Relationship banker job salary

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An entry-level Relationship Banker with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $ based on salaries. An early career Relationship Banker with years of experience earns an average total compensation of $ based on salaries. A …Read more

What Do Relationship Bankers Do?

Job Satisfaction for Relationship Banker

About JPMorgan Chase & Co.

A relationship banker, also called a personal banker, sells financial services and handles a client's relationship with a bank. This includes personal accounts, business accounts, loans, investments and trust management services. People who become relationship bankers should be comfortable connecting with people, good at communicating and detailed in their work. It’s a secure job with steady hours and a lot of face-to-face interaction.

The goal of a relationship banker is to bring all of a client's banking and financial advisory business to the bank. A relationship banker helps clients resolve any issues they have with their accounts, and helps them to optimize and manage their accounts. In addition to relationship management, a personal banker also helps acquire new clients for a bank and performs administrative duties.

All relationship bankers function as the central point of contact for their clients, working to develop long-term relationships. Relationship bankers have broad knowledge of all the products and services offered by a bank and advises their clients about how to use them to improve their financial situations.

Most banks want to hire someone with at least a bachelor’s degree in finance, accounting or business. This type of coursework along with internships at banks and other financial institutions can provide a good starting point for a career as a relationship banker. Some banks will hire relationship bankers with only a high school diploma, as they do receive on-the-job training. Each bank provides its own in-house training to familiarize its relationship bankers with products and services offered by the bank, as well as other pertinent training.

A background in customer service, sales or portfolio management is also valued for this position. Those wanting to advance in the banking or finance industry may consider getting a master’s degree in business administration (MBA).

The median salary for securities, commodities, and financial services sales agents, including relationship bankers, is $63,, as of May Median salaries in this industry range from about $33, to more than $,, with some earning commissions and bonuses in addition to a base salary. A relationship banker salary depends on the bank and on the banker’s experience.

Relationship bankers typically work in branch offices of banks and work with customers who frequent that branch. They work branch hours, which often means working weekends and evenings. That also means they get federal holidays off, along with other available benefits. This job is good for those seeking a work/life balance, a steady paycheck with benefits and opportunities for advancement.

More experience as a relationship banker generally means a higher salary. That is due to the cost of living and annual increases, as well as increased bonuses and commissions, as your skills in the position strengthen. The longer you are a relationship banker, the more relationships you’re likely to form with customers and others in the community. This can help make the job even more satisfying. Those who have several years of experience may opt to move into a more management-level position within the bank.

Jobs for securities, commodities, and financial services sales agents, including relationship bankers, are expected to increase 6 percent in the coming decade. This is about average for all occupations. While the services a relationship banker provides continue to be needed as the economy grows, consolidation in the financial services sector means fewer positions and slow job growth.

Leslie Bloom is a Los Angeles native who has worked everywhere from new start-ups to established corporate settings. In addition to years of business and management experience, she has more than 20 years of experience writing for a variety of online and print publications. She holds degrees in both journalism and law.