Private bankers’ average pay will climb 2.4 percent to 2.6 percent in 2014 after a hike this year below the financial industry average of 2.9 percent, recruiting firm Robert Half predicted today.
The increases would exceed the 1.1 percent to 2 percent raises private bankers saw this year, according to the firm.
Raises for private bankers will likely lag the financial industry as a whole because private bankers tend to stay in their jobs and it is the need to fill openings that often drives up salaries, said Kristin Paszczak, the firm’s financial services division director.
But private banking pay hikes could double in some cases over last year’s increases as private bankers become more aggressive in asking for raises as their clients’ returns improve.
Private bankers with more than five years of experience, who typically make between $77,250 and $109,750, are expected to see their compensation climb to a range of $79,250 to $112,250, up 2.4 percent, according to Robert Half. Their pay rose 1.1 percent in 2013 versus 2012.
Those in the business for three to five years are projected to move from a range of $59,500 to $80,250 to between $61,250 and $82,000, a rise of 2.5 percent. Private bankers with this much experience had average pay hikes of 2 percent in 2013.
Junior private bankers on the job less than three years, currently earning $48,500 to $65,000, are expected to make $49,500 to $67,500 in 2014, up 2.6 percent. They saw their salaries rise 1.8 percent this year.