Does the financial market hold no secrets for you? Do you like to make a lot of contacts and build relationships? Then the role of private banker or wealth manager might be something for you. The demand for these professionals continues to increase, so now is the ideal time to consider a career in private banking. Stephen Fournier, Senior Consultant at recruitment specialist Robert Walters, explains exactly what the position entails, how much you can earn and what the career opportunities are.
Stephen: "A private banker manages the wealth and assets of private clients through investments. This aims to maximize returns according to the client's risk profile.
A private banker develops and manages a portfolio of wealthy clients, which is usually subdivided according to the clients' assets. The higher the wealth and assets, the more people refer to it as a wealth manager rather than a private banker. This subdivision may be different for each bank.
The services offered to these types of clients are generally diverse and vary from bank to bank, but very often include the purely executive, advisory management and discretionary management mandates. Products such as direct investments or mutual funds are typically offered through these services. Additional products or services such as loans, life insurance, asset engineering or private equity may also be offered to these clients.
Usually, a private banker is assisted by an investment expert, who helps determine the allocation and distribution of investments thanks to his or her technical knowledge of the financial markets."
"Private banker is not a position you can get into right after your studies," Stephen says. "Most private bankers come from an economics or finance background and already have several years of experience as a front office employee or investment advisor. Extensive knowledge of the financial market is therefore a must in this role. As a private banker, you constantly keep this knowledge up-to-date by following trends and current affairs within the financial world."
As a private banker, you act as the most important contact person for the client. Building your own client portfolio and maintaining long-term client relationships form the commercial aspect of the job.
"Since client relationships are central to this position, commercial skills are very important. You offer a service to your clients and you are in daily contact with them."
Furthermore, a number of soft skills also prove crucial to be successful in the role of private banker. Stephen explains: "You ideally have good interpersonal and communication skills, a good dose of empathy and a service-oriented mentality. In addition, you have an eye for detail, work accurately and have strong analytical skills. If you have the ambition to grow into a management position where you can lead your own team, people management skills are also essential. Since English is a commonly used language within the banking world, knowledge of English on top of French or Dutch is definitely a plus."
Demand for private bankers is growing strongly, with a 44% increase in the number of vacancies in the first half of 2024 compared to the same period last year (source: Jobs Data). More and more banks and financial institutions are offering wealth management as a service, increasing the demand for private bankers.
Stephen: "The market experienced a slowdown at the end of last year, but since the start of this year we have seen a resurgence in demand for private bankers. Professionals with good business acumen and strong networking skills can help the bank grow assets under management in the short term and are therefore in high demand."
Stephen: "Many private bankers start their careers at large banks or financial institutions. These usually offer a dynamic environment with a strong focus on achieving KPIs, which is ideal for learning a lot in a short time. Over time, you can grow into a management position where you will usually lead a team of 5 to 10 employees. Another option is to switch to a smaller financial institution after a few years of experience, where you will bring your own client portfolio and can achieve higher financial incentives. "
As a starting private banker with 5 to 9 years' prior experience in finance, you can expect a gross annual salary of between €80,000 and €122,000. Between 9 and 15 years' experience, this figure can rise to between €90,000 and €145,000 a year. Professionals with more than 15 years' experience can see their gross annual salary rise to more than 250,000 euros.
"The salary package always includes a company car, supplemented by the traditional fringe benefits such as hospitalization and group insurance, meal vouchers, laptop and mobile phone, and so on. Most financial institutions also use an interesting bonus system, which allows you to significantly increase your salary depending on your performance," Stephen concludes.
Have a look at other tips and advice to advance your career. Looking for a new professional challenge? View our latest vacancies.
ESG is a trend that cannot be overlooked in the business world anno 2024. From banks and insurance companies to listed organisations, the entire European business community is affected by stringent sustainability reporting requirements. Audrey Bostvironois, manager at international recruitment firm
Read MoreFor many organisations, the evolution of the financial market and the positioning and integration of ESG standards will further fuel the demand for financial professionals with sector-specific technical skills. Almost every organisation within banking and financial services is looking for proactive
Read More2024 promises another period of transformation and challenges for the banking and insurance world in Belgium. According to Stephen Fournier, senior consultant at international recruitment firm Robert Walters, the evolution of the financial market and the integration of ESG standards will further dri
Read MoreCome join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.