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The differences between personal bankers and investment 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 an investment advisor. Additionally, an investment advisor has an average salary of $105,377, 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 an investment advisor are exceptional client, risk management, and client relationships.
| Personal Banker | Investment Advisor | |
| Yearly salary | $37,639 | $105,377 |
| Hourly rate | $18.10 | $50.66 |
| Growth rate | 10% | 15% |
| Number of jobs | 36,603 | 63,438 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 76% |
| 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.
An investment advisor is responsible for managing the clients' financial portfolios, advising them of investment options according to their financial goals and objectives, and their ability to handle risks. Investment advisors should have excellent knowledge of the investment policies, providing the clients with the best financial strategies according to their interests. They also determine their expenses, income, and credit scores to identify a comprehensive financial plan. An investment advisor helps the clients with cash management techniques, as well as conducting data analysis on financial market projections.
Personal bankers and investment advisors have different pay scales, as shown below.
| Personal Banker | Investment Advisor | |
| Average salary | $37,639 | $105,377 |
| Salary range | Between $29,000 And $48,000 | Between $60,000 And $184,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Northern Trust | McKinsey & Company Inc |
| Best paying industry | Finance | Telecommunication |
There are a few differences between a personal banker and an investment advisor in terms of educational background:
| Personal Banker | Investment Advisor | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between personal bankers' and investment advisors' demographics:
| Personal Banker | Investment 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, 9.4% Asian, 8.2% White, 72.3% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |