How asset or wealth managers make money?

Banking has become very competitive and clients with money, especially in the area of asset management, are very important. Clients tend to be more loyal to a representative than to a bank or corporation. So, banks need good RMs to bring in clients with money so that the bank can make money on that money. A bank makes money by investing money. If they invest your money for you, they can earn fees of about 1% of the total invested. For example, a private wealth manager who has clients with total wealth of about $60 million that is invested in the guys firm/bank. The company earns about 1% on this (about $600,000) and he is paid an annual salary of about 40% of this amount (i.e., about $240,000). His main job is to keep his clients happy so that they don't take their accounts elsewhere. And if he wants to make even more money, he needs to find new clients (even if that means, which it often does, stealing them from other banks).