A personal banker employs in the retail banking sector and aid customers in meeting various financial needs. Such needs include opening a savings account, gaining mortgage and auto loans, investing in banking products, and helping customers with retirement planning. Personal bankers work primarily with everyday people and most of their customers remain private citizens.
Personal banking differs from investment banking and their task also differ. Personal banking is an ideal career for those individuals who love to build a relationship with the local community. They should show special consideration for various markets and desire to earn a solid income. They remain low about holding educational credentials but gives more importance to community reputation, networking ability, and affability.
Personal bankers handle new as well as existing customers who want to open a new account. They sit at those large L shaped desk near the lobby at most retail bank branches. They must customize an account that fits customer’s needs. At some banks, personal bankers are licensed to sell mortgages and other loans. In small-town community banks, they perform everything from financial planning to mortgage banking.
What does a personal banker do?
The personal bankers help customers manage their money to balance risk. They should have knowledge about the banking industry and different investment and saving products offered. They have to build a long term relationship with clients. Additionally, they are accountable for performing various duties which includes:
- Aid customers opening, managing, and optimizing their bank accounts
- Pursue lead and potential clients to expand their services
- Provide advisory service to clients regarding available financial services
- Recommend clients to financial specialists to explain about products available
- Resolve issues regarding customer account
- Managing the portfolio of clients with the responsibility to build a relationship
- Talk with the clients to understand their situation
- Cross-sell retail banking and wealth management products
- Engage in the client outreach effort
- Develop a relationship with business partners to increase cross-sell opportunities
- Perform other administrative duties
- Verifying bank account details upon clients request
- Processing application for credit cards, safe deposit boxes, and loan request
- Preparing documents to open and close accounts including obtaining signatures and assigning account numbers.
How to become a licensed personal banker?
A personal banker needs to be reliable and organized. They should have a high school diploma or equivalent. Not all employers need formal education, but many prefer to have completed a degree. An associate degree in finance or economics can usually meet the educational need of a personal banker. License is also required to perform mortgage lending duties and voluntary certification is available from ABA.
A bachelor’s degree is a minimum requirement for a personal banker. They may take a degree in finance and banking. A 2-year finance associate degree program will teach students accounting methods, principles of economics, and business processes. Some common finance and banking courses include financial accounting, business law, managerial accounting, financial management, investment, and insurance.
They should also complete courses in risk management, estate planning, taxes, and investment. If the personal banker is looking to buy or sell bond stocks or insurance policies, they have to be licensed with each product requiring its license. They may also have to register with the Securities and Exchange Commission or with state regulators. The certified financial planner certification is quite popular for personal bankers. However, they need to be employed in a similar field for at least 3 years before they can become certified. It also requires the individual to pass an exam and commit to adhering to the code of ethics.
Most personal bankers are not required to be licensed or certified. However, those who deal with mortgage loans and real estate lending must obtain federal licensure. To gain a license, the mortgage loan officer must complete 20 hours of coursework, pass a comprehensive banking exam, and complete a thorough background check. To remain licensed the loan officer must complete occasional continuing educational courses in finance and banking. The ABA offers several voluntary certifications through its ICB. The ICB offers certification for the mortgage and commercial lending. The MBAs certifies qualified mortgage bankers and loan officers as certified mortgage bankers. The ABA offers numerous seminars, training sessions, workshops, and forums each year. They offer in-bank training workshops as well as networking and informational conferences for personal bankers. Conferences usually focus on specific fields like risk management, financial management, and human resource management. The ABA also provides flexible online training programs and courses.
The financial industry regulatory authority regulates American securities and brokerage firm. FINRA offers a series of qualifying examinations for personal bankers handling commodity futures, options, variable contracts, securities, investment products, equity trading, and mutual fund as a part of investment options. A personal banking license requires the individual to pass the FINRA test for investment products.
Traits and Qualities
A personal banker must possess superb interpersonal and communication skills. They work directly with clients and they must be able to present the financial information with clarity and accuracy. The latest technology in the banking sector requires bankers to be comfortable using various software programs and other lending and insurance programs. They must have solid communication skills to pursue clients make financial decisions. They should also possess excellent sales skills, mathematics skills, analytical skills, and interpersonal skills. ding.id check. estate lending