Managed Accounts Supervisor

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Department Overview:

Supervision, Support and Governance (SS&G) is responsible for managing the overall risk and governance for BMO Private Wealth. The Managed Portfolio Account (MPA) Supervision team, which is part of the broader SS&G team, provides regulatory oversight for BMO Nesbitt Burns Managed Portfolio Accounts. The MPA Program is an ideal solution for high-net-worth clients who wish to delegate their day-to-day investment decisions to a qualified Portfolio Manager. Supervision of these accounts is a regulatory requirement.

Job description:

Working with the Director, Portfolio Management Supervision, other immediate team members and internal partners, the successful candidate has primary accountability to provide quarterly supervision of managed accounts in BMO Nesbitt Burns Managed Portfolio Account (MPA) program and (if licenced as a Portfolio Manager) will act as Direct Supervisor to Associate Portfolio Managers. This individual will also contribute to the ongoing management of the MPA Program, as well as enhance the program to meet the evolving needs of the marketplace and regulatory environment. Additionally, the individual will act as a subject matter expert on MPA program by providing consult to Portfolio Managers and other BMO partners.

The key accountabilities for this role include, but are not limited to:

Supervision of Managed Accounts

• Quarterly review of accounts in the MPA Program to ensure that each managed account conforms to the Client Account Agreement, MPA program investment guidelines and CIRO regulatory obligations.
• Coordinate with Branch Supervision resolution of any issues identified as a part of the quarterly oversight process and escalate issues where necessary.
• Make recommendations regarding the enhancement of the supervisory system for MPA accounts
• Co-present supervision updates and APM/PM candidates to the MPA Operating Committee
• As a member of the broader Supervision, Support and Governance team, support various broader initiatives from time to time.
• Act as Direct Supervisor for Associate Portfolio Managers which includes pre-approving their models (if candidate is PM licenced or eligible to get licenced)
• Other duties as assigned.

Risk Management and Control

• Contribute to the development of long-term strategic planning for the BMO Nesbitt Burns MPA Program
• Together with Director, Portfolio Management Supervision, ensure appropriate supervisory coverage is maintained at all times
• Screen internal applicants applying to get licensed as Associate Portfolio Managers and Portfolio Managers
• Attend MPA Operating Committee meetings to provide supervision updates and present Associate Portfolio Manager and Portfolio Manager candidates
• Facilitate responses to internal and external audit inquiries in coordination with the Director, Portfolio Management Supervision and fellow MPA Supervisors.
• Attend quarterly Portfolio Solutions Committee meetings in order to gain investment insights
• Participate in the annual review of MPA policies, procedures and guidance documents
• Focus on business ethics, regulatory and compliance practices

Coaching and Guidance

• Act as a relationship manager with Portfolio Managers and Associate Portfolio Managers in coaching on various oversight and portfolio modelling matters
• Promote risk awareness and a compliant environment
• Develop communications related to or in support of the MPA program
• Co-facilitate training for newly approved Associate Portfolio Managers and Portfolio Managers
• Provide on-going support and guidance to Branch Supervision teams

Key Interactions

The following internal interactions constitute an integral part of this position:

On-going interactions with Portfolio Managers, Associate Portfolio Managers, Regional Directors of Supervision, Regional Supervision Officers, Branch Supervision Specialists, Market Leaders, and fellow MPA Supervision team members

High level interactions with BMO Private Wealth Senior Leadership Team, and internal partners including Legal, Compliance, Governance, Practice Management, Wealth Learning, Communications, Investment Management Research team and Registrations. 

Accountable to Director, Portfolio Management Supervision.  

Qualifications / Skills / Experience

• Minimum 5 years experience in wealth management industry
• Strong understanding of portfolio management principles
• Clear understanding of the regulatory environment
• Good knowledge of equity and fixed income markets
• Strong problem-solving and decision-making skills with ability to effectively communicate
• Well organized, and able to execute well in a multi-task environment
• Field experience dealing directly with clients, Investment Advisors and/or Portfolio Managers and their teams
• Highly developed consulting skills
• Excellent interpersonal, communication and persuasion skills (verbal, listening, and writing)
• Solid presentation skills
• Strong proficiency in MS Office applications
• Bilingual (French/English) (preferred but not mandatory).

Specific Educational Requirements / Accreditations

• CFA or CIM designation in good standing (or working towards obtaining these designations)
• CIRO licensed as Portfolio Manager and Designated Supervisor of Managed Accounts or meets the proficiency requirements to apply to get registered in these categories
• University degree or College Diploma in business or related field preferred.

Salary:

Pay Type:

The above represents BMO Financial Group's pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.

BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: 

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

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BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.