Private banker income

#1 (**permalink**) 28-06-2007, 11:56 PM

Based on a Straits Times report, the annual income of a local private banker can range from "no more than $200,000" to "between $600,000 to $1 million."

Based on information from salary.com, the 75th-percentile Private Banker (junior level) in America makes US$67,188 in base salary, and US$73,008 in bonuses.

From this page in efinancialcareers.sg:

Quote:

"A junior could expect to earn S$70k to S$100k in overall compensation; a mid-level banker might earn S$100k to S$160k; while the most experienced candidates could earn around S$500k."

Some interesting comments on this other page in efinancialcareers.sg.

http://www.salary.sg/2007/private-banker-income/

#2 (**permalink**) 25-09-2008, 10:26 AM

I have access to private bankers since I am a DBS Treasures member. Not that I am rich but as I always tells my friends, either you have a million or you owe a million, and I fall within the 2nd category. From what I see, every few months, the name of my private banker changes. Private bankers are basically highly paid sales persons - not an easy job and often requires rear end kissing of stuck up clients.

#3 (**permalink**) 26-09-2008, 01:49 AM

Sorry to burst your bubble, man... but DBS Treasures is hardly private banking. DBS Treasures/UOB Privilege/HSBC Premier/Citigold/etc are basically marketing ploys by the bank to let middle class folks with a paltry $200k feel good about themselves so that they will buy stupid products like DBS High Note 5. At the end of the day, you're treated just like any other customer. Did you get free F1 tickets and a Ritz-Carlton suite from DBS Treasures? I didn't think so... True private banking is reserved only for the elite.

#4 (**permalink**) 26-09-2008, 06:49 AM

Private banking with local banks require a minimum of S$1m. With banks like UBS, the minimum is US$2m.

Those are _entry level_ private banking customers and not even yet the "real" elite.

#5 (**permalink**) 26-09-2008, 09:09 AM

Well, you have your own special queue, special rooms where you can sip copy or surf the net, special airport lounge and taxi fare from the airport paid by DBS.

DBS Treasures is not for the super-rich league but one step above the common people. Someone call Treasures not private banking but premier banking - to show that it is below true private banking.

#6 (**permalink**) 26-09-2008, 04:58 PM

terence, its fine to feel good but dun let your head get too big. it looks ridiculous.

do u noe? if you are jux the another 1 out of the 10,000 accounts on your "private/personal/premier/priviledge banker portfolio" you are not that great.

anyway, if you were, you wouldnt be here in this forum. most likely browsing the net for the next pagani or phantom...

#7 (**permalink**) 26-09-2008, 07:10 PM

Eh, come on lah. Terence already said that it's not for the super-rich league what. He also said it wasn't called private banking but premier banking.

He was just sharing with us the benefits of being in DBS Treasures, which personally I find interesting to know.

So what's the problem?

#8 (**permalink**) 26-09-2008, 09:48 PM

Yup.. I have accounts with 3 pte banks. (1 Raffles Quay, 1 near Marina Square, 1 at BATTERy road). So far, the only difference I see is that there's 2 dedicated people serving me - 1 investment advisor and 1 banker.

I must say I am entry level as I don't get tickets to events like F1 etc.. Only get invites to annual dinners or product launches etc...

To actually get more previlege, I guess you need to have at least us$10mil in 1 account. I split my portfolio among 3 accounts as I dont wish to be locked into 1 bank's pt of view. But the negatives is that you become entry level.

Will work hard to become a us$10mil account holder! Gambatte!

#9 (**permalink**) 26-09-2008, 10:03 PM

Huuuyeah! :-) Wishing you a speedy journey there :-)

#10 (**permalink**) 26-09-2008, 10:04 PM

Agree with Adiemuso..

No matter what level of wealth you think you are at, you should not believe you are above the others or get your head too bloated.

When I was at retail level.. I looked up to priority..
When I was at priority level.. I looked up to pte banking...
When I am at pte banking level.. I looked up to becoming the next higher pte banking level.. (mid-tier US$10mil)...
If I become the mid-tier ... I will looked up to becoming the next level (us$30mil)...
And believe it or not.. you can still look up ..

There are always tons and tons of people earning obscence amt of money out there... It is truly a humbling experience..