Vice President – Wealth Management

Vice President – Wealth Management

Requirements

• Thorough knowledge of all aspects of Wealth Management offered by financial institutions.
• Thorough knowledge of modern management techniques and practices.
• Thorough knowledge of bank deposit products.
• Current knowledge of Federal and State investment laws, rules and regulations.
• Knowledge of national and local economic and competitive trends and conditions.
• Strong negotiation and sales leadership skills.
• Skill in the operation of a personal computer and word processing, spreadsheet and presentation software and Intra/Internet access.
• Ability to lead and achieve results from others through motivation.
• Ability to analyze problems and opportunities, identify and evaluate alternatives, and develop sound, effective approaches.
• Ability to plan, implement, and evaluate the achievement of goals, objectives, and work plans.
• Ability to lead, motivate, and supervise employees.
• Ability to establish and maintain effective working relationship with a diverse group of people including, regulators, Members, employees, attorneys, vendors, and other parties.
• Ability to communicate effectively both verbally and in writing.
• Ability to travel 20% of time.

Responsibilities

• Review and identify cost-effective utilization of all resources.
• Lead and direct the management of staff and directly supervised employees to ensure the availability of skills and abilities needed to meet RCU’s vision, mission, values, and service doctrine.
• Analyze and communicate information about performance, the competition, the marketplace, and company resources in a manner that balances immediate needs with those of the future.
• Communicate with senior management regarding all aspects of Wealth Management which includes Department operations, procedures, and policies.
• Develop and present strategic and tactical opportunities to senior management.
• Manage the overall development of Wealth Management Department through a comprehensive business plan including new Member outreach and existing Member referral programs.
• Manage the overall development of investments through an internal business-development program and motivate staff to sell and market RCU.
• Participate in and represent Redwood Credit Union at internal and external events and community functions.
• On behalf of RCU, “own” the relationships and interface with key assigned partners, e.g., CUSO Financial Services (CFS).
• Represent the Credit Union in relationships with industry organizations, regulatory bodies, and other key outside parties.
• Manage and direct Investment and Wealth Management to generate non-interest income for RCU.
• Establish and/or implement measurement criteria for tracking results, assign priorities and resources, and follow through to ensure timely and accurate completion of assignments.
• Provide regular feedback and progress reports regarding Wealth Management Department sales practices and business development initiatives.
• Establish and monitor reporting systems designed to keep the Senior Leadership Team informed of all Wealth Management activities and issues.
• Monitor and review all Wealth Management Department budgets.
• Continually assess the competitiveness of all programs and practices against the relevant comparable companies, industries, and markets.
• Oversee the management of projects related to deposit products, new development, existing changes, and related compliance and or regulatory changes.
• Manage the overall relationships with external partners, Branch Operations, Compliance, Legal, Risk, Marketing, and IT departments to deliver new products and promotions.
• Ensure compliance with pertinent government rules and regulations.
• Evaluate efforts to develop business to assure efficiency and that resources are used to pursue opportunities within guidelines and policies.
• Set production goals and oversee daily activities of Wealth Management department staff.
• Design and implement training and continuing education programs for staff in conjunction with the Educational Development Department.
• Possess knowledge of department related regulations and communicate relevant updates to the RCU organization.
• Recruit, select, train, motivate, discipline, evaluate and develop reporting staff.
• Lead investment initiatives, e.g., call nights, branch training, business outreach, etc.
• Travel to branches regularly to market and promote Wealth Management Department to Members and team members.
• Implement the strategic vision of Wealth Management and the Deposit Services Department.
• Implement plans and policies to attain goals and objectives, measure progress and implement adjustments as appropriate.
• Oversee the evaluation, research, and analysis to provide recommendations related to new and existing product offerings and partnerships.
• Compile full business reporting method including budgets and business plans, with quarterly variance reviews.
• Implement Wealth Management strategic marketing plans in coordination with the Marketing & Communications Department.
• Implement strategies to support growth of Wealth Management, and the IRA/HSA Department as well as all other goals of Redwood Credit Union.
• Organize community seminars on investing, retirement planning, and other financial products offered.
• Provide technical information for The Redwood Group’s retirement plans.
• Volunteer time and capital in community non-profit groups.
• Participate in community events, community volunteer boards & associations.
• Perform other duties as assigned.

Preferred Qualifications

• A combination of education and experience equivalent to a bachelor’s degree in business administration, finance, or closely related field.
• A minimum of 10 years of experience in financial services including investments and insurance.
• A minimum of 3 years of progressive leadership experience.