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Private Banker Duties and Responsibilities

To accomplish their primary goal of managing the money of high net-worth clients, Personal Bankers perform many tasks. We analyzed several job listings to identify these core Personal Banker duties and responsibilities.

Identify Clients A large part of the Personal Banker’s job is business development. They are responsible for identifying potential new clients and working with them to build up a relationship with the goal of managing their wealth.

Advise and Consult with Clients Private Bankers work with their clients to meet their financial needs and goals. They proactively advise and consult with the clients, explaining the types of financial services available, educating them about investment options and potential risks and recommending investments.

Monitor Clients Accounts Private Bankers must closely monitor the performance of client accounts, to ensure that the accounts are behaving positively and meeting client needs. They need to be aware of both the clients goals, income and spending to manage the portfolio

Research Investment Options In order to provide the best possible service, Private Bankers need to be well informed of market conditions and do plenty of research to determine good opportunities to meet private banking revenue goals. They keep current with market updates and financial news. They must also maintain knowledge and understanding of appropriate legislation and regulations affecting banking and customer interaction to ensure that all transactions are legal.


Private Banker Skills

With a track record of strong analytical and decision-making skills, a successful Private Banker is comfortable working in a fast paced environment and can maintain professionalism in difficult circumstances. Private Bankers are well organized, customer-service oriented, and driven by a desire to consistently achieve top results. In addition to these general skills and personality traits, employers are seeking Private Banker candidates with the following skills. Core skills: Based on job listings we looked at, employers want Private Bankers with these core skills. If you want to work as a Private Banker, focus on the following.

  • Strong understanding of banking and lending products.
  • Experience in understanding the financial needs of all types of clients
  • Series 7, 63 (or 66) securities licenses
  • Excellent business development and marketing skills
  • Ability to meet deadlines and manage expectations

Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your Private Banker toolbox and broaden your career options.

  • Completion of formal credit training
  • Local market knowledge
  • Sales/client experience in Private Banking or Wealth Management

Private Banker Resources

We searched the Web to find the best industry resources to help you continue exploring a career as a Private Banker. From thought leaders to industry groups, this list is packed with opportunities to learn, connect and engage. On the Web

Banker’s Umbrella – This blog, written by a former senior Private Banker, provides current, entertaining and factual information on the financial markets. Bloomberg – Private banking news – Follow the latest information and news about private banking. On LinkedIn

Private Wealth Management – A group for the Private Banking professional community.

Wealth Management: RIAs, Wealth Managers, Investment Advisors, Private Banking, & Financial Advisors – This group with over 9,000 members provides discussions, reports, surveys, events, and training on wealth management. Industry Groups

American Bankers Association – Offers lots of tools, resources and opportunities to kick-start a career in banking.

Association of International Wealth Management – Find local events, on-line courses, or earn a Certified International Wealth Management diploma. Private Banker Books

Private Wealth Management: The Complete Reference for the Personal Financial Planner, Ninth Edition – A classic reference book with everything you need to know as a Private Banker in today’s markets.

Geeks who can Schmooze – A tell-all memoir from a Credit Suisse Private Banker about the ins and outs of a banking career.

Private Banking: Building a Culture of Excellence – A helpful overview of how to provide to world-class client service in the private banking sector.