what is a private banker?

As a private banker, your job is to offer customised financial services to wealthy individuals and families. You will work with specific clients at a major financial institution, examining their financial circumstances and suggesting ways to increase their wealth. Additionally, you will create plans and supervise their execution to ensure that your clients maintain financial stability.

As part of your job, you will work closely with financial institutions and building societies to manage the finances of individuals with high net worth. Your clients will come from diverse industries such as mining, manufacturing, construction, and investment institutions. Your top priority will be to maintain a positive relationship with your clients by responding promptly to their inquiries and addressing any concerns they may have. Additionally, you will use your sales skills to attract new clients to your firm. Attending events with your clients will allow you to connect with other high-net-worth individuals and encourage them to bank with your employer. To excel in this role, you will need technical skills such as industry knowledge and analytical skills to assess clients' investment portfolios. Strong networking skills will also be essential for acquiring new clients.

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average private banker salary

If you work as a private banker in New Zealand, your yearly salary typically ranges from $60,000 to over $80,000. Your pay may vary based on your level of experience and qualifications, and some employers offer commission for bringing in high-net-worth clients. On average, private bankers in New Zealand earn around $75,000 annually.

how to increase your salary as a private banker

The compensation of private bankers depends on their level of expertise and the value they provide to the organisation. Clients seek knowledgeable advice on investments and asset management, so bankers with extensive experience and industry-specific knowledge usually earn more. During salary negotiations, additional certifications or professional qualifications can raise your earning potential. Additionally, the net worth of your clients can impact your earnings, with ultra-high-net-worth individuals and companies usually offering higher compensation due to the extra services and expert knowledge required for their investments and asset management.

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types of private bankers

Some of the types of private bankers include:

  • private bankers for individuals: as a private banker, you work with C-level executives, entrepreneurs and other high-net-worth individuals. You develop relationships with your clients, evaluate their financial circumstances and help them build wealth. Your job involves providing investment advice, evaluating their current investment portfolios and asset management. You also answer questions and handle any problems that arise with their accounts.
  • corporate/private bankers: as a private banker working with high-value companies or businesses, your role is to help them achieve further growth. You review their investment portfolios and provide recommendations on how they can expand their income or enter new markets. Additionally, you manage their finances by organising loans for financing and assisting them in meeting their goals. You can work with family-owned businesses or publicly traded and private companies.
three people talking in a meeting room
three people talking in a meeting room

working as a private banker

As a private banker, you help businesses and individuals achieve their financial goals. If you are interested in the role, here’s a breakdown of the specific duties, work environments and job prospects.


education and skills

To work as a private banker, your employer may require a tertiary qualification such as:

  • bachelor’s degree: when you complete your secondary school certificate, pursue a tertiary qualification like a bachelor’s degree in commerce, business, accounting and finance. Any certification that boosts your knowledge in financial planning and investments improves your chances of becoming a private banker.
  • experience: to become a private banker, you require extensive experience in the banking or investment industry. You can join internships and work in entry-level banking positions. When you understand the banking policies and regulations, focus on client-facing roles like becoming a relationship manager. The roles help you gain relevant experience for becoming a private banker.

private banker skills and competencies

Some of the qualities of a private banker include:

  • customer service skills: as a private banker, you build relationships to land new clients and maintain the existing ones. You require customer service skills to develop lasting relationships with your clients and provide a positive experience. Your customer service skills are handy when answering questions, resolving issues and dealing with complaints.
  • communication skills: as a private banker, you convey information to other employees and clients. Hence, you require solid communication skills to communicate effectively with clients. For instance, you explain complex investments in simple terms to help your clients make informed decisions.
  • problem-solving skills: as a private banker, you identify challenges and develop solutions to client problems. When evaluating a client's financial circumstances, you may notice issues in their portfolio that need improvement. You rely on your problem-solving skills to address issues, develop financial plans and manage investments.
  • time management: as a private banker, you meet clients regularly to review their financial plans and investments. Since you handle multiple clients, you have various tasks for each customer. Having good time management skills helps you prioritise tasks and ensure every client receives the best service.

FAQs about working as a private banker

Here, you will find the answers to the most frequently asked questions about the profession of a private banker.

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