$69,543
Avg. Salary
$18.70
Avg. Hourly Rate

Average additional compensation:

$12,382

Bonus

$2,043

Profit Sharing

$24,819

Commission

What am I worth?
How should I pay?

The average pay for a Private Banker is $18.70 per hour.

The average pay for a Private Banker is $69,543 per year.

$15.51
10%
$18.70
50%
$30.99
90%
MEDIAN $18.70
$39k
10%
$70k
50%
$122k
90%
MEDIAN $69,543
$38,695 - $121,849
$39K
$70K
$120K
MEDIAN: $69,543
10%
50%
90%

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$15.51 - $30.99
$16
$19
$31
MEDIAN: $18.70
10%
50%
90%

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$0$144K
Salary $38,695 - $121,849
Bonus $1,488 - $40,770
Profit Sharing $0.00 - $10,084
Commission $9,738 - $50,901
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).
)
$46,815 - $144,281
  • Country: United States
  • Currency: USD
  • Updated: 17 Feb 2019
  • Individuals Reporting: 593
Hourly Data $0$47
Hourly Rate $15.51 - $30.99
Overtime $22.15 - $47.77
Annual Data $0$144K
Bonus $1,488 - $40,770
Commission $9,738 - $50,901
Profit Sharing $0.00 - $10,084
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).
)
$46,815 - $144,281
  • Country: United States
  • Currency: USD
  • Updated: 17 Feb 2019
  • Individuals Reporting: 79

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 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.

Popular Employer Salaries for Private Banker


Wells Fargo Bank, J.P. Morgan Chase & Co. (JPMCC), Chase Bank, Wells Fargo & Co., and The PNC Financial Services Group, Inc. are among the top companies that take on many Private Bankers. Heading up the field in terms of compensation, SunTrust Banks Inc. offers the most; Private Bankers earn $120K on average there.

Chase Bank employees cannot expect much in terms of compensation — the median salary amounts to only $63K, just about half of the top paying company's median.

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 $69,000 based on 138 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 $77,000 based on 160 salaries. An experienced Private Banker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $93,000 based on 139 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 $112,000 based on 39 salaries.

Pay Difference by Location

National Average: $81,206

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

Private Bankers will find that Atlanta offers an impressive pay rate, one which exceeds the national average by 53 percent. Private Bankers will also find cushy salaries in Los Angeles (+34 percent), San Francisco (+34 percent), Birmingham (+28 percent), and Miami (+20 percent). The lowest-paying market is Pittsburgh, which sits 32 percent below the national average, proving that location is a significant contributor to overall pay. Workers in Raleigh and San Jose earn salaries that trail the national average for those in this profession (27 percent less and 9 percent less, respectively).

Private Banker Reviews

Q: What is it like working as a Private Banker?

Private Banker in New York:
"Demanding and focused on relationships."
Pros: The caliber of the people I work with
Cons: The little transparency on comp

Private Banker in Cincinnati:
"Good job of you can produce."
Pros: Being able to help people with their total financial plan.
Cons: There is a lot of pressure to sell with minimal support.

Private Banker in Klerksdorp:
"You have to be very knowledgable."
Pros: Flexibility, challenging,
Cons: Arrogant clients. Bit stressing at times.

Private Banker in Livermore:
"Great."
Pros: I like that I'm constantly using my brain.
Cons:

Related Job Salaries

Key Stats for Private Banker

Gender

Female
36 %
Male
64 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 120 votes.
Less than 1 year
2%
1-4 years
22%
5-9 years
34%
10-19 years
32%
20 years or more
11%

Experience Affects Private Banker Salaries

▲38%

▲14%

National Average
$81,000

▼5%

▼16%

Skills That Affect Private Banker Salaries

lending
▲107%

Investment Management
▲23%


Financial Advisor
▲10%


▲7%

▲5%

National Average
$81,000

Consumer Loans
▼1%

Customer Service
▼13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 120 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
2%
1-4 years
22%
5-9 years
34%
10-19 years
32%
20 years or more
11%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 86%
vision benefits
Vision: 80%
no benefits
None: 7%