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The job and salary of a Private Banker

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.

What exactly does a private banker do?

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."

What education and skills make someone a successful private banker?

"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."

Are private bankers in high demand on the Belgian labour market at the moment?

The number of vacancies for private bankers increased by 6% in 2022 compared to the previous year. More and more banks and financial institutions are offering wealth management as a service, which increases the demand for private bankers. Stephen: "We particularly notice that private bankers who have already built up their own client portfolio are in high demand at the moment. Professionals with a strong regional network who are able to attract new clients in the short term are also in great demand."  

What are the career opportunities for a private banker?

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. "

How much does a private banker earn?

As a starting private banker with 5 to 9 years of prior experience in the financial world, you can count on a gross annual salary between € 70k and € 110k. With 9 to 15 years of experience, this goes up to € 80k to € 130k per year. Professionals with more than 15 years of experience can see their gross annual salary rise above € 200k. "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.
 

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Find out more by contacting one of our specialist recruitment consultants

Stephen Fournier

Senior Consultant | Financial Services | Brussels
Phone: 0471 61 16 06

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