Private Banker Job Description

A private banker should be friendly and trustworthy.

A private banker should be friendly and trustworthy.

A private banker offers financial advice and services to companies or individuals. She shares economic insights and financial awareness with every client to create either long-term retirement goals or short-term plans for investments. This professional also manages the portfolios of bank customers who hold a higher-than-average net worth. A private banker handles large accounts, and she must keep an eye on every customer’s financial activity. Trust, strong economic knowledge, and interpersonal skills are crucial in this position.

Education and Training

If you want to become a private banker, you'll first need a college degree in banking, finance, investment analysis, or accounting. If you have a different degree, you'll need intensive on-the-job training and banking experience to be considered for this job. For further studies, a master’s degree in business administration makes you more competitive in this field.

Characteristics

If you're highly analytical, you might be a good fit in this career. A savvy financial adviser takes into consideration all factors that could influence a client's wealth, such as the client’s investment preferences, the client's lifestyle, economic trends, and regulatory changes. This analysis is then used to create the best portfolio possible for the client's investments. This kind of work also takes extremely proficient interpersonal skills. The client must feel that she can trust you, even when discussing her financial health is not easy. You should be able to build rapport with the client, make her feel comfortable and safe telling you about her expenditures and income.

Daily Duties

On a daily basis, you'll meet with clients and discuss their financial goals, and you'll educate them about investment options. You will also be candid about risks, and you'll recommend strategies and investments without promising return. A client may come to you with certain needs, such as budgeting for retirement or educational expenses. You'll be an expert who helps that client make the best planning choices given her situation and available resources. When you're not working with a client, you'll be researching and staying current on investment trends, financial news, and potential changes that could affect your clients' accounts.

Stress, Hours, and Responsibility

If you reach the heights of this career, you'll be responsible for handling mergers and investment decisions for big companies. You may also handle initial public offerings, which involve a company selling its stock to the public for the first time. You'll spend tons of time traveling nationally and even internationally. A 70 hour work week, according to "The Princeton Review," is not uncommon for an investment banker with large accounts and high profile clients. If you want to do this job, you need a passion for business and banking and an ability to handle high-pressure situations.

 

About the Author

Jan Archer holds a Bachelor of Arts in political science and a master's degree in creative writing. Roth has written trade books for Books-a-Million and has published articles on green living, wellness and education topics. She taught business writing, literature, creative writing and English composition at the college level for five years.

Photo Credits

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