Private Banker 1 (Halifax) recruitment
Private Banker I
Halifax Nova Scotia - relocation assistance can be provided for candidates located in Canada
At our company, we have been helping our customers and communities for over 190 years. Working with us means being part of a team of talented, passionate individuals with a shared focus on working together to deliver great customer experiences. We stand behind your success with the support you need to turn your potential into performance.
BMO Financial Group is committed to an inclusive, equitable and accessible workplace. By embracing diversity, we gain strength through our people and our perspectives.
At BMO Harris Private Banking we challenge successful Canadian families to take action on what’s important to drive exceptional outcomes today and through times of transition.
MANDATE:
The Private Banker is accountable for providing relationship management, a superior client experience and integrated financial solutions to a portfolio of borrowing and non-borrowing Platinum Banking clients. The role is accountable for contributing to the market business plan and supporting strategies by effectively managing the retention and expansion of existing relationships and attracting new clients with an objective of profitably growing the overall revenue.
The Private Banker provides banking and lending services to support the achievement of market business goals, and makes credit recommendations and decisions in accordance with sound credit-granting principles and in accordance with the Bank’s Policies Procedures. Through an advisory financial planning based approach, the role works in a deal team environment offering high net worth clients and prospects integrated wealth management solutions through the services of BMO Harris Private Banking and BMO Financial Group, either directly or through referral to business partners.
KEY AREAS OF ACCOUNTABILITY
A. Client Relationship Management
B. Business Delivery
C. Risk Management and Control
D. Business Development
ACCOUNTABILITIES
A. Client Relationship Management
- Accountable for the quality of opportunity, quality of information obtained to support decisions, and the profitability of each relationship managed.
- Provide superior service to an assigned portfolio of high net worth clients with an objective of becoming their trusted advisor.
- Apply relationship management principles and techniques to an assigned portfolio of clients and to prospects, providing a unique, value-added client experience in the development of integrated financial solutions to meet client needs.
- Provide proactive, integrated and customized advice, and create and implement planning strategies to help clients achieve their financial and personal goals.
- Maintain strong knowledge and understanding of financial planning principles, incorporating this approach into each client’s personal financial situation in the development and implementation of planning strategies to help clients achieve their financial and personal goals.
- Demonstrate a consultative and collaborative selling approach in customer conversations, acting as a lead or a secondary member of a client deal team in the facilitation of the desired BMO Harris Private Banking client experience and to achieve business goals.
- Manage the transition of clients to and from the portfolio using defined processes.
B. Business Delivery
- Recommend plans for and work to achieve annual performance objectives and results for business and personal growth.
- Provide day-to-day training and support to other banking personnel. Training and support may include providing guidance on credit-related issues, specific client issues and queries, and assistance with operational processes.
- Use financial planning skills to effectively apply financial planning concepts against each client’s personal and financial situation.
- Maintain up-to-date knowledge and understanding of banking products, processes, and relevant legal, regulatory and technology requirements.
- Contribute to the assigned portfolio’s profitability through strict control of non-interest expense items and profitable pricing practices for credit and non-credit products and services.
- Provide timely and effective problem resolution, escalating customer issues as necessary.
- Maintain effective relationships with Private Banking Officers, Professional Services Managers and other deal team partners to build a collaborative working environment that focuses on client needs and the delivery of the desired client experience
C. Risk Management and Control
- Protect the Bank’s assets by adhering to all policies and procedures, lending processes, legal and ethical requirements and regulations, audit requirements, and established risk guidelines. Ensure all business is in conformity with Bank Policies and other guidelines.
- Respond to questions and resolve issues raised on assigned portfolio, through audits and quality checks to ensure lending decisions are adequately documented, clearly communicated and followed.
- Manage risk and minimize losses through monitoring and control reports, ensuring compliance requirements audits and verifications are completed in accordance with Bank Policies Procedures and all legal, regulatory and ethical requirements.
- Document and follow-up on any discrepancies to procedures, with significant operational risk and escalate.
- Adhere to Know Your Customer standards, policies and procedures for the prevention of loss due to fraud, counterfeiting, money laundering, or defalcation; identify and report suspicious and other reportable transactions or patterns of activity that are suspected to be related to money laundering.
- Maintain up-to-date knowledge and understanding of all banking products, processes, and relevant legal, regulatory and technology requirements.
- Adhere to all aspects of First Principles our code of business conduct and ethics, including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities.
- Mitigate risks identified and make credit recommendations and decisions that are in accordance with sound credit-granting principles and in compliance with the Bank’s philosophy and principles as outlined in Corporate Risk Policy as well as appropriate supporting policies and procedures.
- Exercise individually held unilateral discretionary limits, as well as any held prescribed approval discretionary limits, ensuring credit decisions and recommendations are in accordance with sound credit-granting principles and in compliance with the Bank’s policies and related procedures; completing analysis; confirming security valuations; completing and approving credit applications for authorizations under Consumer or Commercial lending policies.
- Liaise with or escalate to appropriate BMO Harris Private Banking partners and leadership and Credit early in the process when significant deteriorating trends are evident, working with them to engage other BMO specialty roles or Collections/ as appropriate to ensure Bank assets are adequately protected.
- Respect the Bank’s credit process and is accountable for proper structuring of credit transactions, for provision of accurate and complete data to the credit system, for ensuring appropriate investigation to minimize risk to the Bank, and for the quality of credit granting and loan documentation.
D. Business Development
- Develop a 12 to 18 month rolling plan to achieve targets.
- Work in a deal team environment with other professionals using planning based approach to develop, maintain and execute an ongoing growth and retention strategy for clients within the portfolio. When acting a lead relationship manager, assemble and lead deal team participation of professionals appropriate to client needs.
- Continuously look for ways to enhance the BMO Harris Private Banking and BMO Financial Group presence in the marketplace by crafting innovative business development strategies and work closely with other BMO Harris Private Banking and BMO Financial Group professionals in support of their business development activities.
- Develop profitable new business leads through extensive internal l networks. Act as an ambassador to assist BMO Financial Group in enhancing its marketplace presence and growing its services in the community.
- Provide a strong level of understanding of the financial services, financial planning and investment management industries to effectively implement appropriate business development strategies.
- Negotiate appropriate pricing using discretion where required to build a profitable portfolio
- Enhance Private Bank’s profile by participating in meaningful and focused business and community activities, seeking out and creating opportunities to generate new Private Banking business
AUTHORITIES:
To deliver on these accountabilities, the incumbent must have the following authorities:
- Credit/Lending -- Credit authority to recommend or approve lending transactions as individually authorized through the qualification process.
- Coordinating -- Authority to coordinate work and call people together to discuss and clarify issues, and can persuade people to change course or act in concert with one another.
- Information Access -- Authority to access and utilize customer and financial information.
- Pricing -- Pricing authority within delegated discretion.
- Financial Planning – Authority to impart financial planning advice in accordance with accredited financial planning designation.
CROSS-FUNCTIONAL RELATIONSHIPS:
This role requires the incumbent to interact with the following groups:
Professional Services:
- Proactively share customer information.
- Work collaboratively to develop new business opportunities and proactively share insights and ideas to all deal team members.
- Take ownership of client issues and loan approval process and escalate as required in accordance with established credit guidelines.
- Promptly action requests for additional information, deteriorating risk or early warning signs.
- Provide information required for credit preparation for new and existing credits and annual reviews.
Private Banking Officers:
- Proactively share customer information to enable PBO to provide superior level of customer service to clients.
- Provide requests for security preparation, security verification and loan drawdown requests.
- Provide requests for banking services set-up and servicing.
- Identify sales and referral opportunities within existing client base.
Credit Department:
- Provide timely advice of deficiencies, material exceptions, deteriorating risk and early warning signals.
- Approval of credit transactions.
- Receive advice relative to application of credit skills
Investment Counsellors and Wealth Services Professionals:
- Work in a deal team environment to develop new opportunities and provide creative solutions.
- Work collaboratively to develop new business opportunities and proactively share insights and ideas to all deal team members.
- Identify referral opportunities.
SCOPE AND IMPACT:
This role functions as the key Relationship Manager.
Target Relationship Income Range $250,000 or more per year (family income)
Target Relationship Net Worth $2.5 million or less
Portfolio size 200 or more relationships
Portfolio Revenue $750,000 to $1.5 million (annual)
BMO Financial Group referral revenue $50,000 (annual)
a) Knowledge:
- Undergraduate University degree or equivalent job-related experience
- 3 to 5 years banking experience
- Basic knowledge of Personal and Commercial credit and non-credit products.
- Discretionary Personal credit limits for Private Banking transactions.
- Financial Planning designation or in progress.
- RISR (Registered Investment Sales Representative) designation ( minimum IFIC completed; CSC completed or in process)
b) Skills:
- 1 to 2 years high net worth client experience in business development
- Basic experience in planning conversations
- Working sales and client service skills
- Working business development skills with successful track record
- Working level interpersonal and communication skills
- Analytical thinking in a systematic way and developing solutions
- In-depth relationship management skills to effectively manage relationships across multiple levels of the organization, across lines of business, across various BMO Financial Group partners, and with non-BMO contacts and sources.
- Able to work independently, resolving complex or ambiguous issues or situations.
BMO Financial Group thanks all applicants. We advise only those who qualify for an interview will be contacted.