Personal Banker Job Description

Personal Banker Job Description includes assisting customers in various areas such as opening savings and checking accounts, resolving the clients' various issues, presenting the different products and services available to existing and potential clients, investing in certificates of deposit, etc. They also handle client inquiries and promote different financial products offered by the bank.

A personal banker is a professional who takes care of the personal accounts of their customers, mostly in retail banking divisions and in large financial institutions. They are skilled in knowing the markets very well to support their clients and possess good decision-making and analytical skills. They also offer their insights on risk management as a part of their senior personal banker duties.

The primary job description of the personal banker job is given below:

• Supporting clients in the opening of accounts;
• Manage the customer’s day to day queries related to their respective personal account;
• Understanding customer's requirements concerning any new or existing product offered by the banking or financial institution;
• Introducing and marketing new products to the customer base, including the explanation of benefits;
• Overall management of customer's accounts;
• Strive to create a new customer database by applying marketing techniques.

A few secondary job descriptions of the personal banker positions are:

• Advising clients on the selection of the best alternative for investment;
• Providing consultation about future requirements to the customer;
• Maintaining accounts of the customers and proactively guiding them to avoid any fees or charges due to defaults or the like.

A personal banker's job can be entirely subjective depending upon the relationship between the customer and their banker – the personal banker can act as a companion to the customer's requirement, suggesting the best and the worst to him.

A personal banker should be outstanding in accounts and financial analysis. Hence a Bachelor's in Finance (or a bachelor's in finance-related topic) is beneficial. Nevertheless, another graduation degree is acceptable, but the post-graduation requires Finance-related study.

The aspiring senior personal banker should possess personal banker qualifications in the below subjects (preferred to have basic degrees in these skill-sets):

While different banks have their own set of requirements, personal banker positions also contribute towards the heterogeneity of the skills required. Let us understand them through the detailed explanation below.

source: recruiting.ultipro.com

• Accounting skills and good analytical techniques
• Good in calculations
• Sales and customer services techniques
• Good communication and presentation skills should be strong ineffective positive communication with effective skills.
• Strong ability to work towards targets and meet deadlines
• Good leadership skills
• Basic knowledge about accounting or related software is always a plus
• Understanding how the market works and should be able to guide the customer effectively
• Understanding of products available in the market and offered by self

A personal banker can pave his way out in retail banking, investment banking, or financial institutions like wealth management and fund management firms. This industry is a vast market (or I should mention that they are one of the biggest markets in the existing financial field next to the government offered market) and has a lot of growth potential. It also offers individual growth in personal banker skills, knowledge, personal finance, and personality development.

•  One can start their banker career go on exploring new products and their effectiveness offered by their institution and in the market, make good connections with their clients, understand the banking model end to-end transactions, and then make a decision (if they reach a particular saturation level) to continue the same or move on.
•  Moving on, they can explore roles in fund management or wealth management institutions – they can leverage their acquired knowledge and skills to manage funds and portfolios held by HNIs (High Net-worth Individuals) who form the client base for such institutions; they can advise such clients as to how their investments can prove to be the best for them in future.
•  Another personal banker career stop can be to opt for becoming a financial consultant or a financial adviser. These private consultants provide financial products and services to individuals and companies. In certain parts of the world, they are supposed to hold licenses or degrees before starting practicing. Depending on their license, they are allowed to market their products. It is required since every product has a particular level of complexity – a few of them may be so complicated that a common person may make blunders if he lays his hands on the same but has little idea of how it works, which would affect the economy as a whole. A few of the products are expensive based on their complexity. However, one can start with something basic and slowly acquire higher levels with time.

The world of finance and banking is highly competitive. Therefore, the salary structure and career growth in terms of monetary benefits can be different depending on the size of the bank, region of practice, and experience of a banker- entry-level banker or a senior personal banker. Let us, however discuss the average salary and common criteria through the points below.

• The average salary for a personal banker in the United States falls within the range of $40,000 to $70,000 per year.
• Salary can vary significantly based on the cost of living in the region. In metropolitan areas with a high cost of living, personal bankers generally earn more.
• Personal bankers with more years of experience tend to command higher salaries. Demonstrated expertise in building and managing client relationships can be particularly rewarding.
• Financial institutions may offer performance-based incentives, which can substantially increase a personal banker's overall earnings.
• Despite the variation, the salary of a personal banker in the US is competitive, making it an appealing career option for those interested in the finance industry.

Despite the fact that both these types of bankers are an arm of the banking system, there are differences in fundamentals and implications which shall be discussed through the comparison below.

Personal Banker

• Personal bankers primarily serve retail clients, including individual consumers and small businesses.
• They provide a wide range of basic banking services, such as opening accounts, processing transactions, and offering basic financial advice.
• Personal bankers typically deal with standard financial products like savings accounts, checking accounts, and personal loans.
• The average annual salary for a personal banker in the US ranges from $40,000 to $70,000, with some variation due to location, experience, and performance-based bonuses.
• Typically, a bachelor's degree in finance or a related field and relevant certifications are required, along with excellent interpersonal skills.

Private Banker

• Private bankers cater to high-net-worth individuals, affluent clients, and sometimes institutions, offering more personalized financial services.
• They provide comprehensive financial planning, investment management, estate planning, and other advanced financial services tailored to the client's unique needs.
• Private bankers deal with complex financial products, including hedge funds, private equity investments, and structured products.
• Private bankers typically earn significantly more than personal bankers, with an average annual salary that can range from $100,000 to several hundred thousand dollars.
• A bachelor's or master's degree in finance, extensive industry experience, and relevant licenses are typically required, along with exceptional networking and relationship-building skills.

This has been a guide to Personal Banker Job Description. Here we explain skills, roles, & career prospects, and compare them with private bankers. You may learn more about finance roles from the articles below –

• Portfolio Management Career
• Investor Relation Job Description
• Investment Banking Job Description
• Financial Accounting vs Management Accounting