Private Banker Salary
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 positions generally require a bachelor's degree in accounting or finance, although a master’s degree is generally preferred. In addition to formal education, one should expect to continue training for several years within the industry as an assistant to an experienced private banker. This job requires a background in providing a wide array of financial services, preferably in managing high-income clients. Prospective private bankers must also possess strong interpersonal skills as well and knowledge of their clients' specific industries.
Private Banker Tasks
- Manage full banking relationships with clients and monitor changing client needs.
- Monitor loan portfolio and resolve loan delinquencies, overdrafts, and loan and deposit maturities.
- Recommend solutions to credit problems, approve loan requests, and assist senior lenders.
Private Banker Job Listings
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Popular Employer Salaries for Private Banker
Well-known firms with a reputation for hiring numerous Private Bankers include Wells Fargo Bank, J.P. Morgan Chase & Co. (JPMCC), Chase Bank, Wells Fargo & Co., and SunTrust Banks Inc. Private Bankers flock to SunTrust Banks Inc. for generous paychecks, where average earnings of $120K lead the pack in compensation.
With a median salary of only $66K (just about half of the top paying company's median), J.P. Morgan Chase & Co. (JPMCC) lags significantly in the earnings department.
Pay by Experience Level for Private Banker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Private Bankers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. In this position, someone who has worked for fewer than five years can expect a median salary of $67K. The median for people with five to 10 years of experience is only a little bit higher at $78K. Private Bankers claiming one to two decades of experience make an estimated median of $96K. Professionals who boast more than 20 years of experience reap the fruits of their labor to the six-figure tune of $114K — the plum median salary in this group.
Pay Difference by Location
With a pay rate for Private Bankers that is 54 percent greater than the national average, Atlanta offers a comfortable salary for those in this profession. Private Bankers will also find cushy salaries in Boston (+39 percent), Los Angeles (+35 percent), San Francisco (+33 percent), and Miami (+17 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. Employers also pay below the national average in Raleigh (26 percent lower) and New York (9 percent lower).