What is a Private Banker?
A Private Banker provides banking and financial advice to High Net-worth clients. In most private banks, a private banking client needs to have minimum of US$1 Million (Assets Under Management) with the bank. Some private banks have set a higher qualifying AUM at $3 Million, $5 Million or $10 Million.
The Top Private Banker in asia earn in excess of $3 Million annually
The Private Banker manages a portfolio of clients that can range from 20 to 80 clients with a book size from $50 Million to as much as $2 Billion.
| Private Banker | HNW | UHNW |
| Junior Private Banker | 100 Million – 300 Million | 300 Million – 500 Million |
| Senior Private Banker | 300 Million – 500 Million | 500 Million – 2 Billion |
Sidenotes
- Quoted in USD
- HNW = High Net-worth
- UHNW = Ultra High Net-worth
- AUM is dependent on Private Bank’s business strategy
An example of Banking Service offering in Singapore:
| Wealth Classification | AUM |
| Personal Banking | Any |
| Priority Banking | More than SGD 200,000 |
| Private Clients | More than SGD 750,000 |
| Private Banking | More than USD 1 Million |
What exactly is a Private Banker?
Unlike Personal Bankers & Priority Bankers who provide traditional wealth management solutions, Private Bankers provide highly personalized, customized and complex banking & financial advisory services to clients.
Example of Financial Services & Wealth Management Solutions:
| Solutions | Retail Banking | Private Banking |
| Banking | All | Basic |
| Credit | Yes | Yes |
| Investment Management | Yes | Yes |
| Portfolio Management | Yes | Yes |
| Asset Management | Depends | Yes |
| Insurance Planning | Yes | Depends |
| Risk Planning | Depends | Yes |
| Financial Planning | Yes | Yes |
| Estate Planning | Depends | Yes |
| Tax Planning | No | Depends |
| Education Planning | Yes | Yes |
| Retirement Planning | Yes | Yes |
| Lifestyle Planning | Depends | Yes |
| Family Planning | Yes | Yes |
| Trust Planning | Depends | Yes |
| Philanthropy | No | Yes |
| Executive Planning | No | Yes |
| Business Planning | No | Yes |
What else does a Private Banker do?
A Private Banker not only provides banking, financial & wealth management solutions. A Private Banker is well-connected to influential and wealthy individuals, people who are often top of their fields. This means the Private Banker has to deal with many diverse & demanding needs of clients.
More services of a Private Banker:
- Arts / Aircraft Financing
- Distressed Assets
- Private Equity
- Mergers & Acquisitions Assistance
- Corporate & Personal Needs
- Networking Opportunities
- International Banking Capabilities
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Who are the Clients of a Private Banker?
The traditional sources of clients were business owners, entrepreneurs, C-Level executives or children who received huge inheritances. As wealth grew and savings rate increase, many employees and investors became tremendously wealthy.
These 2 groups form the client base of a Private Banker:
| Traditional Client Base | New Client Base |
| Business Owners | Asset Rich Clients |
| Entrepreneurs | MNCs Executives |
| C-Level Executives | Startups Employees |
| Top Professionals | Investors |
| Inheritance |
Not all banks call their Private Bankers, Private Bankers. UBS, Credit Suisse and UOB Private Bank call their Private Bankers, Client Advisors.
What are the rewards of being a Private Banker?
As a Private Banker, the rewards are aplenty. Other than a high compensation, a Private Banker gets to connect with very successful people in the society such as top business leaders, entrepreneurs, business owners, top executives and professionals. Conversations with them can be very insightful and offer a glance into otherwise, private and elusive individuals.
More rewards
- At the leading edge of financial development and trends
- Tremendous learning opportunities
- Manage hundreds of millions of portfolio & billions of transactions
- Participate in powerful networking events
- Exposure to different countries & culture
- Dining in 5-star hotels and Michelin star restaurants
- Attending High-society lifestyle events & launches
- Attractive salary & benefits
What Private Bankers Say?
“ Private Banking is no easy business. Most clients are very knowledgable and sometimes more investment savvy than we are. “ Bank of Singapore Private Banker
“ Earning the trust from client is my utmost privilege. For him to park his life-long effort of $100 Million with me is a heavy responsibility for me. There is so much to learn to protect and grow his assets in a future that I have no control over. ” Private Banker from Deutsche Private Bank
Did you know?
A Private Banker earns an average of $187,000 annually
The Top Private Banker in Asia can earn in excess of $3 Million annually
Related Articles
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- How do you become a Private Banker?
- Why 50% of Private Bankers quit in 21 months?
- 12 Reasons why most clients do not give Private Banker AUM within 6 months
- How do Private Bankers acquire new clients?
- 5 Shocking deals that shake-up Private Banking in Asia
List of Private Banks in Singapore
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