Private Banker Salary

Commissions form a big slice (one-fourth) of total compensation for Private Bankers. The median income in this area hovers around $82K. Total cash compensation to Private Bankers approaches anywhere from $46K on the lower end to $131K on the higher end; in exceptional cases, this can include more than $40K from bonuses and upwards of $10K from profit sharing. While the company and years of experience impact pay for this group, geography is the most influential factor. Job satisfaction for Private Bankers is high. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Private Bankers who participated in the survey are largely men, dominating at 62 percent. The data in this summary comes from the PayScale salary survey.
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$37,489 - $109,446
$37K
$69K
$110K
MEDIAN: $68,638
10%
50%
90%

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$14.82 - $31.35
$15
$18
$31
MEDIAN: $18.13
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
$37,489 - $109,446  
   
Bonus
$1,465 - $40,422  
Profit Sharing
$650 - $10,113  
Commission
$8,054 - $49,231  
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).
)
$46,131 - $130,511  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 329
© PayScale, Inc. @ www.payscale.com
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
$14.82 - $31.35  
   
Overtime
$31.00  
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
$1,465 - $40,422  
   
Commission
$8,054 - $49,231  
Profit Sharing
$650 - $10,113  
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).
)
$46,131 - $130,511  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 44
© PayScale, Inc. @ www.payscale.com

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United States (change)

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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 Bank, J.P. Morgan Chase & Co. (JPMCC), Chase Bank, Wells Fargo & Co., and The PNC Financial Services Group, Inc. are among the top companies that take on many Private Bankers. Private Bankers seeking a sizable paycheck can earn the most at SunTrust Banks Inc., where the average salary comes to $120K.

The smallest paychecks in the field are found at Chase Bank, where the median salary is a mere $63K, just about half of the top paying company's median.

Pay by Experience Level for Private Banker

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


Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. In this position, someone who has worked for fewer than five years can expect a median salary of $69K. The median for people with five to 10 years of experience is only a little bit higher at $77K. Private Bankers claiming one to two decades of experience make an estimated median of $93K. Private Bankers who have spent more than 20 years on the job report earning a significantly higher median of $112K.

Pay Difference by Location

National Average: $81,617

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

Atlanta offers some of the highest pay in the country for Private Bankers, 53 percent above the national average. Private Bankers will also find cushy salaries in Los Angeles (+35 percent), San Francisco (+35 percent), Birmingham (+29 percent), and Miami (+21 percent). Compared to the national average, Pittsburgh Private Bankers have considerably lower salaries, 32 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Below-median salaries also turn up in Raleigh and San Jose (26 percent lower and 9 percent lower, respectively).

Related Job Salaries

Key Stats for Private Banker

Gender

Female
38 %
Male
62 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 57 votes.
Less than 1 year
2%
1-4 years
23%
5-9 years
31%
10-19 years
34%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Private Banker Salaries

▲37%

▲14%

National Average
$82,000

▼5%

▼16%

Skills That Affect Private Banker Salaries

lending
▲106%

Investment Management
▲23%


Financial Advisor
▲9%


▲6%

▲5%

National Average
$82,000

Consumer Loans
▼2%

Customer Service
▼13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 57 votes.

Gender

Female
38 %
Male
62 %

Years of Experience

Less than 1 year
2%
1-4 years
23%
5-9 years
31%
10-19 years
34%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 86%
vision benefits
Vision: 78%
dental benefits
None: 7%
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