Private Banker Salary

Private Bankers in the United States can expect wages of $67K annually on average. In the world of Private Bankers, overall income ranges from $46K near the bottom to $128K at the top; this can include more than $36K from bonuses and more than $10K from profit sharing in exceptional cases. This group's pay is mainly influenced by experience level, followed by geography and the particular employer. Nearly all report receiving medical and dental coverage from their employers and a strong majority collect vision insurance. The majority of workers are highly satisfied with their job. Male Private Bankers who responded to the survey are more common than women; more than half (60 percent) are men. This report is based on answers to PayScale's salary questionnaire.
Read More
$39,515 - $107,605
(Median)
$40K
$67K
$110K
MEDIAN: $66,822
10%
50%
90%

Add this chart to your site: 640px    300px

$14.19 - $29.78
(Median)
$14
$20
$30
MEDIAN: $19.00
10%
50%
90%

Add this chart to your site: 640px    300px

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
$39,515 - $107,605  
   
Bonus
$1,181 - $36,115  
Profit Sharing
$5.00 - $10,000  
Commission
$5,152 - $43,459  
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).
)
$46,420 - $127,648  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 369
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
$14.19 - $29.78  
   
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
$1,181 - $36,115  
   
Commission
$5,152 - $43,459  
Profit Sharing
$5.00 - $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).
)
$46,420 - $127,648  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 26
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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.

Read More...

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

Search for more jobs:

Popular Employer Salaries for Private Banker


Wells Fargo & Co. offers the highest compensation with a median salary of $81K.

Although Wells Fargo Bank hands out the lowest average salary in town at $69K, employee compensation still varies greatly; workers can make as little as $50K or as much as $102K.

Popular Skills for Private Banker


Survey results suggest that Private Bankers put a wide range of professional skills to use. 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 pay less than market rate include Investment Planning, Customer Service, and Consumer Loans. Most people skilled in Customer Relationship Management are similarly competent in Financial Advisor.

Pay by Experience Level for Private Banker

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


Private Bankers who reported more years of relevant experience also reported higher earnings. 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. For Private Bankers, 10 to 20 years of experience on the job amounts to an average salary of $90K. Private Bankers who have spent more than 20 years on the job report earning a significantly higher median of $110K.

Pay Difference by Location


Professionals in Chicago, Los Angeles, and New York — the three largest American cities — enjoy a comfortable lifestyle with compensation above the national average. Place of residence plays a huge part in a Private Banker's salary, with Pittsburgh Private Bankers earning salaries that are 28 percent less than the national average. Two other places where employers offer below-median salaries are San Francisco (10 percent less) and San Jose (4 percent less).

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Experience Affects Private Banker Salaries

Late-Career
up arrow 41%

Experienced
up arrow 16%

National Average
$78,000


Entry-Level
up arrow 15%

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 72 votes.

Gender

Female
40 %
Male
60 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
36%
10-19 years
27%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 86%
vision benefits Vision: 72% employee benefits None: 8%
ADVERTISEMENT