Vice President, Wealth Management - Partner - YNCU

JOB DESCRIPTION

JOB TITLE: Vice President, Wealth Management

BRANCH/DEPARTMENT: Wealth

REPORTS TO: Chief Executive Officer

JOB SUMMARY:

Reporting to the Chief Executive Officer (CEO), the Vice President (VP) Wealth Management at YNCU is responsible for and oversees the Enterprise Strategy for Wealth and has direct accountability for the Wealth team. The role is responsible for sound advice delivery, financial performance, operational efficiency and compliance related matters within the Wealth business.

As the leader for the Wealth business, VP Wealth Management will be accountable for all aspects of wealth, including working with the Retail, Commercial and Small Business Teams to be a champion for Wealth Management. They are an advocate for our members and focus on ensuring that at YNCU, we are delivering a “people first” approach on how we do business, with a specific focus on providing our members with advice that helps them achieve their financial goals.

The VP, Wealth Management role includes strategic and operational leadership of the wealth management business, working with other business leaders and managers to meet the strategic and business goals of the organization.

The VP Wealth Management has the responsibility of balancing all stakeholder needs and interests, and ensuring YNCU is providing advice that is in the best interest of our members.

KEY ACCOUNTABILITIES OF THE VP, WEALTH MANAGEMENT ROLE

·         As a direct report to the CEO, the VP Wealth Management, actively participates in helping to set and achieve the strategic direction and aspirations of the organization

·         Accountable for the implementation of organization strategies, policies, programs, initiatives and standards to support and accomplish short- and long-term goals for areas of Wealth Group Management.

·         Monitor and review wealth management term’s portfolio growth/mix to ensure use of appropriate product solutions that are in the best interest of our members

·         Provides input into the development and responsible for the implementation of annual operating plans and budgets.

·         Leads all aspects of promotions, sales and delivery of wealth management and insurance products and services

·         Recommends new wealth management and insurance products and services aligned to the needs of our members

·         Identifies opportunities, builds relationships and collaborates with key internal and external networks, resources and departments across all business lines to meet objectives and maximize opportunities.

·         Ensures adherence to all policy, compliance and privacy, standards to ensure that YNCU is following all statutory and regulatory requirements.  

·         Through effective and strategic leadership, ensures goals and objectives of direct reports are met.

·         Participates as a member of the senior management team in the strategic planning process for the organization; identifies short- and long-term goals and objectives; contributes to the design and development of policies and programs to meet those goals; provides technical advice and consultative support in areas related to Wealth Management.

·         Owns partner relationship with Aviso, our wealth services supplier partner.

Leadership

·         Accountable for the overall leadership, supervision, coaching and development of direct reports to deliver on outcomes for the strategic vision.

·         Provides effective leadership to the team by creating a trusted environment that fosters collaboration and innovation, ensures a respectful, engaging and productive work environment and positive culture.

·         Provides leadership with respect to performance management, employee engagement, succession planning, and retention of talent.

·         Provides and models strategic leadership in leading, developing, coaching and managing direct reports and working with other businesses across YNCU as a Champion for Wealth

·         Cascades and communicates strategic business decisions with the management team and supports the teams in developing business-unit level solutions that span across the organization.

·         Develop a vision for wealth for the future that is scalable.

Planning, Budgeting, Analytics and Reporting

·         Is an advocate for wealth in all strategic, business development and operational plans to support the overall vision for Wealth across YNCU.  

·         Oversees the development and implementation of a market business development plan with direct reports to support the achievement of the goals and objectives established ensuring alignment with the overall regional strategic business plan.

Business Development

·         Accountable to identify opportunities, networks, and collaborate with key resources and departments across all business lines to drive business growth and meet objectives.

·         Accountable to identify and execute business development plans for all Wealth team members with a focus on the integrated offer for Wealth to attain business growth and maintain existing Wealth clients.

·         Provides oversight for the development and implementation of a business plan and budget for the division with clearly defined annual objectives that drive client, relationship and revenue growth.

·         Leads the direction to continuously improve operational performance of wealth management on key dimensions such as EBITDA, net sales, turn ratio, employee engagement & client satisfaction (NPS).

·         Is a leader in sales and marketing supporting and expanding the overall visibility and reputation for YNCU Wealth.

·         Accountable to establish and enhance Wealth presence in the community by participating in community events and seeking out opportunities lead and/or participate in.

·         Establish and maintain strong relationships with key members of the community and other professional networks/associations to increase the reputation of Wealth.

Sales Management

·         Accountable to achieve financial goals through effective sales and service initiatives.

·         Accountable to develop and maintain an engaged employee culture that inspires innovation, creativity, collaboration, diversity and supports achievement of the business goals and increased employee productivity

·         Advocates the Wealth member experience, identifying areas for development, best practices and areas of succession by monitoring targets against projections in order to establish an environment that ensures consistent superior customer service to all clients and prospective clients.

 COLLABORATION AND RELATIONSHIP MANAGEMENT

• Liaise with and influence internal and external stakeholders to ensure continuation and growth of YNCU’s Wealth and Insurance business
• Participate as a key decision-maker on major projects and initiatives within YNCU.

QUALIFICATIONS

• Bachelor’s degree in Finance
• 10+ years of Wealth Management Experience
• Extensive knowledge of banking and issues related to the operation of a Credit Union in Canada
• Demonstrated strategic, tactical and analytical skills with the ability to link specific and emerging needs to the short- and long-term goals of YNCU.
• Experience working in a financial institution with working knowledge of banking systems is an asset
• Ability to travel to all YNCU locations
• Must be bondable

COMPETENCIES/SKILLS:

• High level of integrity, ethics, and professionalism, maintain confidentiality of sensitive and proprietary information
• Strong interpersonal and communication skills, with the ability to influence stakeholders at all organizational levels, to achieve common goals
• Ability to work under pressure, effectively solve problems and adapt to changing environments
• Ability to perform in a fast paced, complex environment where regulator, Member, technology and business demand is growing at a rapid rate.
• Strong leadership and team-building capabilities
• Results-driven with a focus on organizational growth and sustainability
• Strong planning, analytical, organizational and time management skills
• Solid-reasoning and judgement decision making skills
• Responsive to requests and needs of others
• Ability to build relationships within the department and across YNCU, as well, ability to work independently and as a team member
• Ability to embrace and manage change