Managing Partner, Wealth Advisor

Duties & Responsibilities

Type of Role: Managing Partner, Advisory Practice Leadership

Area of Responsibility and Purview: Directs all local wealth management practice activities for Private Wealth Management

Role Specific Job Duties:

• Lead a team of Wealth Advisors
• Set the strategic direction and establish priorities of the local wealth advisor practice
• Develop, manage, and execute on the business plan for the advisor practice
• Establish KPI’s for the practice that will allow the team to measure and monitor success
• Align resources in the practice with the business plan
• Manage practice performance, regularly updating the associate 9-box and develop specific professional development plans for each wealth advisor
• Continuously mentor wealth advisors on team, helping them adopt industry best practices

Function Specific Job Duties:

• Responsible for managing the practice P&L
• Meet regularly with team to proactively understand trends, attrition risks, and opportunities with clients and prospects
• Execute on specific programs aimed to increase productivity of business development, client retention and engagement
• Chiefly responsible for the business development within the practice, including overseeing the overall new business pipeline in the practice
• Lead the development of centers of influence (both internal and external) as referral sources, and development of natural markets and key influencers
• Lead the wealth management services delivery to high value clients within the practice
• Coordinate the delivery of wealth, financial planning, investment, and estate planning advice for clients, leveraging dedicated financial planners, trust officers and portfolio managers within the practice
• Drive a growth oriented, entrepreneurial culture with a can-do mindset across the advisory practice
• Ensure team adoption of new platforms and technologies to drive operational efficiency and enhance the client experience
• Opportunistically assist in new advisor recruiting
• Responsible for the assimilation of new wealth advisors into the wealth practice
• Ensure all minimum standards of care are met across all client relationships
• Other duties as assigned

Requirements

MINIMUM:

• Bachelor’s degree in relevant field or combination of education and experience that provides and equivalent background
• 7 years of applicable experience within Financial Services
• 3+ years of demonstrated leadership experience as an advisor within a wealth management institution
• Must have, or possess ability to obtain, the Series 65 registration within 120 days of employment

PREFERRED:

10 years of applicable experience within Financial Services

• Demonstrated experience in managing an advisory practice P&L
• Advanced degree or professional certification such as CFP or CFA

Knowledge & Skills

MINIMUM:

Job Skills:

• Systems thinking and complex problem solving
• Attention to detail, yet ability to grasp big picture
• Highly organized and can effectively multi-task
• Great communicator with strong interpersonal skills
• Exceptional written communication and presentation skills
• Strong wealth advisor sales skills with acumen to close new business
• Demonstrated ability to expand revenue, assets, and client base
• Knowledge of client service and operational best practices
• Proficiency in developing centers of influence and personal networking
• Adept at advisory business planning and execution
• Knowledge of technology can improve client experiences and front office operational processes
• Strong knowledge of investment, tax, estate planning, and transfer of wealth strategies
• Understanding of how to leverage team resources to drive client growth, retention and engagement
• Proven culture carrier and mentorship of other advisors
• High Level of Emotional Intelligence, able to read situations accurately and is empathic

Technical Skills:

• Strong proficiency of Microsoft Office Suite (Word, Excel, PowerPoint, SharePoint)
• Proficiency in Salesforce CRM software, and familiarity in other front office software used by wealth advisors
• Proficiency with eMoney client portal and financial planning software

Work Environment

• Type: Office Centric (60% In Office)
• Location: Various

Supervision/Management:  Responsible for managing other wealth advisors within a practice or team-based service delivery model. Performs considerable short and long-term planning, scheduling, and coordinating of wealth advisor resources.  Responsible for the growth and development of direct reports. Accountable for assisting with the planning and management of budget, including delivery of end results for the advisory practice.   

Compensation Ranges:

US Employees in California, Washington DC, New Jersey, and New York:

US Employees in Colorado, Connecticut, Delaware, Illinois, Massachusetts, Maryland, Minnesota, Pennsylvania, Rhode Island, Texas, Washington, and Wisconsin:

US Employees in all other states not listed above:

The posted compensation range on this listing represents UMB’s good faith and reasonable estimate based on its budget and what it expects to be the starting pay for this role, but the actual compensation may vary by geographic location, experience level, and other job-related factors. Please see the description of benefits included with this job posting for additional information.

UMB offers competitive and varied benefits to eligible associates, such as Paid Time Off; a 401(k) matching program; annual incentive pay; paid holidays; a comprehensive company sponsored benefit plan including medical, dental, vision, and other insurance coverage; health savings, flexible spending, and dependent care accounts; adoption assistance; an employee assistance program; fitness reimbursement; tuition reimbursement; an associate wellbeing program; an associate emergency fund; and various associate banking benefits. Benefit offerings and eligibility requirements vary.

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