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Personal Banker Salary & Job Description

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Personal Banker Salary: Personal bankers operate in retail banking locations and help customers with a wide range of banking and financial issues.

Opening checking and savings accounts, acquiring home and vehicle loans, and investing in banking products such as CDs, money markets, and other commercial banking products are examples of such requirements.

They might also be able to assist the customer with retirement or college planning. Personal bankers work mostly with common people, and investment bankers work primarily with institutional investors.

The majority of their clients are private residents from the localities where the lenders operate.

Job Description for a Personal Banker

Personal Banker Salary

Personal banking often does not pay as much as investment banking and other Wall Street jobs, but it provides a far better work-life balance and more manageable hours.

In reality, the term “bankers’ hours” was coined to describe the perceived small amount of hours spent on the job by local bankers.

Personal bankers assist consumers with a variety of needs in retail banking offices.

Being a competent personal banker is more about community reputation, networking abilities, and affability than it is about educational credentials.

Personal bankers’ day-to-day responsibilities include assisting bank customers in opening new checking and savings accounts, as well as conducting other routine banking operations.

A typical investment firm has a slew of well-heeled Ivy League grads huddled around Bloomberg terminals, aggressively pitching the latest deals into their headsets.

An investment banker is portrayed as a brash, well-educated, and money-hungry young man.

Personal bankers, on the other hand, are cut from a different fabric.

While a business degree helps, and an MBA looks even better on a personal banker’s resume, many local bank branches are more concerned with community reputation, networking abilities, and affability than with educational credentials.

These banks are proud of their hometown service and prefer to see new customers greeted by local bankers.

A typical investment firm has a slew of well-heeled Ivy League grads huddled around Bloomberg terminals, aggressively pitching the latest deals into their headsets.

An investment banker is portrayed as a brash, well-educated, and money-hungry young man.

Personal bankers, on the other hand, are cut from a different fabric.

While a business degree helps, and an MBA looks even better on a personal banker’s resume, many local bank branches are more concerned with community reputation, networking abilities, and affability than with educational credentials.

These banks are proud of their hometown service and prefer to see new customers greeted by local bankers.

Personal banking is a great job choice for someone who enjoys creating relationships in his neighbourhood, enjoys trading, and wants to make a good living without becoming wealthy.

Personal bankers assist consumers in managing their accounts and finances, as well as providing advice on a variety of financial services.

Personal Banker Job Description

Account Opening

A personal banker’s most common daily task is to assist bank customers in opening new checking and savings accounts.

A personal banker works with both new and existing customers who want to open new accounts.

Most retail bank locations have huge, L-shaped desks near the lobby where these bankers work. A personal banker’s job is to tailor an account to the needs of the customer.

A round-up option, a checking account feature in which each debit card purchase is rounded up to the next dollar and the excess change is placed in a savings account, is also available through the personal banker.

Offering Investment Products for Sale

While retail banks do not typically provide the risky investment vehicles seen on Wall Street, they do offer a variety of conservative products with guaranteed returns and are frequently covered by the Federal Deposit Insurance Corporation (FDIC).

CDs, money market accounts, and retirement accounts such as regular and Roth individual retirement accounts are among these products (IRAs).

Some consumers are certain about how they want to invest their money, while others require assistance in making the best decision.

Others have no idea, in which case it is the personal banker’s role to determine the customer’s needs and goals before recommending the best course of action.

Loans for Sale

Personal bankers are licenced to market mortgages and other loans at select banks.

In other banks, separate mortgage specialists are employed, and the personal banker simply triages the consumer and refers him to the financial expert as needed.

The smaller the bank, the more hats each banker wears in general.

Small-town community banks have personal bankers who can help with everything from financial planning to mortgage banking.

In most circumstances, a personal banker can only offer loan products from his own bank, whereas a mortgage broker can place his customers with hundreds of banks and lenders.

This disadvantages the personal banker, but many mortgage customers are willing to tolerate these constraints in exchange for dealing with a local banker they know and trust.

College and Retirement Planning

Personal bankers assist customers with saving for retirement and paying for their children’s school.

For retirement planning, they sell Roth IRAs, standard IRAs, and annuities.

Personal bankers offer savings bonds and the popular 529 plan, which is a tax-deferred education account, for college funds.

To be effective in this area of their career, a personal banker must often take on an advisory role.

Some customers don’t comprehend banking terms, therefore it’s up to the personal banker to help them understand and feel confident about where their money is going.

Skills

By far the most crucial talent for a personal banker is the ability to form and maintain strong community ties.

The financial instruments themselves are not overly complicated and do not necessitate an MBA or superhuman math abilities to comprehend.

This isn’t investment banking, where jargon like interest rate swaps, credit default swaps, and collateralized debt obligations are frequently spoken in client engagements.

Most personal banking products are simple, but the personal banker must make the client feel at ease in order for them to be purchased with him.

The educational qualifications differ from one bank to the next. The industry, unlike law or medicine, simply requires a high school diploma.

A business degree, particularly with an emphasis in economics or finance, is the route to go for people in college who are interested in personal banking.

Hours and Pay

Personal bankers are paid a pittance in comparison to their investment banking counterparts.

According to Glassdoor, the average annual base income is $40,593.

1 Every bank has its own compensation structure, although almost all offer a mix of bonuses and commissions.

Because of these additional incentives, successful networking and client searches are closely related to a banker’s salary.

In their first year, a dedicated personal banker can earn more than $50,000 in total pay, and even more after establishing a large customer base.

The six-figure salaries on Wall Street, on the other hand, are often out of reach for personal bankers.

Personal bankers have a significant advantage over the Wall Street crowd in terms of hours.

Look at any local bank’s hours of operation listed on the door.

They are usually somewhat limited, such as 9 a.m. to 5 p.m. on weekdays.

Personal banking is a good option for people who wish to make a reasonable salary while still spending time with their families.

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