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Executive Director, Head of Deposit Programs - Private Banking Group
Morgan Stanley
New York, NY, United States
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Description
Morgan Stanley is a global financial services leader with three core businesses: Wealth Management, Investment Management and Institutional Securities. The Wealth Management Division comprises one of the world's largest networks of Financial Advisors with offices across the United States and total client assets exceeding $2 trillion.
The Private Banking Group (PBG) within Wealth Management offers clients access to banking services, deposit products, and lending solutions. Private Bankers located in branch offices across the US partner with Financial Advisors to deliver PBG solutions to clients. As of December 31, 2017 Wealth Management client loans and lending commitments were $78 billion and Morgan Stanley bank deposit balances were $159 billion.
Headquartered in Purchase, New York, the Private Banking Group is an important revenue contributor for Wealth Management and has experienced significant growth over the past five years. The team is responsible for developing, launching and managing innovative banking and lending services tailored for affluent and high net worth clients. These services include home loans, securities-based loans, deposit products, access to a range of banking services, and a growing array of digital banking and lending capabilities.
Deposit growth is an important strategic initiative. In this regard, PBG seeks an experienced Head of Deposit Programs, reporting to the Head of Banking Services, to partner across Wealth Management to drive enhancements to our deposit acquisition strategy. The Morgan Stanley Banks (Morgan Stanley Private Bank, National Association and Morgan Stanley Bank N.A.) offer a range of deposit products including brokerage account sweep deposits via the Bank Deposit Program, as well as Savings and Term deposit products for Wealth Management clients.
The Head of Deposit Programs will focus on deposit acquisition and collaborate across Wealth Management to define, construct, and execute new product design, deposit gathering programs, and sales strategies to capture a rising share of bank deposits held by Wealth Management clients at other financial institutions. Key partners will include PBG Product & Pricing teams, Private Banker and Financial Advisor leadership, the Data & Analytics team, PBG Digital experts, Marketing, Training, and Communications.
Position Responsibilities:
• Develop capabilities and processes to identify and capture deposits held away via both Financial Advisor and direct to client channels;
• Define and execute deposit raising promotions;
• Identify and implement tactics that promote deposit retention;
• Develop new product or segment opportunities that contribute to deposit growth;
• Design and deliver sales support and marketing initiatives;
• Lead development of Financial Advisor, Private Banker, and Client facing deposit product information content, including via digital assets; and
• Design training and education programs.
Qualifications
• Minimum of 10 years of experience in a Commercial or Private Bank with considerable experience in managing, designing, and building new deposit products and executing retail deposit acquisition strategies.
• Excellent verbal and written communication skills.
• Strong interpersonal and collaboration skills, including an ability to create consensus and drive results when working with cross-functional teams.
• Experience with promotional product or cross selling campaigns and pricing strategies, specifically aimed at developing new business generation for retail and/or private banks.
• Superior analytical skills.
• Mastery of MS Office (Excel, PowerPoint, Word).
• Experience in Wealth Management and working with Financial Advisors a plus.
• Master's degree in Finance, Economics, Accounting, or Business, preferred.