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This question is about personal banker salaries.
How much do personal bankers make per hour?
The average hourly rate for a personal banker is around $20 an hour. This can range from about $17 to $25 an hour, depending on several factors.
A motivated personal banker can make more than $50,000 in total compensation their first year, and more than that after establishing a broad customer base.
While personal banking does not pay as well as investment banking and other Wall Street careers, it does offer a significantly better work-life balance. However, it is possible to make good money as a personal banker through leveraging product sales goals to increase base salary.
When it comes to compensation models, the base salary, commission, and bonus are all important to understand to make the most money. Personal bankers must think strategically about their role to maximize their income potential while still providing the best service to their customers.
In addition to pay structure, the biggest determining factor for whether a personal banker will make higher than average salaries is their location. Big cities like New York and San Francisco come with higher base salaries and more opportunities to get bonuses and other pay incentives.
This can help push salaries up significantly, especially if part of their bonus comes as a percentage of their salary. Overall, it is not hard to make higher than average salaries as a personal banker if you invest in your career.
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