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Deputy Director of Private Banking

3 months ago

Moncton, New Brunswick, Canada Scotiabank Full time

Requisition ID: 203087

Become part of a purpose-driven, high-achieving team dedicated to delivering results within an inclusive culture.

Role Overview:

The Deputy Director & Team Leader role is pivotal in overseeing the performance and success of a team comprising Private Bankers, Senior Associates, and Associates. This position entails managing client service delivery, work distribution, and achieving 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 knowledge 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 financing. The incumbent should have extensive expertise in customized commercial lending, risk management, financial products, and wealth management solutions. They will also formulate relationship management and new business acquisition strategies at the team level while nurturing existing client relationships. Additionally, the role involves executing marketing initiatives that cultivate strong partnerships with Scotiabank affiliates to generate referral business from clients and other internal and external sources.

Key Responsibilities:

Business Development:

  • Lead a team of Private Bankers, Associate Private Bankers, and Senior Associates to meet financial and developmental objectives.
  • Promote tailored Private Banking credit solutions to facilitate wealth creation and diversification strategies, as well as risk management.
  • Design and implement new business strategies to attract and retain high net worth clientele.
  • 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 both new and existing clients and manage the approval process.
  • Recognize referral opportunities to Scotia Private Client Group partners and other key divisions.
  • Oversee the team's new business pipeline and coach team members to convert sales opportunities into successful transactions.
  • Maintain a robust prospect sales pipeline through diligent sales calls and opportunity qualification.
  • Negotiate the unit's objectives effectively.
  • Utilize the Financial Planning process to gain a comprehensive understanding of client needs and facilitate referrals to the SPCG Team of Experts.
  • Establish multiple service client relationships based on formalized strategies.
  • Keep the designated Team of Experts informed about changes in client information and priorities.

Sales Management Leadership:
  • Inspire, coach, and motivate the sales team to achieve profit targets.
  • Develop individualized development plans to address competency gaps.
  • Enhance knowledge to ensure the sales team is equipped with all necessary service and credit capabilities.
  • Determine client relationship assignments and account load distributions.
  • Employ observational and results-based coaching to ensure the team meets key financial and developmental targets.
  • Set and monitor performance objectives, providing timely feedback regarding roles and expectations.
  • Effectively utilize and develop staff to meet the needs of the Private Banking unit and the Bank's long-term requirements.

Portfolio Management and Risk Mitigation:
  • Negotiate customized or standard Bank terms, structuring fees/interest rates, and documentation to finalize transactions.
  • Enhance profitable relationships between clients and Private Banking/Wealth Management partners.
  • Deliver relationship banking and top-tier administrative support to a portfolio of complex, high net worth clients.
  • Utilize knowledge of Scotiabank's diverse offerings to anticipate client needs and proactively deliver solutions.
  • Manage client relationships to ensure credit facilities and accounts operate satisfactorily.
  • Oversee and review commercial credit submissions and coach the development of credit writing skills.
  • Ensure compliance with regulatory guidelines, including Privacy and Anti-Money Laundering regulations.
  • Maintain thorough knowledge of the Bank's Global Sales Principles and adhere to them strictly.
  • Conduct periodic monitoring activities to confirm compliance with bank policies and effective risk management.
  • Monitor client account activity and report any unusual transactions as per policies.
  • Escalate any fraudulent activities or unusual occurrences as necessary.
  • Ensure adherence to Bank standards and policies to meet regulatory and compliance requirements.

Operational Effectiveness:
  • Ensure effective daily and periodic management controls are in place.
  • Monitor non-interest expenses against planned budgets, ensuring appropriate explanations for variances.
  • Ensure workflows and organizational plans are efficient.
  • Provide guidance and support to the Manager, Client Services through coaching and participation in meetings.
  • Review client concerns and resolve escalated issues to ensure effective complaint resolution.

Qualifications:
  • Minimum of 5 years of commercial lending experience and 10 years in banking.
  • University degree (BComm, MBA, CFA) along with relevant industry certifications.
  • Proven experience as a banker with exceptional interpersonal, leadership, and business development skills.

Scotiabank is a leading financial institution in the Americas, dedicated to helping customers, their families, and communities achieve success through a wide range of financial services, including personal and commercial banking, wealth management, and investment banking. We value the unique skills and experiences of each individual and are committed to fostering an inclusive and accessible environment for all.