The average Private Banker in the United States can expect to rake in roughly $69K per year. Cash earnings for Private Bankers — which occasionally include more than $40K from bonuses and more than $12K from profit sharing — stretch from around $45K to approximately $139K. Geography is the main element affecting pay for this group — the company and years of experience are driving factors as well. Male Private Bankers are more prevalent than women among those who took the survey — 64 percent of professionals. Job satisfaction is reported as high by the vast majority of workers. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. This snapshot results from replies to PayScale's salary survey.
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$37,526 - $116,914
(Median)
$38K
$69K
$120K
MEDIAN: $69,294
10%
50%
90%

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$14.73 - $31.53
(Median)
$15
$18
$32
MEDIAN: $18.00
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
$37,526 - $116,914  
   
Bonus
$1,444 - $40,471  
Profit Sharing
$500 - $12,000  
Commission
$7,397 - $49,078  
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).
)
$44,814 - $138,501  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 324
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
$14.73 - $31.53  
   
Overtime
$34.84  
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
$1,444 - $40,471  
   
Commission
$7,397 - $49,078  
Profit Sharing
$500 - $12,000  
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).
)
$44,814 - $138,501  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 42
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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


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

National Average: $81,532

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

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Experience Affects Private Banker Salaries



National Average
$82,000



Skills That Affect Private Banker Salaries

lending
up arrow 106%


Investment Management
up arrow 12%

Financial Advisor
up arrow 9%


up arrow 5%

Banking
up arrow 3%

National Average
$82,000

Consumer Loans
up arrow 2%

Customer Service
up arrow 13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
2%
1-4 years
24%
5-9 years
30%
10-19 years
34%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 85%
medical benefits
Vision: 78%
dental benefits
None: 7%
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