Private Banker Salary

Private Bankers in the United States pull down an average of $67K per year. With some bonuses approaching $35K and certain profit sharing proceeds approaching $10K, overall incomes of Private Bankers spread between $46K and $127K depending on individual performance. Career duration is the main element affecting pay for this group — the particular city and the particular employer are driving factors as well. The majority of workers are highly satisfied with their job. Medical benefits are awarded to almost all, and a large number earn dental coverage. More than half of Private Bankers (61 percent) survey respondents are men. Respondents to the PayScale salary survey provided the data for this report.
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$39,553 - $107,431
(Median)
$40K
$67K
$110K
MEDIAN: $66,926
10%
50%
90%

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$14.38 - $29.64
(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
$39,553 - $107,431  
   
Bonus
$1,189 - $35,383  
Profit Sharing
$5.07 - $9,978  
Commission
$5,182 - $43,243  
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).
)
$46,296 - $127,281  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 371
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
$14.38 - $29.64  
   
Overtime
$22.82 - $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
$1,189 - $35,383  
   
Commission
$5,182 - $43,243  
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).
)
$46,296 - $127,281  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 28
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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


Those at Wells Fargo & Co. can expect to make the most, with the company offering a median salary of $81K.

The pay scale is far from balanced at J.P. Morgan Chase & Co. (JPMCC). While salaries on one end can reach $125K, the company's median pay sits at $71K, the lowest in the field.


Private Bankers report using a wide range of professional skills. Most notably, facility with lending, Financial Advisor, and Banking are correlated to pay that is significantly above average, leading to increases of 97 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. Many workers who know Customer Relationship Management also know Sales.

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 incomes. People who have worked for fewer than five years earn around $67K, and folks with five to 10 years of experience see a modestly higher median of $77K. People with 10 to 20 years of experience make an average of about $90K in this role. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $109K on average.

Pay Difference by Location


Chicago, Los Angeles, and New York, the three largest American cities, are home to some of the highest salaries for Private Bankers; they all offer salaries above the field's national average. One of the biggest compensable factors for Private Bankers is geography, with workers in Pittsburgh earning a whopping 28 percent below the national average. Not at the bottom but still paying below the median are employers in San Jose and San Francisco (4 percent less).

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Experience Affects Private Banker Salaries

Late-Career
up arrow 40%

Experienced
up arrow 16%

National Average
$78,000


Entry-Level
up arrow 14%

Skills That Affect Private Banker Salaries

lending
up arrow 97%

Financial Advisor
up arrow 12%

Banking
up arrow 9%

Customer Relationship Management (CRM)
up arrow 3%

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 71 votes.

Gender

Female
39 %
Male
61 %

Years of Experience

Less than 1 year
2%
1-4 years
26%
5-9 years
36%
10-19 years
27%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 91% dental benefits Dental: 85%
vision benefits Vision: 72% employee benefits None: 8%
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