Private bankers are in hot demand across Europe as private banks double down on growth. But not just any banker. The real prize today is the hunter, a relationship manager with a strong commercial drive, deep networks, and the ability to bring in new clients fast.
Recruiters across the continent say the race for hunters is intensifying, especially in Belgium, where major institutions and boutique wealth managers are scrambling to hire seasoned professionals with portable client books. According to the latest Belgium Banking Salary Guide published by Morgan Philips, senior private bankers in Belgium can expect gross annual salaries between 110,000 and 140,000 euro, with team leads earning upwards of 160,000 euro.
That places Belgium’s salaries below those offered in Luxembourg and Switzerland, where private banks often offer 180,000 euro or more to senior client-facing bankers, alongside aggressive bonus schemes tied to new asset acquisition.
“The market is extremely competitive,” says Nic Sterckx, managing partner at Morgan Philips. “Every private bank wants to hire the stars – senior bankers with a proven network in their region who can deliver new business from day one.”
Hunter vs farmer as internal divide
Banks increasingly distinguish between two key profiles in their private banking teams: the hunter, who focuses on acquiring new high-net-worth clients, and the farmer, who nurtures long-term relationships and ensures intergenerational loyalty.
Hunters are typically active on the road and visible at high-level networking events. They attend local business clubs, investment dinners, and in some cases, high-society functions. In Belgium, for example, ING Belgium invites over 500 Flemish entrepreneurs and private banking clients each September to Waregem Koerse, a prestige horse racing event it sponsors.
Once the hunter secures a new client, the relationship is often handed off to a farmer within the team. That farmer assumes a service-oriented advisory role, ensuring the client’s needs are met over time and across generations.
“Farmers play an equally critical role,” said Xavier Jacquet, associate director at Morgan Philips. “They are the ones who ensure that clients don’t just join the bank. They stay, grow their portfolios, and refer the next generation.”
This division of roles isn’t new, but it is taking on fresh urgency as banks try to balance the need for growth with long-term client service. In France, BNP Paribas Wealth Management now structures its teams as trios: a hunter, a farmer, and a dedicated assistant. Other international banks, such as UBS and Julius Baer, are encouraging hybrid profiles supported by digital tools and product specialists.
From Flanders to Frankfurt
While the Morgan Philips salary guide focuses on Belgium, the competition for private banking talent extends far beyond its borders.
In Luxembourg, job listings clearly reflect the split. A recent Michael Page vacancy for a Private Banker (Farmer) sought a senior relationship manager “to manage and grow a portfolio of high-net-worth clients” through personalised advisory and holistic financial planning. The role explicitly avoids client acquisition, positioning the banker as a long-term custodian rather than a sales lead.
By contrast, a recent vacancy in Zurich at Delen Private Bank openly targeted a hunter. The successful candidate would be expected to develop and expand the bank’s presence in the Swiss market by actively prospecting new clients, a classic sales-driven growth role.
Recruiters said these distinctions are becoming more explicit in job ads, especially in regions like Flanders, where demand is concentrated. In Antwerp and the Kempen region, private banks including ING, Belfius, Degroof Petercam and ABN Amro MeesPierson are actively hiring to strengthen their wealth management franchises. BNP Paribas Fortis, for example, is currently hiring for its Professional Wealth team targeting EU officials, lawyers and high-end service professionals, offering services for client portfolios with a starting value of one million euro in assets.
A changing client base, a shifting skillset
The growing use of the hunter/farmer model also reflects changes in client expectations. As wealth transfers to younger generations and client bases become more global and diverse, private bankers are expected to do more than just manage investments.
Recruiters increasingly use psychometric testing to assess whether candidates are naturally inclined toward acquisition or advisory. Some private banks even train junior staff along separate tracks: sales-focused candidates shadow hunters and attend external events, while future farmers focus on holistic planning and internal service delivery.
In Luxembourg, banks are also adjusting compensation schemes. Hunters may receive performance-based bonuses linked directly to net new money, while farmers receive a blend of base pay and retention-based incentives. Some institutions, including large Swiss and French players, are even introducing “lifetime trailers”, a share of recurring client revenue paid out annually – to encourage long-term stewardship.
International hiring on the rise
Another trend is cross-border hiring. Luxembourg’s international financial hub status makes it an attractive destination for bankers from Belgium, Germany, France, and the Netherlands.
For banks in Luxembourg targeting ultra-high-net-worth families across the borders, these hires offer immediate value. But they don’t come cheap. The demand for experienced hunters with portable networks continues to outpace supply, both in Luxembourg and across the broader European market.
This article was translated and adapted from the original article published on InvestmentOfficer.be.