Private Banking Careers

List of Top 4 Careers in Private Banking

Below are some of the top job roles you can opt for in a Private Banking career.

  1. Personal Financial Advisor
  2. Elite Relationship Manager – Private Banker
  3. Customer Care Executive
  4. Cash & Trade Processing Analyst
Careers in Private Banking

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Overview of Private Banking Career

Private Banking Job is also known as personalized banking services since it is customized for wealthy families to manage their money. It is a one-stop solution to the wealthy customers since all their financial concerns are taken care of by the private banking team so that the customer does not go to any other financial service provider to execute the transactions.

  • Private Banking offers the clients the information and advisory research to select the appropriate strategy and the product mix to enhance the strength of their assets. In recent times, the private banking career has gained momentum since the rich class prefers to keep their financial records in private to selected individuals only.
  • Due to the privacy element in private banking, banks often charge the Ultra HNI clients with higher fees for providing dedicated personnel to the customers and also keeping the accounts and financial transactions secret from the rest of the staff of the bank.
  • Private Banking is a part of the wealth management team in the bank since both the teams work very closely with each other. Any customer sourced by the wealth management team for the stock investments can always recommend the customer to the private banking team to get control of the entire bank account and increase the revenue of the company.
  • The only issue in the private banking profile is the lead generation since all the Ultra HNI’s customers have their existing relationship managers and are not willing to change the same due to secrecy and comfort provided to them. There will be a change only if their financial needs are not fulfilled as per their expectations.
  • Private Banking refers to the end to end banking of a customer viz depositing a cheque, making fund transfers, and resolving all the system-related and account related issues with the operations team of the bank without client intervention.

Let us now discuss the top 4 career options in Private Banking –

Career #1 – Personal Financial Advisor

Who is the Personal Financial Advisor?

Personal Financial Advisor meets the clients for recommending them the best possible option with regards to Private Banking Products.

Personal Financial Advisor – Job Description
ResponsibilitiesResponsible for sourcing new clients for the company from the market who are Ultra HNI and wealthy families.
DesignationPersonal Financial Advisor
Actual RoleMeet wealthy peoples, Ultra HNI clients on a daily basis, and try to convince them by recommending various financial products to suit their banking needs.
Job StatisticsAs per the bureau of labor statistics of us (, the number of jobs in this category was 2,71,900 as of 2016 and are expected to grow by 15% from 2016 to 2026.
Top CompaniesUBS, JP Morgan, Credit Suisse, Citi, Pictet, BNP Paribas, HSBC, Gold Man Sachs, ABN AMRO are some of the top companies in the private banking space.
SalaryThe median annual salary for a personal financial advisor as of 2016 was $ 88,890.
Demand & SupplyThere is a very high demand for such roles since all the Ultra HNI clients require a dedicated professional person to carry out their financial requirements on a periodic basis because of which the supply has started gaining momentum to the demand.
Education RequirementCPA / MBA from tier -1 universities with at least 5-10 yrs of experience.
Recommended CoursesCPA/ MBA / CFP/ CFA
PositivesClient facing role as the person directly speaks to the Ultra HNI’s to avail the services of the bank thus expanding the network.
NegativesMany people prefer to do direct investments rather than going through a personal financial advisor since it comes with a cost and as far as private banking is concerned, the fees are very high.

Career #2 – Elite Relationship Manager – Private Banker

Who is the Elite Relationship Manager?

Elite Relationship Manager is responsible for bringing business to the bank by approaching the Ultra HNI clients.

Elite Relationship Manager – Job Description
ResponsibilitiesResponsible for making customized tailor-made financial products for the Ultra HNI’s as per their strategy.
DesignationElite Relationship Manager
Actual RoleUnderstand the client’s requirement and design the product which will meet the same by using his professional skills.
Top CompaniesUBS, JP Morgan, Credit Suisse, Citi, Pictet, BNP Paribas, HSBC, Gold Man Sachs, ABN AMRO are some of the top companies in the private banking space.
SalaryThe median annual salary for an elite relationship manager can be anywhere between $1,00,000 to $3,00,000 since it is a Professional Role.
Demand & SupplyThere will always be a good demand for this role is a highly professional approach In handling the Ultra HNI clients of the bank.
Education RequirementCFA/CPA / MBA from Tier -1 Universities with at least 5-10 Yrs of Exp
Recommended CoursesCFA/CPA/ MBA/CFP
PositivesExtensive knowledge of private banking operations across the industry.
NegativesDifficult to source Ultra HNI clients since all have their existing dedicated bankers allotted by their respective banks.

Career #3 – Customer Care Executive

Who is a Customer Care Executive?

Customer Care Executive manages the phone banking transactions of the clients from the bank.

Customer Care Executive – Job Description
ResponsibilitiesResponsible for attending phone banking calls and satisfying the customer’s requirements.
DesignationCustomer Care Executive
Actual RoleWork with the relationship manager to resolve any issues for the Ultra HNI clients in their account.
Top CompaniesUBS, JP Morgan, Credit Suisse, Citi, Pictet, BNP Paribas, HSBC, Gold Man Sachs, ABN AMRO are some of the top companies in the private banking space.
SalaryThe median annual salary for customer care executive can be anywhere between $ 20,000 – $30,000
Demand & SupplyBeing a low profile, there is very high demand from the low-income groups who do not have any professional qualification and are desperately looking out for a job in a good company.
Education RequirementGraduate
Recommended CoursesAny Finance Courses.
PositivesA good brand name gets attached to the resume which might help them in the long term.
NegativesConstant tele calling can be boring.

Career #4 – Cash & Trade Processing Analyst

Who is a Cash & Trade Processing Analyst?

Cash and Trade Processing Analyst calculates the fees to be charged to the accounts for both new and closed accounts?

Cash & Trade Processing Analyst – Job Description
ResponsibilitiesTo fix the fee structure agreed upon on all the cross-selling of the financial products to Ultra HNI’s in the system and debiting the client’s account on a monthly basis with the fee amount.
DesignationCash & Trade Processing Analyst
Actual RoleIt is an operations role in charge of the entire administration process of the Ultra HNI client and recovering fees for the bank on a timely basis from the account.
Top CompaniesUBS, JP Morgan, Credit Suisse, Citi, Pictet, BNP Paribas, HSBC, Gold Man Sachs, ABN AMRO are some of the top companies in the private banking space.
SalaryThe median annual salary for the same can be anywhere between $ 50,000 to $1,00,000
Demand & SupplyHighly demanded profile lesser people are willing to do the operative role in a bank since it is a routine job.
Education RequirementCFP/CPA / MBA from Tier -1 Universities with at least 8-10 Yrs of Exp
Recommended CoursesCPA/MBA
PositivesFull access to the customer’s account and authority to close it in case of fraudulent transactions.
NegativesA desk job can be a bore for a person who likes to meet new people.

Conclusion – Private Banking Careers

Private Banking job is one of the most exciting careers in the financeCareers In The FinanceA appropriate degree, such as a B. Com, CPA, or MBA, is required to pursue a career in finance. Then one can choose from a variety of financial careers such as equity analyst, investment banking, asset management, risk management, corporate finance, and so more domain since it is a dynamic profile with extensive exposure to the wealthy family offices, Ultra HNI Customers, and rich class who are willing to take this service for a higher fee due to lack of time to manage the financial transactions of them and their families. A private banker can create a large network of the Ultra HNI people in the industry, which will definitely be a plus in this career ahead as he has nexus with the top rich class people in the society.

Being a Niche Profile, Private Banking Job requires a highly professional approach, excellent communication skills, and ethics to handle the Ultra HNI client so that they continue to do business with the Bank in the Future.

Recommended Articles

This has been a guide to careers in private banking. Here we provide the list of top 4 private banking jobs, including a Personal Financial Advisor, Relationship Manager, Customer Care Executive, etc. You may also have a look at the below articles –

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