Private Banker Duties & Responsibilities
The role and function of a Private Banker includes the following duties and responsibilities:
- Responsible for identifying potential new clients and working with them to build up a relationship with the goal of managing their wealth.
- Private Bankers work with their clients to meet their financial needs and goals. They proactively advise and consult with the clients, explaining the types of financial services available, educating them about investment options and potential risks and recommending investments.
- In order to provide the best possible service, Private Bankers need to be well informed of market conditions and do plenty of research to determine good opportunities to meet private banking revenue goals. They keep current with market updates and financial news. They must also maintain knowledge and understanding of appropriate legislation and regulations affecting banking and customer interaction to ensure that all transactions are legal.
- Private Bankers must closely monitor the performance of client accounts, to ensure that the accounts are behaving positively and meeting client needs. They need to be aware of both the clients goals, income and spending to manage the portfolio
Note that this is not an exhaustive list of Private Banker duties and responsibilities. Job functions for specific Private Banker roles may vary, depending on the industry and type of employer.
