Private Banker Salary (United States)

Earnings for Private Bankers in the United States typically come in at around $78,229 annually. Pay begins at $47,214 on the low end and climbs to $127,136 per year near the top. Cash earnings of Private Bankers—including $36K bonuses, $9,933 profit sharing proceeds, and $44K commissions near the top of the pay scale—stretch from approximately $47,214 to approximately $127,136 depending on individual performance. Experience level is the main element affecting pay for this group—the particular city and the individual firm are driving factors as well. Medical benefits are awarded to the vast majority, and a solid majority earn dental coverage. Male Private Bankers are just a bit more common than females ones, with males workers composing 57 percent of the field. The majority of workers are highly satisfied with their job. This report is based on responses to the PayScale 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. Workers at J.P. Morgan Chase & Co. (JPMCC) and Wells Fargo Bank also face smaller salaries than the rest of the field—average earnings for these employers come to $68,631 and $80,348, respectively.

Popular Skills for Private Banker

Professional skills reported by Private Bankers are few in number. 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. It is not unusual for someone who knows Customer Relationship Management (CRM) to be familiar with Sales as well.

Pay by Experience Level for Private Banker

Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many but not all Private Bankers, a key factor in salary decisions is experience; more experience generally yields higher pay. Those in the early stages of their career can expect to make around $64K; however, pay rises to approximately $78K after five to 10 years. Those with one to two decades of experience under their belt tend to see salaries around $100K. Salaries grow more slowly as Private Bankers approach the 20-year mark, when the pay stabilizes at $105K. Experienced employees who have 10-20 years of experience make up about a quarter of the workforce; inexperienced individuals who have been working for less than one year comprise less than five percent, and senior people with more than 20 years under their belt fill out the remaining 12 percent. Between one and nine years of experience is the norm for people in this field—a majority of those surveyed fit this bill.

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.
Chicago is home to an above-average pay rate for Private Bankers, 18 percent higher than the national average. Private Bankers will also find cushy salaries in New York (+10 percent) and Miami (+9 percent). The lowest-paying market is San Francisco, which sits 25 percent below the national average, proving that location is a significant contributor to 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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