Portfolio Manager, Private Investment Counsel – Kitchener/Waterloo
City : Kitchener, ON, CA, N2J5A3
Category : Financial Manager
Industry : Finance
Employer : Scotiabank
Requisition ID: 174226
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
This position is a trusted advisor of private wealth services that meet high net worth client’s short and long term holistic wealth management and investment growth goals, through a firm wide investment strategy and a disciplined and defined wealth management process.
A Portfolio Manager develops client relationships to gain an intimate understanding of client’s life goals, circumstance and needs in order to provide investment counselling integrated into life based wealth advice and solutions. Through this understanding, he/she will be responsible for engaging Bank and Scotia Wealth Management partners as needed to deliver on wealth strategies and directing our “team of experts” to deliver on our wealth promise and client experience.
The Portfolio Manager focuses on acquiring new clients and managing/retaining/deepening relationships with a book of existing high value clients. He/she will also be responsible for identifying high net worth/ultra-high net worth prospects in specific markets by developing acquisition strategies and maintaining a prospect sales pipeline in order to generate sustainable and profitable growth.
The Portfolio Manager understands how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions, ensuring that all activities conducted are in compliance with governing regulations, internal policies and procedures.
Client Relationship Management
- Delivering exceptional client experience and the wealth advisory value proposition
- Developing a professional, mutually beneficial and profitable relationship between the client and Private Investment Counsel
- Conducting ongoing wealth conversations with clients, developing and sustaining an intimate and ongoing understanding of client life goals, circumstances and wealth needs
- Providing life-based wealth advice and solutions, focusing on enabling client goals
- Based on an intimate understanding of their clients’ situation, identifying and capitalizing on new business opportunities throughout the lifecycle of client relationships
- Consistently delivering the desired client experience during all client interactions
- Using strong knowledge of the Bank’s, Scotia Wealth Management and Private Investment Counsel diverse products and services, to ensure the client’s needs are well understood, documented and satisfied
- As the primary relationship manager, acting as the central point of contact for all client needs
- Directing and utilizing the team of experts to deliver on wealth strategies and wealth value promise
- Partnering with all internal product/service business partners, as required ensuring client needs are met
- Actively listening and seeking client feedback on products, services and the delivery of client experience
- Consistently executing on SWM and PIC service standards regarding proactive contact, central client point of contact, recording and maintaining the Client Contact database
- Responding to client and Senior Management inquiries, resolving problem situations autonomously when they arise
- Proactively identifying and implementing strategies to address client needs
- Monitoring of client accounts to ensure optimal profitability is maintained in each relationship
- Utilizing the KYC process and Investment Profile Questionnaire (IPQ) to develop an in-depth understanding of client’s needs and determining the appropriate asset allocation model based on needs, risk tolerance and short/medium and long term objectives
- Recommending an appropriate investment asset mix aligned with life goals, income needs, return expectations and risk tolerance that fulfills client objectives
- Collaborating with the Centralized Investment Management team and using defined investment management processes to communicate advice to clients on their strategic asset allocation, models and underlying investment portfolio
- Regularly monitoring client investment portfolios
- Actively managing the client’s Financial Plan and wealth strategy and participating in the client’s annual Financial Plan review process
- Developing and managing business plans including sales targets and marketing strategies for prospective and existing clients
- Using a PIC defined business development and sales planning process to find and attract new clients, as well as consolidate assets from existing clients in order to increase share of wallet
- Partnering with the Financial Consultants in the business acquisition process
- Actively promoting and marketing the development of Private Investment Counsel’s book of business
- Identifying new business opportunities to gather additional assets and/or increase revenue
- Executing on marketing strategies to attract and retain valuable clients by providing internal/external professional presentations and reports for growing relationships and conducting prospect meetings
- Developing acquisition strategies, managing and maintaining a prospect sales opportunity pipeline in order to generate sustainable and profitable growth. This includes effective follow-up with prospects/referrals for any unsuccessful opportunities
- Building and maintaining an awareness of local market and general economic conditions
- Liaising with Bank & Wealth specialists to stay abreast of new enhancements, products and services, as necessary
- Participating in local professional and community events and associations to develop and expand network of contacts
- Meeting with key industry and business leaders to identify prospects and referrals from internal and external networks / Centres of Influence (COI)
- Collaborating and networking with internal and external stakeholders
- Identifying referral opportunities for Scotia Wealth Management partners, ScotiaMcLeod, Commercial Banking, Retail and other key partners (Roynat, GTB, International, GBM, etc.)
- Representing Private Investment Counsel at various business development events, internal and external presentations
- Maintaining awareness and ensuring compliance/adherence to all procedures, regulatory activities and guidelines including Privacy, Anti-Money Laundering, Anti-Terrorist Financing, FCAC, Know your Client, Occupational Health & Safety and Guidelines for Business Conduct
- Participating in all aspects of compliance and the identification of actions or changes in policy and/or procedures in order to remediate non-compliance in the business.
- Minimizing the Bank’s overall exposure to risk
- Maintaining client portfolios in accordance with established firm strategy which includes, utilizing the Central Portfolio Models and pools, focusing on client segmentation and client’s risk appetite
- Ensuring the suitability of wealth strategy and investment recommendations and alignment with clients’ financial goals, objectives and risk levels
- Adhering to bank and firm standards, policies and business practices to ensure that Private Client Counsel is meeting the appropriate regulatory and compliance requirements as they relate to both new and existing accounts
- Escalating, documenting and reporting any unusual occurrences, suspicious or fraudulent activities, as per established procedures.
- Contributing to the effective and positive functioning of the Private Investment Counsel team and partners.
- Fostering and developing a strong, positive team environment, driving employee empowerment, innovation and a high degree of engagement.
- Building effective working relationships across the team and with various business line, internal and external stakeholders.
- Maintaining a high level of client service and effectively resolving / escalating client issues as required.
- Facilitating a culture of open and honest communication.
- Actively participating and contributing to coaching sessions, touchbases and team meetings.
- Encouraging the generation of new ideas and approaches.
- Actively sharing knowledge and experience to enhance the development of all team members.
- Developing and executing a meaningful employee development plan.
- Acting as a mentor to junior colleagues and taking a leadership role on the team.
- Strong ability to explain financial and wealth strategies and concepts integrated with firm-wide investment strategies.
- Expert relationship management skills.
- Strong business development skills which include networking, negotiation, sales and closing skills.
- Strong communication and influencing skills.
- Strong interpersonal, communication & listening and people management skills.
- Results/Goal achievement oriented.
- Self- motivated and disciplined.
- Executes with Integrity.
- Thorough investment management know-how and depth of experience required as it relates to understanding economic and market data in order to describe the firm’s investment strategy to partners and clients.
- Meet the regulatory requirements to be registered with the appropriate securities commission (at the minimum must meet this within 1-2 years)
- CSC & CIM
- CFA would be an asset.
- University Degree (Business, Economics, Accounting, Finance).
- Minimum 5 years direct experience in discretionary investment management, covering both financial analysis and managing portfolios (individuals, estates, trusts, pension plans, foundations, registered accounts), with an expert understanding of investment returns, potential risks and the associated tax implications.
- Proficient in the completion of a Financial Plan.
- Thorough knowledge of each SPCG & PIC Business Line’s value proposition.
- Thorough knowledge of the full SPCG product and service offering in order to identify opportunities across the SPCG Team of Experts.
- Working knowledge of the products and services offered by Scotiabank partners in order to identify and refer clients as appropriate
Location(s): Canada : Ontario : Kitchener || Canada : Ontario : Waterloo
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.