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Vice President Premier Wealth Advisor
HSBC
Radnor, PA, United States
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Description
The Premier Wealth Advisor role is a client facing role managing the HSBC relationship with our highest value clients where professionalism, client focus and an expert understanding of wealth planning and bank and wealth products are critical to the success of the business. The role holder provides financial solutions (appropriate with securities registration, insurance, and state licenses) to current and potential Top Tier Premier customers through the services and products of the Retail Banking and Wealth Management business line to acquire, develop and retain relationships with a portfolio of Top Tier Premier clients. The role holder will represent HSBC Securities (USA) Inc., HSBC Bank USA, N.A. and HSBC Insurance Agency (USA) Inc.
Premier Wealth Advisors require exceptional ability to build trusting relationships with existing and potential Top Tier Premier clients, help clients articulate their needs, and deliver to exceed client expectations. Success requires getting to know clients on a personal and professional level to understand their short and long term financial goals. They will use deep understanding of the client’s situation and external market knowledge to educate clients and provide financial advice aimed at wealth creation and capital preservation as appropriate based upon client objectives.
The role will entail reviewing the Top Tier portfolio regularly to identify opportunities to use the distinctive capabilities of HSBC, spanning lines of business and geography, to the advantage of the client. This will be achieved by active management of a portfolio of Premier clients, acquiring new HSBC clients and upgrading existing clients through becoming a trusted advisor to them. It will also entail regularly updating and analyzing client financial information to identify bank, lending, and wealth solutions that are suitable to meet the client’s needs, advising the client on a variety of potential bank, lending and wealth solutions, and encouraging client loyalty by addressing their needs either directly or through other internal business partners. Mortgage to be referred to appropriate Mortgage staff.
The Top Tier RM is accountable for the performance of their portfolio of clients and needs to ensure it is effectively run within the RBWM Target Business Model (TBM) and delivers to the Top Tier Proposition as defined by HSBC Group.
Impact on the Business
• Achieve agreed Key Performance Indicator (KPI) objectives and profit growth through the development of existing and new Top Tier client relationships.
• Execute transactions with larger and/or more complex (Top Tier) customer and/or refer business to other areas within the organization as appropriate, in accordance with established KPIs.
• Complete regular reviews with clients to understand their current and long term financial needs and advise them on the differentiated products and services that help them achieve their wealth goals.
• Use tools, information, and delivery channels effectively to deliver the highest levels of client service.
• Develop network of Group and External professional contacts with the aim of introducing new business, enhancing technical knowledge and promoting the brand.
• Monitor and act on daily sales activity management information and other internal information tools, using them to effectively grow or maintain wallet share of clients.
• Fully utilize and input to client relationship management data, ensuring all client information is complete and kept up to date.
• Provide quality service in meeting customer needs, inquiries and problems of a more complex nature. Maintain contact with existing customers and referral sources on an on-going basis to identify new or additional sales opportunities.
• Conduct full needs assessment with current and potential Company customers and recommend appropriate investment and insurance, and Company products and services to meet individual needs, based on objectives, risk tolerance and proper asset allocations. Identify opportunities, to refer business to GMB, GPB, Insurance and Asset Management, as appropriate.
Customers / Stakeholders
• Own the client relationship with HSBC and provide professional care and expert financial advice that results in clients considering HSBC their primary bank.
• Work with the broader branch, support and direct teams to ensure achievement of the business performance measures by delivering differentiated wealth products and services to the client
• Build and maintain relationships with clients based on credibility and reliability.
• Utilize in-depth knowledge of relevant bank and wealth products and services and how they might be tailored to provide the best solutions for clients
• Maintain a deep understanding and technical knowledge of authorized relevant products and services available from the RBWM affiliates in the US for Premier clients to provide suitable recommended solutions for clients and maximize revenues for Wealth and the Group.
• Maintain highest standard of excellence in client service across the team and with individual portfolio. Complete ongoing analysis of portfolios of client relationships through marketing of ideas and researching clients.
• Provide quality service in meeting customer needs, inquires and problems of a complex nature; maintain contact with existing customers and referral sources on an on-going basis to identify new or additional needs.
• Conduct full needs assessment with current and potential Premier customers and recommend appropriate Premier banking, lending, investment and insurance products and services to meet individual needs, based on objectives, risk tolerance and proper asset allocations. Mortgage to be referred to appropriate Mortgage staff.
• Manage assigned Premier Wealth client's full relationship, including banking and lending such as credit cards and select credit and investment/insurance components, seeking opportunities to attract new clients as well as retain and expand relationships with existing clients.
Leadership & Teamwork
• Collaborate with the wider team to deliver the RBWM performance measures and plan to support the multi channel client journey.
• Work as part of an integrated branch relationship management team to ensure standards are met and operating models delivered.
• Proactively support others through direct and indirect actions beyond activities particular to this role.
• Establish and maintain strong working relationships with colleagues in the wider RBWM businesses and others as appropriate to service client needs.
• Represent the Company in community organizations and activities to enhance the Company's image and maintain and enhance a referral network for additional relationship opportunities. Refer to the HNAH Code of Ethics policy and Wealth Management Staff Dealing policy including Outside Business Activity (OBAs) to ensure that above community and outside activities do not present an actual or potential conflict of interest and do not have an adverse impact with respect to job responsibilities at HSBC. HSI Supervisor and Compliance should be consulted in addition to review of Code of Ethics policy and Wealth Management policy for Outside Business Activity.
Operational Effectiveness & Control
• Maintain proper documentation following preset guidelines established by Compliance and Management.
• Understand and adhere to Group and Company policies and procedures, and meet all required mandatory training requirements. Understanding and adhering to local and global compliance requirements is critical. In delivering the business objectives the role holder must also maintain the levels of operational integrity required by HSBC and adhere to the Business Principles and Values of HSBC.
• Ensure that sales & operations are undertaken in accordance with HSBC FIM and BIM and comply with pertinent internal standards and external regulations.
• Adhere to selling process and sales quality requirements.
• To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
• Complete other responsibilities, as assigned.
Major Challenges
• The bank seeks to grow its RBWM business through an efficient operation and the pursuit of providing Top Tier clients with globally consistent experiences, excellent service, and increased control through proactive expertise, products and services tailored to meet individual client needs.
• The Top Tier Premier segment typically comprises clients with $1M (USD) to $5M (USD) in investible assets.
• The jobholder forms an integral part of the wider HSBC sales team. As part of this wider team the jobholder is expected to identify opportunities in their day to day activities that directly or indirectly contribute to the success of colleagues with differing responsibilities, particularly in other areas of HSBC such as GMP, GPB, Insurance and Asset Management as appropriate.
• Increasing net new Top Tier clients.
• Increasing total client relationship balances during tough economic times.
Role Context
The Top Tier proposition provides our most valuable Premier customers with the Premier experience via a Premier Wealth Advisor (PWA). The PWA serves as the main point of contact and manages a portfolio of Top Tier customers enabling them to provide a holistic view and optimal customer experience. Jobholder reports to Wealth Sales Manager.
The jobholder will own and manage a portfolio of approximately 150 primary clients working with the wider RBWM team.
The jobholder has prime responsibility for:
• Delivering a consistent and tailored wealth management service to our most valuable Premier clients
• Developing long-term, in depth client relationships with clients
• Acquiring new clients with proactive strategic wealth planning to maintain and grow wallet share
• Leading Premier activities to ensure opportunities are identified and client needs are met effectively, maximizing all available resources
• Compliance with the relevant Group standards including GHQ and the Regulatory organization as applied to the implementation of the RBWM strategy in their country
• Portfolio income based on local requirements
The job holder operates within the approved operating and strategic plan process to develop the RBWM business.
Management of Risk
• Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues., The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
• Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials.The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
• The jobholder will ensure our clients are at the heart of everything we do, both personally and as an organization.
• The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructuring, and the impact of new technology.
• The jobholder will also adhere to and be able to demonstrate adherence to internal controls and external regulations. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
• The jobholder will be responsible for ensuring that all mandatory compliance and risk training is successfully completed within established timeliness.
• The jobholder will implement the Group and local compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
• This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity.
Observation of Internal Controls
• Maintain proper documentation following preset guidelines established by Compliance and Management.
• Understand and adhere to Group and Company policies and procedures, and meet all required mandatory training requirements. Understanding and adhering to local and global compliance requirements is critical. In delivering the business objectives the role holder must also maintain the levels of operational integrity required by HSBC and adhere to the Business Principles and Values of HSBC.
• Ensure that sales & operations are undertaken in accordance with HSBC FIM and BIM and comply with pertinent internal standards and external regulations.
• Adhere to selling process and sales quality requirements.
• To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
• Complete other responsibilities, as assigned.
Qualifications
Knowledge & Experience
• Bachelor’s degree in Business, Finance, related field or equivalent experience.
• Series 7, 63, 65 or 66 (in lieu of 63 and 65) and life and health insurance licenses.
• Minimum of five years proven nontraditional banking financial sales experience or equivalent.
• Evidence of strong client recommendation and sales results in wealth products.
• Equivalent relationship management experience in managing high net worth client portfolios preferred.
• Expert knowledge in wealth planning and wealth products.
• Sound knowledge of the impact of macroeconomics/microeconomics/local market developments.
• Expert knowledge of external regulatory framework relevant to wealth management.
• If internal, in-depth understanding of HSBC Global House Views.
• Strong client focus and ability to develop long term partnerships with clients.
• Ability to deliver needs-based solutions through effective communication, influencing, and sales skills.
• Local regulatory & license requirements - job holder should possess valid licenses with accreditation on wealth management and qualification as required by country.
• Clear view on how to work with Compliance, Credit & Risk and Internal Control to ensure a balanced risk operating environment.
• Strong sales, analytical, decision-making, interpersonal, leadership and communications skills.
• Relationship management experience with high net worth clients.
• Strong technical skills in wealth management.
• Proven client focus and influencing skills.
• Proven networking and portfolio management skills.
• Sound knowledge of financial services products and services and client relationship management systems.
• Understanding of banking client segment and products and services.
• Strong knowledge of investment products and services delivered, operations supporting them and pertinent regulations affecting their delivery.
• Ability to work in a team-based environment.
Leadership Capabilities
• Have an understanding of the immediate regional Global Wealth strategy and the ability to plan own activities accordingly.
• Be ambitious about providing the highest standards of delivery to colleagues and clients.
• Show ability to set stretch goals for self and the ability to deliver these with courage and tenacity.
• Be authentic and show ability to engage with colleagues and clients to deliver at pace.
• Make considered decisions that protect HSBC & Global Wealth values, reputation and businesses.
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