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Private Banker Salary

Median pay for Private Bankers in the United States is around $68K per year. The final incomes of Private Bankers generally vary between $47K and $131K; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $36K, $10K, and $30K, respectively. The most influential factor affecting pay for this group is career length, though the particular city and the individual firm have a (lesser) impact as well. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Job satisfaction for Private Bankers is high. Men working as Private Bankers who took the survey just slightly outnumber women at 58 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$41,073 - $106,700
(Median)
$41K
$68K
$110K
MEDIAN: $67,625
10%
50%
90%

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$10.70 - $29.77
(Median)
$11
$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
$41,073 - $106,700  
   
Bonus
$1,490 - $35,862  
Profit Sharing
$451.50 - $10,090  
Commission
$3,020 - $29,799  
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).
)
$47,026 - $131,128  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 344
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
$10.70 - $29.77  
   
Overtime
$22.09 - $42.44  
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
$1,490 - $35,862  
   
Commission
$3,020 - $29,799  
Profit Sharing
$451.50 - $10,090  
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).
)
$47,026 - $131,128  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 19
United States (change)

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 $83K.

Popular Skills for Private Banker


Private Bankers typically list a handful of skills they use on the job. Most notably, facility with Financial Advisor and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 20 percent and 3 percent, respectively. Skills that pay less than market rate include Consumer Loans. Aptitude in Customer Relationship Management tends to also indicate an understanding of Sales.

Pay by Experience Level for Private Banker

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


Private Bankers generally obtain higher compensation for more plentiful past experience. Folks with fewer than five years of experience take home $65K on average, and those who have worked for five to 10 years see a bigger median salary of $79K. Private Bankers see a median salary of $97K after reaching one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $107K on average.

Pay Difference by Location


With a pay rate for Private Bankers that is 20 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Private Bankers will also find cushy salaries in Los Angeles (+9 percent) and Miami (+9 percent). Private Bankers in Pittsburgh report much lower salaries than the rest of the country — 29 percent below the national average — proving that residence is a major factor in overall pay. Workers in San Francisco and San Jose earn salaries that trail the national average for those in this profession (25 percent less and 5 percent less, respectively).

Related Job Salaries

Experience Affects Private Banker Salaries

Late-Career
up arrow 36%

Experienced
up arrow 23%


National Average
$79,000

Entry-Level
up arrow 17%

Skills That Affect Private Banker Salaries

Financial Advisor
up arrow 20%

Customer Relationship Management (CRM)
up arrow 3%

National Average
$79,000

Sales
up arrow 1%

Consumer Loans
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 80 votes.

Gender

Female
42 %
Male
58 %

Years of Experience

Less than 1 year
2%
1-4 years
24%
5-9 years
36%
10-19 years
27%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 85%
vision benefits Vision: 71% employee benefits None: 8%