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:
“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.
38 Comments
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.
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.
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.
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…
5M10Y,
theres nothing wrong to share your experiences and thoughts.
however, this website is being viewed by many who needs an answer, and might be desperately looking for a decent advice.
you can be whoever you want to be on the internet world, but as a responsible person, i feel that we have to put certain things into perspective.
imagine if i had written that banks pay for my fine dining bills and F1 hospitality EVERYTIME, and it goes unchalllenged, would you be misled into thinking that that is the norm?
likewise, if you had been calling a spade a spade, theres no reason to worry about being challenged.
and im not being personal by the way. no offense, just my two cents worth.
no worries, bad times are coming…doesnt helps to have a bad time here in the forum too…cheers and brace yourselves..
Let me share on what I know about DBS Treasures and DBS Private Banking (PB). I was previously at DBS Treasures customer and then some years ago the same relationship manager from Treasure (RM) has been promoted/transferred (which I do not know) to Private banking and he bring me along too.
In term of service of course PB has more products, which normally you do not get at Treasure, but there are alot of checks on where you got the funds from until you fed up as you are being watched.
Every wire transfer need to tell reason of transfer. I am not sure other PB also do the same or only DBS is being more particular.
Because of some problems, I am not a Treasures customer anymore but just last month, had the Treasures experience under my wife’s membership.
At Changi airport, there are special lounges at T2 and T3 (T1 -not sure). You can have a free dinner there which is not bad. When we returned from Europe, they had special Treasures limousines (Mercedes E class) chaffeur us back home for free. The cars are painted in black and brown colours and are very distintive so it attracts attention from us, which you may or may not like. The driver told me that there are 10 limousines.
I just threw away an Business Times article that I had cut about a year ago. This article states that a bank expects to earn about 1% of its assets under private banking management. Therefore, if you have clients with assets of $100m. the bank hopes to earn $1m. Of this, about 15-30% will be used to pay the private bankers’s salary.
On another point, my wife is complaining about her relationship managers (RMs)with a major local bank. She says that they are so new and make mistakes with simple transactions. Often, the attending clerks know more than them. The problem as mentioned is that there is such a high turnover.
Treasures is actually not bad, they did not lose so much for me. Only got caught in Aussie.
The worse I heard from my friends is an Australian bank CBA that morphed in something called Schroders (British) now.
They have got not even a basic equity linked product or fixed income to buy.
They kept trying to sell and charge 4% of their so called in house portfolio which they say is down 10-15%. Kept saying that that they performed better than others!
I find the service at Julius Baer not bad.
I am just a USD3mln guy, small.
Meh. DBS Treasures stopped their airport limousine service already. Just found out today. Pissed off lah. Time to shop around…
Vexed ,
What type of account do you have in Julius Baer?
And what is the AUM charge?
Thinking of shifting out of CS & UBS into other..but every other big name out there have been losing terrible amount of money.. I also donno where is a safe place to keep money anymore..
wealthjourney, which currencies do you keep your wealth in? I am conflicted. Thinking of shifting some to AUD (mostly mine is in SGD now).
CS is doing a lot better than UBS though, I can say that much…
Hi 6 yrs in Pte Banking,
I am curious how much a product specialist in an international bank based in Singapore gets as remuneration. Would you be able to give rough figures? How much is fixed and how much is bonus?
so to be a treasures DBS member, u need 200k?
So wat if u had 200k, became a member, then u withdraw 1k for personal use, becomes 199k, do u get dropped out? 🙂
does it matter you still have home loan more than 200k unpaid but put in 200k?
actually, do you guys think becoming such members help you become richer faster for eg, through more investments not open to public? or lose more money only?
i dun hv 200k to begin with so cant comment :p
more likely to lose more money, esp if you are weak at rejecting pretty girls 🙂
despite that, such memberships are kinda prestigious to some people.
i see … the prestige part does not matter to me, but if it is able to help me increase my wealth, then i will target to join once i accumulate enough…
my wealth honestly, not that big that need help to manage… 🙂
hmm, UOB doubled their entry criteria for Private Banking…
are millionaire numbers growing fast in Singapore?
so UOB previously accepted people with just SGD1mio of investibles? they are playing catchup then, unlikely due to increasing millionaires in Singapore.
DBS Treasures now require at least SGD350K to open an account. looks like the wealthy are getting richer.
Being a DBS Treasures member is nothing spectacular.
Each Treasures relationship manager probably has 100-300 names under his portfolio, how special do you think you can be to have that many people to serve to by just one person.
I was at a DBS branch yesterday morning and was told that to become a DBS Treasures member, one needs to have 250k and not 350k.