Private bankers: Salary, career path, job outlook, education and more
Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest. These clients are similar to institutional investors (commonly, companies or organizations), and they approach investing differently than the general public does. Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.
- Education Required
- Personal financial advisors typically need a bachelors degree. Although employers usually do not require personal financial advisors to have completed a specific course of study, a degree in finance, economics, accounting, business, mathematics, or law is good preparation for this occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning are becoming more available in colleges and universities.
- Training Required
- Once they are hired, personal financial advisors often enter an on-the-job training period. During this time, new advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios. This training usually lasts for more than a year.
- Job Outlook
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The projected percent change in employment from 2016 to 2026: 14% (Faster than average)
(The average growth rate for all occupations is 7 percent.) - Advancement
- A masters degree in an area such as finance or business administration can improve a personal financial advisors chances of moving into a management position and attracting new clients.
- Licenses/Certifications
- Personal financial advisors who directly buy or sell stocks, bonds, or insurance policies, or who provide specific investment advice, need a combination of licenses that varies with the products they sell. In addition to being required to have those licenses, advisors in smaller firms that manage clients investments must be registered with state regulators and those in larger firms must be registered with the Securities and Exchange Commission. Personal financial advisors who choose to sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association.
- Median pay: How much do Personal Financial Advisors make?
- $90,530 Annual Salary
- $43.53 per hour
Careers for Personal Financial Advisors
- Certified financial planners
- Consultants, financial
- Estate planners
- Estate planning counselors
- Financial consultants
- Financial counselors
- Financial planners
- Individual pension advisers
- Individual pension consultants
- Personal financial planners
- Personal investment advisers
- Wealth managers