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The differences between personal bankers and finance advisors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a personal banker and a finance advisor. Additionally, a finance advisor has an average salary of $64,993, which is higher than the $37,639 average annual salary of a personal banker.
The top three skills for a personal banker include customer relationships, cross-sell and customer satisfaction. The most important skills for a finance advisor are team support, wealth management, and securities.
| Personal Banker | Finance Advisor | |
| Yearly salary | $37,639 | $64,993 |
| Hourly rate | $18.10 | $31.25 |
| Growth rate | 10% | 15% |
| Number of jobs | 36,603 | 106,311 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 74% |
| Average age | 43 | 45 |
| Years of experience | 4 | 4 |
A personal banker is responsible for managing the customers' financial records and assisting them in various banking transactions. Personal bankers' duties also include handling customers' inquiries for financial plans, understanding the banking and financial industry principles, processing applications, verifying account details, and offering bank products based on the customers' needs. A personal banker must have excellent customer service and communication skills, providing the best options for the customers, and helping them achieve their financial goals.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Personal bankers and finance advisors have different pay scales, as shown below.
| Personal Banker | Finance Advisor | |
| Average salary | $37,639 | $64,993 |
| Salary range | Between $29,000 And $48,000 | Between $34,000 And $121,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Northern Trust | Enbridge |
| Best paying industry | Finance | Finance |
There are a few differences between a personal banker and a finance advisor in terms of educational background:
| Personal Banker | Finance Advisor | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between personal bankers' and finance advisors' demographics:
| Personal Banker | Finance Advisor | |
| Average age | 43 | 45 |
| Gender ratio | Male, 44.6% Female, 55.4% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.2% Asian, 12.2% White, 66.8% American Indian and Alaska Native, 0.2% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |