Director of Private Banking Operations
4 weeks ago
Requisition ID: 203087
At Scotiabank, we are dedicated to fostering a results-oriented environment that values inclusivity and high performance.
Position Overview:
The Director of Private Banking Operations is accountable for overseeing a team of Private Bankers, Senior Associates, and Associates, ensuring excellence in client service, equitable distribution of responsibilities, and the achievement of the team's financial targets. As the Team Leader, the individual will focus on the development of team members, equipping them with the necessary skills and product expertise to offer a comprehensive range of deposit and lending solutions, including traditional retail products, money market instruments, tailored margin financing, hedging strategies, equity monetizations, leveraged insurance products, and real estate solutions. The role requires advanced knowledge in customized commercial lending, risk management, financial products, and wealth management solutions. The incumbent will establish strategies for relationship management and new business acquisition at the team level while enhancing existing client relationships. Additionally, the role involves executing marketing strategies that promote collaboration with Scotiabank partners to generate referral business from various channels.
Key Responsibilities:
Business Development:
- Lead a team of Private Bankers and Senior Associates to achieve 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 skill-building sessions to support team goals.
- Identify prospects and referrals through internal and external networks.
- Develop commercial credit proposals for clients and manage the approval process.
- Identify referral opportunities to various Scotiabank partners.
- Manage the team's new business pipeline and coach team members to convert opportunities into closed transactions.
- Maintain a robust prospect sales pipeline and conduct sales calls based on client information.
- Negotiate the unit's goals effectively.
- Utilize the Financial Planning process to understand client needs and facilitate referrals to the Team of Experts.
- Develop strong client relationships based on strategic approaches.
- Keep the Team of Experts informed about changes in client information and priorities.
Sales Management Leadership:
- Inspire and motivate 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 promote services and credit capabilities effectively.
- Determine client relationship assignments and account load distributions.
- Use observational coaching to ensure the team meets financial and developmental goals.
- Establish performance objectives and provide timely feedback regarding roles and expectations.
- Effectively utilize and develop staff to meet the needs of the Private Banking unit.
Portfolio Management and Risk Mitigation:
- Negotiate customized or standard banking terms and conditions with clients.
- Foster profitable relationships between clients and Wealth Management Partners.
- Provide relationship banking and high-quality administrative support to a portfolio of complex, high-net-worth clients.
- Anticipate client needs using knowledge of Scotiabank's diverse products and services.
- Manage client relationships to ensure satisfactory operation of credit facilities and accounts.
- Oversee commercial credit submissions and coach team members on credit writing skills.
- Ensure compliance with regulatory activities and guidelines.
- Maintain thorough knowledge of the Bank's Global Sales Principles.
- Conduct periodic monitoring to confirm compliance with bank policies.
- Monitor client account activity and report any unusual transactions.
- Escalate any fraudulent activities or unusual occurrences as necessary.
- Adhere to Bank standards to ensure compliance with regulatory requirements.
Operational Effectiveness:
- Ensure effective daily and periodic management controls are in place.
- Monitor non-interest expenses against planned budgets.
- Optimize workflows and organizational plans for efficiency.
- Provide guidance and support to the Manager, Client Services as needed.
- Review and resolve escalated client concerns to ensure effective complaint resolution.
Qualifications:
- Minimum of 5 years of experience in commercial lending and 10 years in banking.
- University degree (BComm, MBA, CFA) along with relevant industry courses.
- Proven experience as a banker with exceptional interpersonal, leadership, and business development skills.
Scotiabank is a leading financial institution in the Americas, committed to helping our customers achieve success through a wide range of services, including personal and commercial banking, wealth management, and investment banking. We value the unique skills and experiences of each individual and are dedicated to maintaining an inclusive environment for all.
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