Vice President of Wealth Management Sales

Position Overview

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

At Midland States Bank, the base salary is just one part of our comprehensive Total Rewards program. Actual compensation is influenced by various factors including education, skills, internal equity, and experience. This role also provides 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 options, well-being programs, paid family leave, and generous paid time off. Total Rewards also feature banking benefits, an Employee Stock Purchase Plan, a 401K plan with company matching, and the potential to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility criteria.

Role Summary

The Director 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 across Wealth, Financial Planning, and Financial Advisory sectors. Reporting to the EVP of Wealth Management, this position collaborates with business line leaders to formulate and implement effective wealth management strategies aimed at acquiring, deepening, and retaining wealth clients. This includes identifying consumer and business investor needs, efficiently onboarding new clients, and developing strategies in Salesforce for effective follow-up and cross-selling. The Director will coordinate with various leaders within the division to establish consistent client engagement and sales practices across all roles, including Financial Advisors, Wealth Advisors, and Retirement Planning Services.

Key Responsibilities

Team Leadership

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

Business Growth

• Recruits, mentors, and develops Financial Advisors, Wealth Advisors, Client Service Associates, and Retirement Planning Services talent to drive business development, retention, and client referrals to Midland Trust Company and other areas of Midland States Bank.
• Designs and expands a Branch-based and Virtual/Remote Advisory business model and team, establishing plans to scale and grow a remote advisor approach to extend our reach beyond current geographic boundaries.
• Collaborates with Wealth Executives to design, implement, and enhance self-directed and hybrid investing technologies and solutions.
• Oversees the sales growth process by monitoring and establishing sales targets to meet growth, revenue, and profitability objectives for wealth management.
• Actively engages in prospecting and developing high-value prospects and clients 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 Assets Under Administration (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 management and API integration with various platforms.
• Promotes unified behaviors to increase referral activities across the organization.
• Enhances the use of digital tools, co-browsing, and account aggregation to ensure staff and client engagement.
• Works with support and operations teams on process improvement and operational integrity.
• Establishes and maintains a mindset centered on planning to deepen client relationships, focusing on planning penetration with both new and existing tiered clients across all sales leadership areas.
• Leads cultural and procedural changes in bank and advisor book acquisition strategies.
• Plans and executes client events and virtual forums to engage clients and prospects.
• Utilizes Advisor support tools and Investment Asset Management expertise to deliver 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 reputation.
• Participates in strategy, business review, and financial forecasting as necessary.
• 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, as well as a willingness to travel periodically as needed.
• Collaboration and support of internal and external customers necessitate work in a Midland office.
• Compliance with all applicable regulations, including the Bank Secrecy Act (BSA), is required.
• Other duties may be assigned as necessary.

Qualifications

Education and Experience:

• Bachelor's Degree in Business, Finance, or a related field, or equivalent experience.
• Advanced degree (J.D. or MBA) is preferred.
• A minimum of 10 years of experience in financial services, sales/relationship development management, with advanced designations and/or preparatory work or guidance sometimes 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.
• At least 10 years of experience leading teams with a demonstrated ability to coach and motivate team members.
• Experience in coaching team-based affluent and emerging affluent advisors, along with associates/assistants.
• Possesses a sales-oriented, friendly, and persuasive demeanor.
• Exhibits 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 understanding of investment products.
• Excellent oral, written, and interpersonal communication skills, with the ability to instruct others, interpret documents, and draft reports and correspondence.
• Strong organizational and time management skills.
• Able to navigate complex problems involving multiple facets and variables in non-standardized situations.

Core Competencies:

• Business insight
• Fosters innovation
• Drives results
• Makes informed decisions
• Acts as a brand champion
• Collaborates effectively
• Communicates clearly
• Focuses on customer needs
• Demonstrates authenticity
• Exhibits emotional intelligence
• Commits to self-development
• Adapts flexibly to change

At Midland States Bank, we believe that bringing our whole selves to work fosters happiness, comfort, confidence, and excitement in serving our customers, colleagues, and the 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 Midland States Bank, as you belong here.

This job description does not constitute a contract for employment.

Compensation details: Yearly Salary

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