Private Investment Counsel Market Lead - Western Canada (Edmonton/Vancouver)

Private Investment Counsel Market Lead - Edmonton OR Vancouver-based

Job Purpose

The Market Lead oversees and leads a team of investment professionals in Western Canada.  The individual is responsible for the achievement of defined revenue production goals as well as coaching the team to identify prospects, manage, retain and deepen high net worth/ultra-high net worth client relationships.

More specifically, the role is responsible for developing client acquisition strategies, maintaining a prospect sales pipeline in order to generate sustainable and profitable growth.  The incumbent is accountable for coaching, mentoring, and managing the performance of Portfolio Managers, Wealth Managers, Associate Portfolio Managers and Wealth Associates to facilitate the delivery of profitable, high quality wealth management services and solutions to clients to meet the objectives.

The market lead is considered and viewed as a trusted advisor of private wealth services that meet high net worth client’s short and long term wealth management and investment growth goals, in a holistic manner through a firm wide investment strategy and a disciplined and defined wealth management process.  The incumbent supports collaborative working relationships with other Advisory and Client Solutions colleagues, as well partnering with other Wealth and Bank business lines, with a focus on deepening and broadening Scotiabank client relationships as a whole.

The incumbent understands how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions, ensuring that all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities

As Market Lead the incumbent is accountable for ensuring that the team members execute upon the client relationship management strategy and deliver an exceptional client experience in accordance with PIC’s value proposition defined as:

• Developing a professional, mutually beneficial and profitable relationship between the client and PIC
• Acting as the central point of contact for assigned client needs, ensuring all aspects of assigned relationships receive ongoing attention, as required, to maintain, improve, grow and retain the relationship
• Providing wealth advice and solutions that enable client goals by developing and sustaining an intimate and ongoing understanding of client life goals, circumstances, and wealth needs
• Identifying and capitalizing on new business opportunities throughout the lifecycle of client relationships
• Consistently delivering the desired client experience during all client interactions
• Applying a strong knowledge of Scotiabank, Canadian Wealth Management, and PIC in the service and support that we offer our clients
• Directing and utilizing a team of wealth partners with subject matter expertise to deliver on wealth strategies and the wealth value promise
• Partnering with all internal product/service business partners, as required, to ensure that client needs are met
• Actively listening and seeking client feedback on products, services and the delivery of the client experience
• Responding to client, resolving problem situations autonomously when they arise
• Proactively identifying and implementing strategies to address client needs
• Monitoring client accounts to ensure optimal profitability is maintained in each relationship

Ensuring executing on the client investment management strategy of:

• Utilizing the KYC process, KYP and Investment Profile Questionnaire (IPQ) to develop an in-depth understanding of client’s needs and determining the appropriate asset allocation model based on needs, risk tolerance and short/medium and long term objectives;
• Recommending an appropriate investment asset mix aligned with life goals, income needs, return expectations and risk tolerance that fulfills client objectives;
• Collaborating with the Centralized Portfolio Management group and using defined investment management processes to communicate advice to clients on their strategic asset allocation, models and underlying investment portfolio;
• Actively managing the client’s Financial Plan and Wealth strategy, including participation in the client’s annual Financial Plan review process

Executing on the business development strategy by:

• Serving as the primary leadership contact for PIC within the assigned markets
• Developing and managing business plans, including sales targets and marketing strategies for prospective and existing clients within the context of nationally defined business plans
• Networking and maintaining a strong market profile with client segment and with both internal and external contacts/stakeholders
• Participating in local professional and community events and associations to develop and expand network of contacts
• Meeting with key industry and business leaders to identify prospects and referrals from internal and external networks / Centres of Influence (COI)
• Using a PIC defined business development and sales planning process to find and identify new business opportunities, attract new clients, as well as consolidate assets from existing clients in order to increase share of wallet, assets, and revenue
• Partnering with the Wealth Management Consultants in the business acquisition process
• Executing on marketing strategies to attract and retain valuable clients by providing internal/external professional presentations and reports and conducting prospect meetings
• Developing acquisition strategies, managing and maintaining a prospect sales opportunity pipeline in order to generate sustainable and profitable growth and engaging in effective follow-up with prospects/referrals for any unsuccessful opportunities
• Building and maintaining an awareness of local market and general economic conditions
• Identifying referral opportunities for Scotia Wealth Management & Bank partners
• Liaising with Bank & Wealth specialists to stay abreast of new enhancements, products and services, as necessary

Carrying out the risk management/compliance strategy in the Scotia Wealth Management Office by:

• Maintaining client portfolios in accordance with established firm strategy which includes, utilizing the Central Portfolio Models and pools, focusing on client segmentation and client’s risk appetite
• Ensuring the suitability of wealth strategy and investment recommendations and alignment with clients’ financial goals, objectives and risk levels
• Adhering to bank and firm standards, policies and business practices to ensure that PIC is meeting the appropriate regulatory and compliance requirements as they relate to both new and existing accounts
• Managing successful and timely resolution of all issues and client concerns raised within the PIC business; escalating to the Regional Director and/or Compliance as required
• Maintaining a high degree of working knowledge of operational processes to support coaching opportunities

Fulfilling the sales/service management strategy  for the Scotia Wealth Management Office by:

• Providing expertise and guidance to the PIC team and team of experts for the PIC business and acting as the PIC lead in the local marketplace
• Actively managing performance of direct reports against goals and/or business plans that are defined nationally
• Supporting relationship managers in acquiring new Scotiabank relationships
• Designating primary relationship manager assignments
• Championing and facilitating the sharing of best practices to enhance client and relationship manager experiences (e.g. strategy & business development campaigns)
• Ensuring team maintains a strong understanding and working knowledge of all of Scotiabank’s capabilities in order to recognize and facilitate opportunities for cross-sell
• Providing supervisory mentorship to develop direct reports, as they complete their regulatory requirements
• Meeting regularly with direct reports to review business development plans and provide coaching and feedback
• Ensuring the use of structured sales disciplines in all business development activities
• Participating in joint business development and client relationship management activities on a regular basis
• Ensuring review of direct report’s business plans are completed and any corrective actions are taken to address gaps in performance against targets
• Facilitating regular sales management meetings
• Providing strong team leadership to motivate and develop individual and team performance
• Utilizing enablers and adopting technologies (e.g. dashboard reporting, CRM etc.) to effectively manage the assigned market
• Executing the PIC recruitment strategy and process for the centre by contributing to the candidate origination process, managing the interview/hiring process, coordinating the onboarding of new employees

Providing leadership to motivate and develop individual and team performance by:

• Fostering and developing a strong, positive team environment, driving employee empowerment, innovation and a high degree of engagement
• Driving the internal communications process by ensuring all employees are aware of key projects, corporate goals and ongoing critical changes affecting clients by disseminating information in a timely and effective manner
• Exhibiting an ability to listen, negotiate and communicate effectively
• Ensuring that the performance management process implemented and employee development is a priority for all employees on the team, in an effort to build and sustain a high-performing team of investment professionals
• Sharing knowledge, experience and responsibility with employees in an effort to drive for the highest standards of professionalism, sales and service excellence
• Regularly meeting with direct reports by scheduling one-on-one coaching
• Identifying and supporting training and developmental needs of team members and participation in the development of training programs
• Managing staffing requirements and departmental workloads

Contributing to the effective functioning of PIC by:

• Leading by example as a key member of PIC’s leadership team
• Building effective working relationships across the team and with various business lines and corporate functions
• Facilitating a culture of open and honest communication by actively participating and contributing to touchbases, team meetings, encouraging the generation of new ideas and approaches and actively sharing knowledge and experience to enhance the development of all team members
• Developing and executing a meaningful employee development plan

Functional Competencies

• Thorough investment management know-how and depth of experience required as it relates to understanding economic and market data in order to describe the firm’s investment strategy to partners and clients
• Strong ability to explain financial and wealth strategies and concepts integrated with firm-wide investment strategies
• Expert relationship management and team leadership skills
• Strong business development skills which include networking, negotiation, sales and closing skills
• Strong communication and influencing skills
• Strong interpersonal, communication & listening and people management skills
• Results/Goal achievement oriented
• Self- motivated and disciplined
• Executes with Integrity
• Proficient in the completion of a Financial Plan
• Thorough knowledge of the various business lines within Canadian Wealth Management (CWM)
• Thorough knowledge of the full array of products and services offered across Scotia Wealth Management
• Working knowledge of the products and services offered by Scotiabank partners in order to identify and refer clients as appropriate

Educational/ Work Experience

• University Degree (Business, Economics, Accounting, Finance);
• Required: CSC & CIM
• Asset: CFA
• Must be eligible for registration under the provincial regulator as an Advising Representative
• Minimum 5 years direct experience in discretionary investment management, covering both financial analysis and managing portfolios (individuals, estates, trusts, pension plans, foundations, registered accounts), with an expert understanding of investment returns, potential risks and the associated tax implications