BMO Financial Group Managing Director, Private Bank in Virtual, Utah
The Managing Director (MD) has primary accountability and leads a Client Strategy Team of wealth management professionals (sales, service & support) who provide financial planning and specialized expertise in banking, investment management or wealth services to high-net-worth clients and prospects and ensures that the Go-To-Market model and desired client experience is delivered. The MD leads strategic initiatives and client segmentation for the market to ensure that clients and prospects are receiving the depth of capabilities available by BMO Financial Group and BMO Wealth Management in an integrated manner.
The MD is responsible for effectively executing on recruitment, hiring, coaching, sales, and performance management of an integrated team of market professionals with emphasis on revenue generating sales roles including the Private Wealth Advisors, Senior Private Bankers and Senior Fiduciary Officers.
The Managing Director, in conjunction with the Regional President and in partnership with the National Client Experience and Sales Enablement office, develops and leads the implementation of the Go-To-Market strategy ensuring that all financial and strategic key performance indicators are met. The MD is responsible for executing BMO Wealth Management’s strategic revenue generating opportunities, such as, Client Groups, the Commercial Wealth Initiative and Women & Wealth, as well as productivity enhancement tools and BMO expert centers.
The Managing Director represents BMO Wealth Management in community and public events, supporting the overall brand image and with all internal BMO partners.
• Set appropriate context and direction for the strategic vision within the region, ensuring alignment with the Go-To-Market model
• Ensure all client experience standards and go-to-market approach are met, clients are properly tiered and proactive outreach goals are met. Primary objective: industry leading Net Promotor Scores for target clients.
• Establish a two-way working relationship with direct reports to solicit their views on business opportunities, the working environment, potential changes affecting their work, continuous.
• Establish and enhance BMO Wealth Management’s profile in the community by participating in worthwhile business and community activities and seeking out and creating opportunities to promote BMO and BMO Wealth Management. This includes public speaking, presentations, client events, employee events, community events, social media activity (as approved within BMO’s Social Media guidelines) etc.
• Develop internal and external networks and referrals sources to ensure the ongoing growth of the business within the region
• Receive introductions from and make introductions to BMO partners in Commercial Banking, Capital Markets, Mortgage Lending, BMO Investment Services, Premier Banking, Retail Banking, etc.
• Look for opportunities to properly align clients to centralized Wealth services (e.g. Wealth Support Team, PCI/WMTA,) and/or optimize clients to the proper BMO segment to better meet client needs (e.g., Retail, Premier, BMO Investment Services, BMO Family Office)
• Lead and educate professionals on the benefits of utilizing expert centers for enhanced client service and efficiency. Expert centers include but are not limited to: Wealth Support Team, Private Client Investment, Estate Administration etc.
• Develop and maintain effective relationships with other BMO Financial Group executives in the region to ensure ongoing collaboration and clarity to drive overall business growth for BMO Financial Group
• Develop strong relationships with key players in the external investment community and other professional
networks/associations to support the brand image of BMO Wealth Management within the region.
Sales/Sales Management and Coaching:
• Sales coaching and sales management along with relationship management role will attract, retain, and grow a portfolio of prospect and client relationships by providing a consistently exceptional prospect and client experience while expanding the BMO share of wallet.
• Sales management utilizing Salesforce dashboards and pipelines with emphasis on data entry and quality for new and expanded opportunity through the sales cycle.
• Participate in pre-call planning and post-call review meetings with Client Strategy Team members to: evaluate changing client needs, increase communication with client and deliver on the BMO Private Bank Value Proposition and to ensure delivery of BMO Wealth Management full breadth of capabilities are offered and that proactive value add advice is delivered to clients and prospective clients.
• Participate in client calls and post-call meeting giving the sales professional feedback on success’ and missed opportunities. In- the- moment coaching.
• Coaching and supporting market team members and holding them accountable for standards of excellence.
• Effectively expand client relationships and grow revenue to achieve sales targets by leveraging Client Groups to increase BMO share of wallet through the acquisition of assets under management, custom and standard loans, deposits, wealth planning, mortgage, or other client centered services.
• Setting individual and market team sales, assets under management and loan growth targets to ensure market growth and penetration.
• Creating an effective sales culture in which individual and market team quality goals are met.
• Providing sales management direction through review and analysis of market trend data, pipeline reports, call reports, and win/loss trends.
• Ensure and over see the utilization of sales enablement tools including but not limited to: Salesforce dashboard management, Wealth Engine, Factbook +, Client Presentation Tools, etc.
• Executing on BMO Wealth Management/ BMO Private Bank defined strategies and initiatives in the assigned market.
•Meet or exceed BMO Wealth Managements market level key performance indicators.
•Developing and implementing tactical market plans in support of BMO Private Bank’s strategy.
•Providing vision, direction and leadership to his/her market and team.
•Ensure all team members work together to deliver the BMO Private Bank LRM/ client/ prospect experiences.
•Leading execution of wealth strategic initiatives for mass affluent, high net worth and ultra high net work client segments.
• Work in conjunction with the Regional President to develop an effective Client Strategy Team of highly competent market professionals; develop and maintain a reputation in the marketplace as the recognized wealth management firm and employer of choice.
• Identify, cultivate, and recruit top market talent for key sales and discipline growth roles.
• Effectively manage the onboarding of new employees and ongoing employee experience.
• Talent/Performance management and to include annual reviews, salary, and compensation reviews.
• In conjunction with the employee, create development plans that aligns with the employee’s career objectives and aspirations.
• Advocate for the employee during talent roundtables and encourage cross collaboration and exposure to other disciplines or lines of business.
• Overseeing and ensuring that the team is performing effectively and collaborating effectively.
· Building and maintaining strong linkage between BMO Wealth Management’s key business partners including BMO Family Office Advisors, BMO Investment Services Financial Advisors and BMO Private Bank team members to present one wealth team to BMO Personal & Business Banking and BMO Commercial & Capital Market partners.
Clients / External Marketing :
• Creating strategies for client expansion and retention in the markets.
• Providing an important, independent value-adding relationship contact for selected prospects and current clients.
• Providing expertise and leadership in market-related activities to ensure visibility and generate long term business development opportunities.
• Be visible and known in the market to generate business.
• Ensuring clients are being directed and serviced in the appropriate wealth segment offering.
• Engage clients and prospects in BMO sponsored networking events, such as economic and market outlook events, wealth planning seminars, arts, entertainment, and sporting events.
• Develop and leverage a personal network in the local community and serve on community boards.
• Directly responsible and accountable as an in-market leader for the internal control system, compliance and risk management of their team and their team’s activities.
• Responsibility to partner with the appropriate risk management teams to prevent and mitigate and
• Understand and comply with BMO policies, procedures, and governmental regulations. risks.
• Lead and advise the Client Strategy Team on appropriate pricing and business segment structure to deliver an effective client experience within BMO Financial Groups tolerance.
• Conduct at risk analysis for clients on a regular basis to increase client retention.
• Develop a relationship with top 20 clients to ensure retention.
Knowledge & Experience:
Management of integrated wealth management teams.
Leadership, development, and execution of strategic initiatives.
10+ years of experience in working with HNW clients and equivalent knowledge base.
Broad knowledge of all facets of wealth management client segments and client needs. (mass affluent, high net worth/ultra-high net worth).
Thorough knowledge of Wealth Management offering and Bank products, services, and capabilities. (deposit, custom lending, fiduciary administration, and investment management).
Bachelor’s Degree Required.
CFP, CPWA, MBA, CPA, CTFA, and / or JD or equivalent experience is a plus.
High emotional intelligence
Ability to anticipate business and client needs based on client lifecycle and changing business/economic environment
Comfortable exploring beyond one's area of technical expertise (i.e., Discipline)
Energized by interaction with clients
Ability to make an emotional connection with employees/clients.
Proven track record in building a business, owning a practice, and executing on strategies
Adept at motivating and orchestrating teams
Strong verbal and written communication skills and open communication style
Ability to negotiate and influence
Ability to work effectively within a matrix management framework
We’re here to help
At BMO Harris Bank 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 Harris Bank 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.
To find out more visit us at https://jobs.bmoharris.com
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