What is a Priority Banker?
A Priority Banker provides banking and financial advice to affluent clients. In most banks, an affluent client is defined by having more than $200,000 of investible assets (cash & investments) in the bank. The Priority Banker manages an assigned portfolio of clients (80 to 300 clients) This is dependent on the client base of the bank.
What exactly is a Priority Banker?
Similar to Personal Banker, the Priority Banker provides financial advice through a range of products to clients. The range of products include unit trust, bonds, equities, structured products, currencies, insurance-linked products, margin trading, deposits and loans. The products are sometimes more sophisticated due to the financial needs of an affluent client.
For example, a client has a son that will be going to Australia to study. The Priority Banker and Treasury Advisor can advice the client on options to change the currency to AUD, which may help to get a lower exchange rate or cash flow management. If the client intends to buy a property, the Priority Banker can bring in a mortgage specialist to advice on foreign currency property loan. As they provide advice to many clients, the Priority Banker is able to share the experiences of other clients to the client.
Did you Know?
Not all banks call their wealth managers for affluent clients Priority Banker:
- Premier Banker: OCBC Premier Banking, HSBC Premier Banking
- Preferred Banker: CIMB Preferred Banking
- Relationship Manager: Citibank (Citigold)
- Client Advisor: UOB Privilege Banking
An example of Banking Service offering in Singapore:
- Personal Banking: Any
- Priorty Banking: More than SGD 200,000 Assets under Management
- Private Clients: More than SGD 750,000 Assets under Management (Selected Banks)
- Private Banking: More than USD 1,000,000 Assets under Management
What are the rewards of being a Priority Banker?
Most banks have an incentive scheme for Priority Bankers. Other than a base salary of $3500 to $6000, you can also earn commission or incentives if you achieve certain targets. For senior Priority Bankers, the base pay can go to the upper range of $8,000 to $12,000.
Apart from the financial rewards, Priority Banks get to interact with growing professionals and successful people. These are customers with growing wealth, and thus accumulated a sizeable savings. And because they are likely busy with their life, as a Priority Banker, you become their trusted and dedicated financial advisor. You will also handle sensitive and complex financial, family & emotional issues that the client may have.
What Priority Bankers Say?
“ It’s my privilege to learn from successful and driven clients. Being able to play an important part in their life by providing them with professional banking, financial & investment advice. “ Priority Banker from DBS Bank
“ The money is good, if we get there. But the pressure is tough. Clients are more savy, more demand, and sometimes know more than me.” Premier Banker from OCBC Bank
Did you know?
- A Priority Banker earns an average of $72,000 annually
- The Top Personal Banker can earn in excess of $1 Million annually
- What is a Priority Banker?
- How do you become a Priority Banker?
- Why 50% of Priority Bankers quit in 15 months?
- How do you survive as a Priority Banker?
- How do you succeed as a Priority Banker?
- 5 Stealthy but Astute ways to Excel as a Priority Banker
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