A personal banker is a financial institution representative who assists clients in managing their assets, such as mortgages, savings, checking, and money market accounts, as well as Certificates of Deposit (CDs). When a client’s financial needs are discussed, the personal banker examines the client’s assets, suggests additional banking services, and offers solutions. A personal banker, unlike a financial planner or broker, is only concerned with the assets and deposits that a client has with the bank that he or she represents. At some banks, this is a full-time position that requires extensive training.
Responsibilities at a Basic Level
Customers can take advantage of a wide range of services, accounts, and loans offered banks, particularly large ones. Many clients are unable to determine which services are best suited to their financial needs and seek clarification and advice from a bank representative. Personal bankers work hard to build and maintain strong relationships with their clients, going so far as to contact them with recommendations and pay visits to their offices.
Personal bankers are expected to sell financial products and services to clients or refer them to other departments within the bank. As a result, banks frequently provide personal bankers with incentives such as sales and referral bonuses in addition to their base salary. Personal bankers must be able to quickly and effectively resolve difficult situations while maintaining customer satisfaction.
Services for a Client That Aren’t Included in the Package
Customers typically receive assistance and advice when completing loan applications, and they may even find that the process can be streamlined with the help of a personal banker. A personal banker also assists clients in determining which accounts and investments will provide the best returns, as well as guiding them through the application process. Without having to call an automated customer service number, questionable account fees can be explained and removed, and an account’s automatic debits and credits can be monitored on the client’s behalf.
Personal Banker Positions
Personal bankers can be teller, loan officer, or branch manager, but many banks hire and train individuals specifically for this position. The goal is to provide personalized customer service that is tailored to the banking needs of each individual client. A service that assists affluent customers in managing their accounts has been available in some form or another for a long time.
Wealth, on the other hand, is no longer required for someone seeking the advice of a personal banker. Any client who needs a loan or wants to invest in CDs or money market accounts might be offered the services of a personal banker a bank. Customers are usually not charged additional fees for consulting with a personal banker as long as the financial institution maintains a minimum balance.
Bankers’ Education
To properly advise a client, personal bankers must be familiar with all available loan, account, and service options, current interest rates, and projected trends. Personal bankers are typically given several weeks of training to familiarize themselves with the institution’s specific products and services. Many personal bankers have a finance background and have worked in the banking industry before.