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Private Banker Salary

An average Private Banker in the United States can expect to take home roughly $67K annually. Bonuses, profit sharing, and commission all factor into final incomes for Private Bankers. Ranging between $47K near the bottom and $129K near the top, total earnings can include up to $38K from bonuses and up to $10K from profit sharing, with a high-performing minority reaping commissions of $44K. The most important factor affecting compensation for this group is career duration, followed by geography and the individual firm. Job satisfaction for Private Bankers is high. In this profession, nearly all enjoy medical and dental coverage, and a strong majority have vision insurance, as well. This snapshot results from replies to PayScale's salary survey.
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$39,910 - $108,869
(Median)
$40K
$67K
$110K
MEDIAN: $67,223
10%
50%
90%

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$14.06 - $29.85
(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
$39,910 - $108,869  
   
Bonus
$1,247 - $38,215  
Profit Sharing
$440.42 - $10,022  
Commission
$5,500 - $44,491  
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).
)
$46,552 - $129,288  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 363
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
$14.06 - $29.85  
   
Overtime
$20.97 - $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
$1,247 - $38,215  
   
Commission
$5,500 - $44,491  
Profit Sharing
$440.42 - $10,022  
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).
)
$46,552 - $129,288  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 25

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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 & Co. attracts talent by shelling out the biggest paychecks in the area — the median in that office is $81K.

Offering a median salary of only $69K, J.P. Morgan Chase & Co. (JPMCC) gives out the smallest paychecks. Furthermore, the earnings range of $40K to $129K isn't that wide, either.

Popular Skills for Private Banker


Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with lending, Financial Advisor, and Banking are correlated to pay that is significantly above average, leading to increases of 96 percent, 11 percent, and 9 percent, respectively. Skills that seem to negatively impact pay include Investment Planning, Customer Service, and Consumer Loans. It is often found that people who know Customer Relationship Management are also skilled in Financial Advisor.

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. Relatively untried employees who have fewer than five years of experience earn around $66K on average. People who have worked for five to 10 years can expect a higher median salary of $78K. The average pay reported by folks with 10 to 20 years of experience is around $91K. Old hands who claim more than two decades on the job enjoy average earnings of $110K.

Pay Difference by Location


For those looking to make money, Private Bankers in Chicago enjoy an exceptional pay rate, 18 percent above the national average. Private Bankers will also find cushy salaries in Miami (+12 percent) and Los Angeles (+10 percent). Private Bankers in Pittsburgh make 29 percent less than the national average, proving that location is a major factor in pay. A couple other locations with smaller-than-average paychecks include San Francisco (10 percent lower) and San Jose (5 percent lower).

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United States (change)

Experience Affects Private Banker Salaries

Late-Career
up arrow 41%

Experienced
up arrow 16%


National Average
$78,000

Entry-Level
up arrow 16%

Skills That Affect Private Banker Salaries

lending
up arrow 96%

Financial Advisor
up arrow 11%

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 78 votes.

Gender

Female
41 %
Male
59 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
35%
10-19 years
28%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 86%
vision benefits Vision: 71% employee benefits None: 8%
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