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Director of Private Banking Operations

3 months ago

Moncton, New Brunswick, Canada Scotiabank Full time

Requisition ID: 203087

At Scotiabank, we are dedicated to fostering a results-oriented environment within a diverse and high-achieving culture.

Position Overview

The Director of Private Banking Operations is accountable for overseeing the performance and success of a team comprising Private Bankers, Senior Associates, and Associates. This role encompasses the delivery of exceptional client service, effective work distribution, and the achievement of the team's financial targets. As the Team Leader, the individual will focus on the professional growth of team members, ensuring they possess the necessary skills and product expertise to offer a comprehensive range of deposit and lending solutions, including conventional retail products, money market instruments, tailored margin financing, hedging strategies, equity monetizations, leveraged insurance products, and real estate solutions. The incumbent will have advanced knowledge in customized commercial lending, risk management, financial products, and wealth management services. They will also develop relationship management and new business acquisition strategies at the team level while enhancing existing client relationships.

Key Responsibilities

Business Development:

  • Lead a team of Private Bankers and Senior Associates to meet financial and developmental objectives.
  • Market tailored Private Banking credit solutions to support wealth creation and diversification strategies.
  • Formulate and implement new business strategies to attract and retain high net worth clients.
  • Conduct prospect meetings and coaching sessions to align with team goals.
  • Identify prospects and referrals through internal and external networks.
  • Prepare commercial credit proposals for new and existing clients while managing the approval process.
  • Facilitate referrals to Scotia Private Client Group partners and other key divisions.
  • Oversee the team's new business pipeline and coach team members to convert opportunities into successful transactions.
  • Maintain a robust prospect sales pipeline through diligent sales calls and opportunity qualification.
  • Negotiate and align with the business unit's goals.
  • Utilize the Financial Planning process to understand client needs and facilitate referrals to the SPCG Team of Experts.
  • Develop strong client relationships based on formalized strategies.
  • Communicate changes in client information and priorities to the designated Team of Experts.
Sales Management Leadership:
  • Inspire and guide the sales team to achieve profit objectives.
  • Create individualized development plans to address competency gaps.
  • Enhance the team's knowledge base to ensure they can effectively promote services and credit solutions.
  • Determine client relationship assignments and manage account loads efficiently.
  • Utilize coaching techniques to ensure the team meets financial and developmental targets.
  • Establish performance objectives and provide timely feedback on roles and expectations.
  • Effectively utilize and develop staff to meet the needs of the Private Banking unit.
Portfolio Management and Risk Mitigation:
  • Negotiate terms and conditions for financing proposals with clients, culminating in successful transaction closures.
  • Foster mutually beneficial relationships between clients and Private Banking/Wealth Management partners.
  • Deliver high-quality relationship banking and administrative support to a portfolio of complex, high net worth clients.
  • Anticipate client needs using knowledge of Scotiabank's diverse offerings and proactively deliver solutions.
  • Manage client relationships to ensure satisfactory operation of credit facilities and accounts.
  • Oversee commercial credit submissions and coach team members in credit writing skills.
  • Ensure compliance with regulatory guidelines and the Bank's Global Sales Principles.
  • Conduct periodic monitoring to confirm adherence to bank policies and effective risk management.
  • Report unusual or suspicious transactions in accordance with policies.
  • Escalate any fraudulent activities or compliance issues as necessary.
Operational Effectiveness:
  • Ensure effective daily management controls are in place.
  • Monitor non-interest expenses against budgets and provide explanations for variances.
  • Streamline workflows and organizational plans for efficiency.
  • Support the Manager, Client Services through coaching and participation in service meetings.
  • Address and resolve escalated client concerns to uphold the Bank's Customer Complaint Resolution Process.
Qualifications
  • Minimum of 5 years in commercial lending and 10 years in banking.
  • University degree (BComm, MBA, CFA) along with relevant industry certifications.
  • Proven experience as a banker with strong interpersonal, leadership, and business development skills.

Scotiabank is a leading financial institution in the Americas, committed to helping our customers, their families, and communities achieve success through a wide range of financial products and services.