Head of Wealth Management Sales

Head of Wealth Management Sales

Salary: $175,500 - $255,000 annually

At Midland States Bank, the base salary is just one part of our comprehensive Total Rewards program. The specific compensation is influenced by various factors including education, skills, internal equity, and experience. This role also offers additional compensation through short-term incentives (such as bonuses and/or commissions) and may include long-term incentives (like stock awards). Benefits for this position encompass extensive healthcare, wellness benefits, paid family leave, and generous paid time off. Total Rewards also feature banking perks, an Employee Stock Purchase Plan, a 401K plan with company match, and may include opportunities to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility criteria.

Position Overview

The Head of Wealth Management Sales is tasked with overseeing all sales, service experience, and personnel aspects of the wealth management division. This leadership role is pivotal in fostering growth and development within the Wealth, Financial Planning, and Financial Advisory sectors of the business line. Reporting to the EVP – Wealth Management, this position collaborates with business line leaders to devise and implement effective wealth management strategies aimed at acquiring, deepening, and retaining wealth clients. This includes strategies for identifying consumer and business investor needs, onboarding new clients effectively, and developing strategies in Salesforce for efficient follow-up and cross-selling.

Key Responsibilities

For a detailed overview of this role and expectations, please scroll down.

Team Leadership

• Leads a team of professionals within a customer-focused culture to thrive in a dynamic environment.
• Conducts coaching and feedback sessions as necessary, aligned with development plans and succession management, while managing the annual performance review process for both direct and indirect reports.
• Identifies high-potential employees for advanced training and development opportunities.
• Effectively addresses performance issues.

Business Growth

• Recruits, leads, and develops Financial Advisors, Wealth Advisors, Client Service Associates, and Retirement Planning Services talent to engage in business development, retention, and deepening while also referring clients and prospects to Midland Trust Company and other areas of Midland States Bank.
• Designs, implements, and expands a Branch-based and Virtual/Remote Advisory business model and team. Establishes plans to scale and grow a remote advisor approach to extend our reach beyond the current geographic footprint.
• Collaborates with Wealth Executives to design, implement, and enhance self-directed and hybrid investing technology and solutions.
• Drives the sales growth process by monitoring and establishing sales goals to meet growth, revenue, and profitability targets for wealth management.
• Actively engages in outreach to develop high-value prospects and clients of the Bank to market trust and investment management services, while working with centers of influence to cultivate similar business opportunities.
• Demonstrates a proven track record of accelerating organic growth in fee-based AUA.

Strategic Initiatives and Client Relationship Management

• Partners with Senior Leadership to design and implement business processes that enhance client experience, practice management, overall service, and profitability while minimizing business risks to support organizational growth.
• Collaborates on Salesforce design for wealth and API integration with platforms.
• Promotes collaborative behaviors to increase referral activities.
• Enhances the use of digital tools, co-browsing, and account aggregation tools to ensure staff and client engagement.
• Works with support and operations teams on process improvement and operational integrity.
• Establishes and maintains a mindset focused on planning to deepen client relationships, ensuring planning penetration with both new and existing tiered clients across all sales leadership areas.
• Leads cultural and process changes in bank and advisor book acquisition strategies.
• Plans and collaborates on client events and virtual forums to engage clients and prospects.
• Utilizes Advisor support tools and Investment Asset Management expertise to provide optimal solutions for clients.
• Models effective recruiting, selling, and client engagement strategies while also serving top clients.
• Represents the advisor group in community organizations and activities to enhance the Bank's image.
• Participates in strategy, business review, and financial forecasting practices as needed.
• Upholds all ethical standards and sales incentive program parameters while monitoring risk.
• As an active manager, provides joint calling assistance, referrals, and support to the team.
• Meets and exceeds all team goals related to revenue, pipeline targets, calling, and referrals.

Additional Information

• This role requires regular travel for training and team meetings, along with a willingness to travel periodically as needed.
• Collaboration in a Midland office is necessary to ensure support for internal and external customers.
• Compliance with all applicable regulations, including the Bank Secrecy Act (BSA), is required.
• Other duties may be assigned as necessary.

Qualifications

Education/Experience:

• Bachelor's Degree in Business, Finance, or a related field, or equivalent experience.
• Advanced degree (J.D. or MBA) preferred.
• 10 or more years of previous experience in financial services, sales/relationship development management; advanced designations and/or preparatory work or guidance may sometimes be assessed in lieu of experience.
• Preferred licensing and experience with Insurance, 6/63, SIE, 7, and supervision.
• Preferred Certified Financial Planner (CFP) or additional professional certifications.
• A minimum of 10 years of experience leading teams with demonstrated success in coaching and motivating team members.
• Experience in coaching team-based affluent and emerging affluent advisors, and associates/assistants.
• Sales-oriented, personable, and persuasive personality.
• Professionalism, ethics, and courtesy in interactions with customers and bank employees.
• Effective communicator and engagement catalyst.
• Self-starter, energetic, assertive, curious, innovative, and growth-focused.
• In-depth knowledge of investment products.
• Excellent oral, written, and interpersonal communication skills with the ability to instruct others, interpret documents, and compose reports and correspondence.
• Strong organizational and time management skills.
• Aptitude for addressing complex problems involving multiple facets and variables in non-standardized situations.

Competencies:

• Business insight
• Cultivates innovation
• Drives results
• Makes sound decisions
• Acts as a brand champion
• Collaborates effectively
• Communicates proficiently
• Focuses on customer needs
• Demonstrates authenticity
• Exhibits emotional intelligence
• Commits to self-development
• Shows flexibility and adaptability

At Midland States Bank, we believe that bringing our whole selves to work each day fosters happiness, comfort, confidence, and enthusiasm to achieve great things for our customers, colleagues, and our company. We are proud to be an Equal Opportunity and Affirmative Action employer. At Midland, we recruit, employ, train, compensate, and promote without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. If you are seeking a place to grow, we encourage you to consider a career with Midland States Bank, where you belong.

Note: This job description does not constitute a contract for employment.