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Head of Wealth Management Sales

2 months ago

Chicago, Illinois, United States Midland States Bank Full time
Director of Wealth Management Sales

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

At Midland States Bank, the base salary is a key element of our Total Rewards program. Actual compensation is influenced by factors such as education, skills, internal equity, and experience. This role also offers additional compensation through short-term incentives (e.g., bonuses and/or commissions) and may include long-term incentives (e.g., stock awards). Benefits for this position encompass comprehensive healthcare, well-being 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 the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.

Position Overview

The Director of Wealth Management Sales is tasked with overseeing all sales, service experience, and human capital elements of the wealth management division. This leadership role is essential for fostering growth and development within the Wealth, Financial Planning, and Financial Advisory sectors of the business line. Reporting to the EVP of 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, efficiently onboarding new clients, and developing strategies in Salesforce for effective follow-up and cross-selling. This position will lead and coordinate with various leaders within the division to establish consistent client engagement and sales behaviors across all roles in the Wealth division, including Financial Advisors, Wealth Advisors, and Retirement Planning Services.

Key Responsibilities

Team Leadership
  • Directs a team of professionals within a customer-focused culture to thrive in a dynamic environment.
  • Conducts coaching and feedback sessions as necessary, aligning with development plans and succession management, while managing the annual performance review process for direct and indirect reports.
  • Identifies high-potential employees for advanced training and development opportunities.
  • Effectively addresses underperformance issues.
Business Development
  • 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 (Centers of Excellence) approach to extend our reach beyond the current geographic footprint.
  • Collaborates with Wealth Executives to design, implement, and enhance usage of self-directed and hybrid investing technology and solutions.
  • Oversees the sales growth process by monitoring and establishing sales goals to achieve growth, revenue, and profitability targets for wealth management.
  • Actively engages in prospecting and developing high-value prospects and clients of the Bank to market trust and investment management services, while also 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 to platforms.
  • Promotes a unified approach to increase referral activities.
  • Enhances the use of digital tools, co-browsing, and account aggregation to ensure staff and client engagement.
  • Works with support and operations on process improvement and operational integrity.
  • Establishes and maintains a "planning as central" mindset and disciplined rituals to grow and deepen client relationships. 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.
  • Collaborates and plans 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 to enhance the Bank's image within community organizations and activities.
  • Participates in strategy, business review, and financial forecasting practices as necessary.
  • Upholds all ethics and sales incentive program parameters while monitoring risk.
  • As a working manager, provides joint calling assistance, referrals, and support to the team.
  • Achieves and exceeds all team goals related to revenue, pipeline targets, calling, and referrals.
Additional Requirements
  • The role necessitates regular travel for training and team meetings, with a willingness to travel periodically as needed. Mandatory in-person employee and client meetings.
  • Requires work in a Midland office to ensure collaboration and support of internal and external customers.
  • Adheres to compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
  • Other duties as assigned.
Position 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.
  • Minimum of 10 years of experience leading teams with demonstrated success in coaching and motivating team members.
  • Coaching experience leading team-based affluent and emerging affluent advisors, and associates/assistants.
  • Sales-oriented, friendly, 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.
  • Deep knowledge of investment products.
  • Excellent oral, written, and interpersonal communication skills with the ability to instruct others, interpret documents, and write reports and correspondence.
  • Excellent organizational and time management skills.
  • Ability to navigate complex problems involving multiple facets and variables in non-standardized situations.
Competencies:
  • Business insight
  • Cultivates innovation
  • Drives results
  • Makes sound decisions
  • Being a brand champion
  • Collaborates
  • Communicates effectively
  • Customer focus
  • Being Authentic
  • Emotional Intelligence
  • Self-development
  • Being flexible and adaptable
At Midland States Bank, we believe that when we can bring our whole selves to work each day, we become happier, more comfortable, more confident, and more excited to do great things for our customers, each other, and our company. We're 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 looking for a place to grow, we encourage you to apply at Midland States Bank, because you belong here.

If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources.

THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT

Compensation details: 00 Yearly Salary

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