Private Bankers
Overview
Introduction
Private bankers provide financial management and concierge-like services to high-net-worth individuals—typically defined as those who have liquid assets of more than $1 million (not including the value of one’s primary residence). The most prestigious banks have much higher minimums, more than $5 million in some cases.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Private bankers with one to three years on the job earned salaries that ranged from $48,000 to $90,000 in 2019, according to Robert Half’s 2020 Salary Guide-Accounting & Finance. Those with three to five years of experience earned from $61,000 to $115,250, and private bankers with five or more years of experience earned between $82,250 and $157,250.
Fringe benefits for pri...
Work Environment
The work environment for private bankers is much better than it is in investment banking or the hedge fund or private equity sectors. Private bankers may occasionally need to work at night and on weekends—taking clients out to dinner, responding to a client request, or organizing and hosting special events for clients—but they won’t be in the office till 2:00 a.m. like their counterparts in inv...
Outlook
Employment for personal financial advisors (including private bankers) is expected to grow by 7 percent (faster than average) from 2018 to 2028, according to the U.S. Department of Labor. The number of millionaires and billionaires worldwide has increased rapidly in the last three decades. From 1987 to 2012, the number of billionaires in the United States increased tenfold, from 41 billionaires...
