Vice President of Wealth Management Sales

1 week ago

Chicago, Illinois, United States Midland States Bank Full time

Position Overview

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

At Midland States Bank, the base salary is just one part of our comprehensive Total Rewards program. Compensation is influenced by various factors including education, skills, internal equity, and experience. This role also offers additional financial incentives such as short-term bonuses and potential long-term incentives like stock awards. Benefits include extensive healthcare options, well-being programs, paid family leave, and generous paid time off. Additional perks encompass banking benefits, an Employee Stock Purchase Plan, a 401K plan with company matching, and opportunities for participation in our Non-Qualified Deferred Compensation plan. All incentives and benefits are subject to eligibility criteria.

Role Summary

The Director of Wealth Management Sales is tasked with overseeing all sales, service experiences, and personnel management within the wealth management sector. This leadership role is crucial for the advancement and growth of the Wealth, Financial Planning, and Financial Advisory segments. Reporting directly to the EVP of Wealth Management, this position collaborates with business leaders to formulate and implement effective wealth management strategies aimed at attracting, nurturing, and retaining affluent clients. Responsibilities include identifying client needs, facilitating smooth onboarding for new clients, and utilizing Salesforce for efficient follow-up and cross-selling opportunities. This position also coordinates with various leaders within the division to ensure consistent client engagement and sales practices across all roles, including Financial Advisors, Wealth Advisors, and Retirement Planning Services.

Key Responsibilities

Team Leadership

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

Business Growth

  • Recruits, leads, and develops Financial Advisors, Wealth Advisors, Client Service Associates, and Retirement Planning Services professionals to drive business development and client retention.
  • Designs and expands a Branch-based and Virtual/Remote Advisory business model, establishing plans to enhance reach beyond current geographic boundaries.
  • Collaborates with Wealth Executives to create and implement self-directed and hybrid investing technologies and solutions.
  • Drives sales growth by monitoring and setting sales targets to meet revenue and profitability goals for wealth management.
  • Actively engages in prospecting and developing high-value clients to promote trust and investment management services.
  • Demonstrates a proven track record of accelerating organic growth in fee-based assets under administration.

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 minimizing risks associated with organizational growth.
  • Collaborates on Salesforce design for wealth management and API integration with various platforms.
  • Promotes a unified approach to increase referral activities across the organization.
  • Enhances the use of digital tools and account aggregation resources to ensure staff and client engagement.
  • Works with support and operations teams to improve processes and maintain operational integrity.
  • Establishes a mindset centered on planning to deepen client relationships, focusing on both new and existing tiered clients.
  • Leads cultural and procedural changes in client acquisition strategies.
  • Plans and executes client events and virtual forums to engage prospects and existing clients.
  • Utilizes Advisor support tools and Investment Asset Management expertise to deliver optimal solutions for clients.
  • Models effective recruiting, sales, and client engagement strategies while serving top clients.
  • Represents the advisor group in community organizations to enhance the Bank's reputation.
  • Participates in strategic planning, business reviews, and financial forecasting as needed.
  • Adheres to all ethical standards and sales incentive program guidelines while monitoring risk.
  • As an active manager, provides joint calling support and referrals to the team.
  • Achieves and surpasses all team goals related to revenue, pipeline targets, and client referrals.

Additional Information

  • This role requires regular travel for training and team meetings, as well as a willingness to travel periodically as needed.
  • Collaboration within a Midland office is essential to support both internal and external customers.
  • Maintains compliance with all relevant regulations, including the Bank Secrecy Act (BSA).
  • Other responsibilities 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, with a focus on sales and relationship management.
  • Preferred licensing includes Insurance, Series 6/63, SIE, Series 7, and supervisory experience.
  • Certification as a Certified Financial Planner (CFP) or other professional designations is preferred.
  • Proven experience leading teams with a successful track record in coaching and motivating team members.
  • Sales-oriented, personable, and persuasive demeanor.
  • Exhibits professionalism, ethics, and courtesy in interactions with clients and colleagues.
  • Strong communication skills and ability to engage effectively with others.
  • Self-motivated, energetic, and innovative with a focus on growth.
  • In-depth knowledge of investment products.
  • Exceptional organizational and time management abilities.
  • Capable of addressing complex problems involving multiple variables in non-standard situations.

Core Competencies:

  • Business Acumen
  • 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 to Change

At Midland States Bank, we believe that bringing our authentic selves to work fosters happiness, confidence, and a drive to excel for our customers and each other. We are proud to be an Equal Opportunity and Affirmative Action employer, committed to diversity and inclusion in our workforce.

This job description does not constitute a contract for employment.

Compensation Information: Yearly Salary

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