This position is an entry level Private Banking relationship management role.
The Senior Associate, Private Banking possesses knowledge of financial products and services, wealth management, retail lending and credit risk management.
This position supports the Private Banker with acquisition of new clients and the cross-sell, up-sell, and retention of existing high value Wealth Management clients. The incumbent will support the Private Banker in identifying high net worth prospects with complex lending needs in target markets, developing acquisition strategies, growing relationships, maintaining a sustainable prospect sales pipeline, conducting sales calls and qualification of opportunities based on customer information and due diligence.
- Manage a portfolio of clients and risk mitigation by:
- Working directly with credit partners on lending, negotiating standard Bank terms, conditions, structuring fees, interest rates and documentation.
- Providing relationship banking and the highest quality of administrative support to a portfolio of complex, high net worth clients
- Using knowledge of Scotiabank’s diverse products and services to anticipate client needs and proactively deliver solutions through referrals to other Bank partners.
- Managing client relationships to ensure that credit facilities and accounts are operating satisfactorily.
Proactively identifying and mitigating problem loans, including bringing potential problems under correspondence as soon as identified.
- Contribute to business development by:
- Actively marketing customized Private Banking solutions (Total Wealth Credit Solution), to support wealth creation or diversification strategies, insurance solutions, currency and interest rate risk management.
- Supporting the execution of new business strategies to attract and retain high net worth clients. Develop client management plans and make referrals that result in deeper client relationships.
- Developing an in-depth understanding of client needs and identifying referral opportunities to: Private Investment Counsel, Scotiatrust, ScotiaMcLeod, Commercial and Retail Bank, and MD Management.
- Identifying prospects and referrals from internal and external networks / COI’s
- Engaging and informing client management partners as to changes in client information and priorities.
- Maintain operational effectiveness by:
- Ensuring daily and periodic management controls are in place and effective
- Monitoring non-interest expenses against planned budgets, ensuring that the Client Service Lead has appropriate and reasonable explanations for variances
- Reviewing, resolving and/or escalating client concerns and issues and ensure that the Bank’s Customer Complaint Resolution Process is in place and effective.
- Ensuring strict adherence to Bank security procedures, including assigned authorities and limits
- Ensuring compliance with regulatory requirements and guidelines, including Privacy, Anti-Money Laundering/Anti-Terrorist Financing, FCAC, Know Your Customer, CDIC, Occupational Health & Safety
- Reporting fraudulent activities, unusual occurrences, issues, deficiencies, or trends as applicable
- Actively supporting credit risk management by:
- Fulfilling all credit requests through adjudication processes or working with credit partners to develop commercial/customized credit proposals.
- Ensuring credit facilities operate within authorized terms and conditions.
- Ensuring the Bank's exposure is protected by way of adequate security requirements (if required) and appropriate credit conditions, resolving any issues that may arise. When applicable, escalate concerns.
- Developing sound commercial underwriting skills.
- Ensuring security documentation is accurately prepared, complete, registered and renewed as required.
- Contribute to the effective functioning of the Private Banking and Centre team by:
- Participating actively in team learning development activities and team performance achievements.
- Building effective working relationships across the team and with various business line and corporate contacts
- Maintaining a high level of customer service
- Facilitating a culture of open and honest communication
- Actively participating and contributing to touch bases and team meetings
- Encouraging the generation of new ideas and approaches
- Actively share knowledge and experience to enhance the development of all team members
- Developing and executing a meaningful employee development plan
Skills & Experience / Compétences & expérience
• Bilingual would be considered and asset.
• Must have a good understanding of relatively complex tax, estate and financial planning
and investment vehicles
• Must be able to relate comfortably with affluent and influential clientele in both business
and social situations
• Ability to demonstrate a high degree of poise and professionalism at all times
• The successful completion of a course of study that will enable registration with the
appropriate provincial securities commission to obtain a license to sell mutual funds; PFP
designation (ICB Certificate of Achievement – Advanced Personal Finance in Quebec) or
Bank recognized equivalent
• Knowledge or previous exposure to customized lending is an asset
• University or community college degree preferred