Personal Banker

Personal bankers, otherwise known as personal financial advisors, manage the assets of wealthy clients and advise them on investing, retirement planning and related financial matters. Since younger audiences are less likely to think about retirement plans, personal bankers often work with those in the baby boom generation. Baby boomers are already in their peak years of retirement savings and more likely to seek guidance in the management of their finances.

Personal Banking Degree

It is strongly preferred for a personal banker to possess – at minimum – a bachelor’s degree in finance. Since clients entrust their financial well being with them, credentials are a key way to inspire trust, especially at the beginning of the professional relationship.

In addition to a bachelor’s or graduate degree, personal bankers can benefit greatly from completing advanced coursework in estate planning, risk management, investments and taxes. The Series 7 and Series 63 or 66 licenses are also required, which allow them to provide financial advice.

Personal Banker Job Description

Personal bankers recommend financial options to individual clients using their knowledge of insurance, tax laws and investments. They identify clients’ financial goals and find ways to help them achieve these goals. Their job involves:

  • Meeting with clients in person to identify their short – and long-term financial goals
  • Providing expert advice especially with large expenses such as saving for college, buying a property, or planning for retirement
  • Creating thorough financial plans for meeting these goals, which help clients build wealth
  • Recommending and selling products such as securities, insurance and other investments
  • Working weekends and odd hours
  • Networking and searching for clients to add to their database

Personal Banker Salary

According to the BLS, personal bankers earn a median annual salary of $68,200 with the top 10 percent earning up to $116,580. Employment for this profession is expected to grow much faster than the average for all occupations. However there will be much competition for new job entrants due to the high wages of this profession.



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