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Private Banker Job Description
A private banker is primarily responsible for handling accounts for an individual customer at a bank. They may handle a wide variety of tasks including those dealing with specific accounts, commercial accounts, or assisting tellers with customer concerns. Typically, customers will come to the banker as concerns arise. Occasionally, a banker may make a phone call to a customer to attract them to come into the bank.
Private banker’s duties involve two major tasks. One is to sell products and services to a customer to bring in more money into the bank. The other task is to help manage a customer’s finances. In turn, if they are effective in helping a customer manage their money and increase their portfolio, they will likely add more money to the customer’s account and ultimately the bank vault. A private banker should be willing to deal with customers on a daily basis. They are sometimes the first one to greet a customer when walking into a bank. Helping customers with account issues can be stressful at times when the customer has a complaint.
Handling of Accounts
One of the largest roles of a private banker includes handling high-net-worth clients. At times, the clients a private banker may deal with could have upwards of seven figures in their bank account. An understanding of financial principles is a must when dealing with so much money. A private banker should have a very extensive knowledge in the products and services the bank offers in order to provide the right ones to the customer. Knowing what to offer a customer is important in growing their account.
Accessible to Customers
A banker should also be accessible for customers who may have concerns about their accounts. While tellers are the first line of contact, they do not always have the time to sit down with a customer and help figure out an issue. This is when the teller will bring in the private banker to help the customer with their account.
Most private bankers make between $80,000 to $90,000 a year. Private bankers also receive bonuses for selling services and products. A banker must sell a certain amount each month to be eligible for these bonuses. Calling his or her customers to sell products can help a banker achieve more sales than a private banker who waits for the customers to come in when they need something.
Personal Financial Advisors salary
- Top 10% Annual Salary: More than $208,000 ($100/hour)
- Median Annual Salary: $89,330 ($42.95/hour)
- Bottom 10% Annual Salary: Less than $44,100 ($21.20/hour)
Piergagnon Coulibaly is a graduate of the Polytechnic Institute of New York University. He earned a Bachelor of Science in computer science and a minor in history of science in 2010. He has been both a programmer and technical writer for the past three years. Piergagnon's first writing job was to make the resumes of IT professionals more appealing.
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