Vice President

1 week 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 part of our comprehensive Total Rewards program. The exact 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, well-being programs, paid family leave, and generous paid time off. Our Total Rewards package also features banking perks, an Employee Stock Purchase Plan, a 401K plan with company matching, and potential participation in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility criteria.

Position Overview

The Director of Wealth Management Sales is tasked with overseeing all sales, service experiences, and human capital elements within 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 craft and implement effective wealth management strategies aimed at acquiring, deepening, and retaining wealth clients. Responsibilities include identifying consumer and business investor needs, onboarding new clients effectively, and utilizing Salesforce for strategic follow-ups and cross-selling opportunities. This role will also coordinate with various leaders within the division to establish consistent client engagement and sales practices across all positions, including Financial Advisors, Wealth Advisors, and Retirement Planning Services.

Key Responsibilities

Team Leadership
  • Oversees 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 team members for advanced training and development opportunities.
  • Effectively addresses performance issues among team members.
Business Development
  • Recruits, leads, and develops Financial Advisors, Wealth Advisors, Client Service Associates, and Retirement Planning Services talent to engage in business development and client retention.
  • Designs and implements a Branch-based and Virtual/Remote Advisory business model, establishing plans to scale and grow a remote advisor approach.
  • Collaborates with Wealth Executives to design and implement self-directed and hybrid investing technologies and solutions.
  • Drives the sales growth process by monitoring and setting sales targets to achieve revenue and profitability goals for wealth management.
  • Actively engages in prospecting and developing high-value clients for trust and investment management services.
  • 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, and overall profitability while mitigating business risks.
  • Collaborates on Salesforce design for wealth management and API integration.
  • Promotes cohesive behaviors to enhance referral activities.
  • Enhances the use of digital tools and account aggregation to ensure staff and client engagement.
  • Works with support and operations teams on process improvements and operational integrity.
  • Establishes a mindset focused on planning to deepen client relationships across all sales leadership areas.
  • Leads cultural and process changes in client acquisition strategies.
  • Plans 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 serving top clients.
  • Represents the advisor group in community organizations to enhance the Bank's image.
  • Participates in strategy, business review, and financial forecasting practices as necessary.
  • Upholds all ethical standards and sales incentive program parameters while monitoring risk.
  • As a working manager, provides joint calling assistance and support to the team.
  • Meets and exceeds all team goals related to revenue, pipeline targets, and referrals.
Additional Information
  • This role requires regular travel for training and team meetings, with a willingness to travel periodically as needed.
  • Requires work in a Midland office to ensure collaboration and support for internal and external customers.
  • Maintains compliance with all applicable regulations, including the Bank Secrecy Act (BSA).
  • Other duties as assigned.
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 experience in financial services, sales/relationship development management, with advanced designations considered 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 a demonstrated ability to coach and motivate team members.
  • Sales-oriented, personable, and persuasive demeanor.
  • Professionalism, ethics, and courtesy in interactions with customers and colleagues.
  • Effective communicator and engagement catalyst.
  • Self-starter, energetic, assertive, curious, and growth-focused.
  • In-depth knowledge of investment products.
  • Excellent oral, written, and interpersonal communication skills.
  • Strong organizational and time management abilities.
  • Adept at handling complex problems involving multiple facets and variables.
Competencies:
  • Business insight
  • Fosters innovation
  • Drives results
  • Makes informed decisions
  • Champions the brand
  • Collaborates effectively
  • Communicates proficiently
  • Focuses on customer needs
  • Demonstrates authenticity
  • Exhibits emotional intelligence
  • Commits to self-development
  • Adapts to change
At Midland States Bank, we believe that bringing our whole selves to work fosters happiness, comfort, confidence, and enthusiasm in serving our customers and each other. We are proud to be an Equal Opportunity and Affirmative Action employer, promoting diversity in our recruitment, employment, training, compensation, and promotion practices.

This job description does not constitute a contract for employment.

Compensation details: 00 Yearly Salary

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