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 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

 

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Sidenotes

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?

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 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?

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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2021 Data Release
2020 List of Private Banks in Hong Kong
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2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


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