Private Banking Job Description

October 12, 20110 Comments

Private banking Job Profile and Description

Private banking is basically a process of serving clients through individuals called private bankers that is why they are also known as high net worth banking. The benefit for the clients is that they are not served in same manner means they do not have to wait in teller lines etc…  the amount of financial wealth that qualifies a client for private banking services varies from firm to firm.

Duties and Responsibilities

The private banking is a very tough job as will have to serve the clients satisfactorily so there are a large number of duties and responsibilities which are as follows:

  • The prime responsibility of a private banker is to manage the bank’s relationship with a certain number of high net worth individuals
  • He or she has to understand the requirements and needs of his wealthy clients and accordingly caters to those requirements
  • He or she has the responsibility to monitor and manage existing credit relationships
  • He or she has to contract with the existing or prospective customers to promote the bank services and to develop the business.
  • He or she has to cater to a wide variety of commercial and individual loans, both secured and unsecured
  • He or she has to fulfill other duties also such as to deal with the delivery of brokerage, investment management, trust and insurance products and services

Skills and Specifications

The candidate should have the following required skills and specifications to do the job:

  • The most important required skill for the job is the ability to understand the needs of the clients.
  • He or she should have a strong knowledge about the business processes and analyzing deals.
  • He or she must have a strong network among the ultra high net worth individuals
  • He or she should have an aptitude for sales, finance and banking to work in the sector.
  • The candidate needs to have leadership and strong communication skills with the ability of presentation.

Education and Qualifications

  • The basic degree required for the job is bachelors and preferably a master’s degree in economics, banking, finance, accounts, or an equivalent degree.
  • The other requirement is some past working experience of 3 to 4 years in the sector to do the job.

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