Private Banker

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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 BankerHNWUHNW
Junior Private Banker100 Million – 300 Million300 Million – 500 Million
Senior Private Banker300 Million – 500 Million500 Million – 2 Billion

 

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An example of Banking Service offering in Singapore:

Wealth ClassificationAUM
Personal BankingAny
Priority BankingMore than SGD 200,000
Private ClientsMore than SGD 750,000
Private BankingMore 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:

SolutionsRetail BankingPrivate Banking
BankingAllBasic
CreditYesYes
Investment ManagementYesYes
Portfolio ManagementYesYes
Asset ManagementDependsYes
Insurance PlanningYesDepends
Risk PlanningDependsYes
Financial PlanningYesYes
Estate PlanningDependsYes
Tax PlanningNoDepends
Education PlanningYesYes
Retirement PlanningYesYes
Lifestyle PlanningDependsYes
Family PlanningYesYes
Trust PlanningDependsYes
PhilanthropyNoYes
Executive PlanningNoYes
Business PlanningNoYes

 

What else does a Private Banker do?

Private Banking
Private Banking

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

Read More: 

 

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 BaseNew Client Base
Business OwnersAsset Rich Clients
EntrepreneursMNCs Executives
C-Level ExecutivesStartups Employees
Top ProfessionalsInvestors
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?

Private Banking Event
Private Banking Event

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

List of Private Banks in Singapore





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