Private Banker Salary (Canada)
The average salary for a Private Banker is C$63,984 per year.
|Salary||C$40,324 - C$97,871|
|Bonus||C$2,000 - C$50,000|
|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).)
|C$40,326 - C$132,217|
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. (Copyright 2018 PayScale.com)
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
Pay by Experience Level for Private Banker
Pay by Experience for a Private Banker has a positive trend. An entry-level Private Banker with less than 5 years of experience can expect to earn an average total compensation of C$53,000 based on 9 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Private Banker with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of C$76,000 based on 7 salaries. An experienced Private Banker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of C$102,000 based on 7 salaries. A Private Banker with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of C$99,000 based on 7 salaries.
Key Stats for Private Banker
Rated 5 out of 5
based on 5 votes.