THE chorus of Tina Turner’s classic song, Private Dancer, has to be modified only slightly to fit the world of private banking: I’m a private banker, banking for money, do what you want me to do. . .
People in this profession spend their days advising very wealthy people on what to do with their money.
Ruth Martin, the managing director of the Securities & Investment Institute, says that the key to private banking is developing good relationships with clients to ensure that you are able to meet their needs at all times. “You need to be able to adapt your advice to a very wide range of individuals. For example, you will need to know different tax regulations, depending on where the person is located.” It’s also important to be impeccably trustworthy and discreet, because as you get to know your clients you will be privy to a great deal of sensitive information.
Much of a private banker’s day is spent meeting clients, either face-to-face or on the phone. This may involve meetings at unusual hours or in non-office environments, depending on the client’s preferences. The rest of a private banker’s time is taken up in making sure that the client’s instructions are carried out effectively and keeping up to date with developments in fields such as legislation and investments.
Martin says that graduates with any good degree can pursue private banking; the key is having the right mindset for the job. The usual starting point is the general graduate training scheme at a major bank, which means an initial salary of about £30,000. It also means a lot of hard work achieving professional qualifications while working under the guidance of an experienced private banker.
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Good, experienced private bankers can command six-figure salaries that are, like many in banking, driven by performance bonuses. It’s unlikely that you’ll earn enough to retire at 40, but Martin says that it’s the sort of job that’s interesting and challenging enough to stick with. “This is one of those careers where it’s still about the long term. It’s not one where you change careers four or five times in your lifetime.”