells Fargo & Co. for generous paychecks, where average earnings of $81K lead the pack in compensation; however, Wells Fargo & Co. also provides employees with a wide spectrum of compensation ranging from $51K at one end to $152K at the other end.

While select J.P. Morgan Chase & Co. (JPMCC) employees may bring in up to $129K, a median salary of only $69K — the lowest in the field — suggests a serious lag in the earnings department.

Popular Skills for Private Banker


Private Bankers generally report applying a varied skill set 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, 11 percent, and 9 percent, respectively. At the other end of the pay range are skills like Investment Planning, Customer Service, and Consumer Loans. For most people, competency in Customer Relationship Management indicates knowledge of Financial Advisor.

Pay by Experience Level for Private Banker

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


Private Bankers generally obtain higher compensation for more plentiful past experience. Salaries for the relatively untried average out to around $65K, but survey participants with five to 10 years of experience earn a significantly higher median of $79K. After working for 10 to 20 years, Private Bankers make a median salary of $93K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $108K on average.

Pay Difference by Location


With a pay rate for Private Bankers that is 15 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Private Bankers will also find cushy salaries in Los Angeles (+12 percent) and Miami (+12 percent). One of the biggest compensable factors for Private Bankers is geography, with workers in Pittsburgh earning a whopping 29 percent below the national average. Two other places where employers offer below-median salaries are San Francisco (14 percent less) and San Jose (5 percent less).

Related Job Salaries

United States (change)

Experience Affects Private Banker Salaries

Late-Career
up arrow 39%

Experienced
up arrow 20%


National Average
$78,000

Entry-Level
up arrow 17%

Skills That Affect Private Banker Salaries

lending
up arrow 96%

Financial Advisor
up arrow 11%

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 81 votes.

Gender

Female
41 %
Male
59 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
35%
10-19 years
28%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 91% dental benefits Dental: 86%
vision benefits Vision: 71% employee benefits None: 8%