Private bankers meet with clients to define investment goals and then work with financial analysts and other professionals in the firm to create individualized investment strategies to meet those goals.
After defining a strategy, private bankers execute the strategies by selecting appropriate mixes of securities and investment products for the client portfolios, which they then manage and adjust on a continual basis.
In addition to investment advising and portfolio management services, many private bankers oversee deposit and cash management services, credit and lending services, tax planning services, trust services, retirement products, and annuities and insurance products.
Many private banking divisions in large banks handle virtually all aspects of clients’ finances. A private banker often works with relatively few clients to provide the focus and personalized service that private banking clients often demand. In some firms, private bankers focus on managing client portfolios while relationship managers handle other client needs.
Educational Qualifications
A bachelor’s degree in a business discipline or another relevant subject is a basic qualification to work as a private banker. However, in most cases, a bachelor’s degree must be combined with substantial work experience to qualify for a position in this field.
Most employers prefer to hire experienced candidates with master’s degrees in business disciplines such as finance, accounting or business administration. Many employers also look for experienced job candidates who have graduate degrees in mathematics, statistics or law. Coursework in subjects such as taxation, risk management, investing, and financial planning are especially valuable to prospective private bankers.