HSBC Senior Vice President Wealth Sales Manager in New York, New York
The role of Wealth Sales Manager (WSM) is to lead, develop and manage a team of Premier Relationship Advisors (PRAs), Premier Wealth Advisors (PWAs) and any other assigned licensed persons to ensure achievement to ensure achievement of the business objectives and key performance indicators. The Wealth Sales Manager has a central role to play in effectively leading and implementing change as an integral part of delivering the wealth management strategy. The Wealth Sales Manager has the role as the FINRA supervisory principal to provide reasonable supervision of the activities of his/her assigned licensed personnel in accordance with applicable regulation and HSBC Securities written supervisory policies.
Role success will be achieved by creating and maintaining an environment where the Wealth Sales Manager and their team maximize performance in achieving the wealth management strategy while providing the highest sales quality and service standards. The role will ensure the business is effectively run in accordance with the RBWM Operating Model.
In delivering the wealth management strategy, role holders must also maintain the highest standards of risk management, supervision, control and compliance required by the Group and regulatory standards, closely managing and driving the individual and collective performance of the team.
Implementation of the Operating Model requires the role holder to implement the Group standards in customer contact strategy and delivery of those standards in accordance with any country specific requirements (based upon a good understanding of the customer’s investment needs, the potential customer base, local market conditions and competitor activity). A key responsibility is to develop the people within the team, leading and coaching them to maximize their performance and realize their potential within HSBC.
Impact on the Business
- Lead your team to deliver the key performance indicators (KPIs) and plan
- Ensure sales activity management and the sales process are used to effectively meet customer needs
- Lead and coach a team of brokerage sales personnel within a designated Region in the sales process model, personal financial review, product knowledge and proper sales techniques of traditional and non-traditional products to current and potential clients to expand customer relationships, meet established sales objectives and contribute to maximized economic profit.
- Monitor and act on sales activity management information and other internal information tools, using them to coach your team and achieve the business goals
Identify and act on factors that would increase local competitiveness Customers / Stakeholders
Use the principles and guidelines in the operating model to ensure customer needs are identified and where appropriate PRAs/PWAs use the support provided by specialists
- Personally manage the application of EDRAS, client funnel management and sales quality standards
- Accompany sales personnel on calls for larger or more complex accounts and/or clients.
- Implement customer relationship and proposition strategies
In conjunction with your team build a prominent profile in the community in which you are based in a way that builds HSBC’s reputation and brand Leadership & Teamwork
Drive a high performance culture through robust objective setting, and performance management
- Ensure sales personnel comply with pertinent internal standards and external regulations; ensure accurate tracking of licensing and continuing education requirements.
- Evaluate performance against KPIs and make discretionary reward recommendations in line with the Group reward plans
- Observe, provide feedback, and coach the team to improve effectiveness and performance
- Train, maintain and develop your team to a level appropriate for the business and in line with country training plans
- Recruit and onboard high caliber individuals in line with headcount and resourcing plans.
- Maintain and enhance individual and team knowledge and skills through sharing best practices for creating an exceptional customer experience
- Hold regular team and one-to-one meetings with team members to share priorities, establish focus, coach and address risks & issues
- Role-model HSBC values and create an inclusive work environment which embraces HSBC values and behaviors and fosters engagement
- Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
Promote an environment that supports diversity and reflects the HSBC brand Operational Effectiveness & Control
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
- Ensuring that supervisory tasks meet full compliance standards as indicated in the supervisory matrix and monthly supervisory log
- Ensuring that sales and operations are undertaken in accordance with RBWM FIM, BIMs and pertinent regulations
- Manage operational risk, by using relevant MI to identify risk situations and take any appropriate action to minimize loss
- Specifically ensure active management and compliance with Anti-Money Laundering, Know Your Customer and Sales Quality standards
- Ensure team complies with pertinent internal standards and external regulations; ensure accurate tracking of licensing and continuing education 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
We seek to grow our RBWM business through meeting customer needs, delivering the highest standards of sales quality and efficient operations. This involves the pursuit of excellent customer driven service; recognition of customer value, offering solutions from across HSBC appropriate to customer needs in order to enhance that value.
- The range of competitors and products has established an increased financial awareness in customers, creating a demand for increased experience and skill at branch level. A Wealth Sales Manager requires the following key attributes:
- Tenacious approach
- Excellent sales and people management skills
- Customer driven with a strong focus on meeting needs, sales quality and standards of service
- Strong interpersonal communication skills, especially in motivation, coaching and team leadership
- A strong sense of ownership, responsibility and accountability
- Ability to respond to and lead change on an individual and team level
The role holder forms an integral part of the wider HSBC management team. As part of this wider team the role holder is expected to identify opportunities in their day to day activities that directly or indirectly contribute to the success of colleagues with differing responsibilities in other areas of HSBC. Role Context
The WSM will be responsible for a team across multiple branches according to market size and complexity. The role belongs to the face-to-face distribution operating model which defines globally consistent structures, standards and operating procedures for RBWM
The role holder will put the interests of HSBC and our customers before their own to ensure their actions as well as those of the team, demonstrate a commitment to a strong compliance culture through complying with the spirit and the letter of all laws, regulations and Group and North America Compliance policies which apply to the Wealth Management area of the business. Additionally, the role holder will ensure 100% adherence to completion of any required compliance and risk-related training courses for themselves and their employees. The WSM will ensure adherence to Group and North America Standards and Policies, and where necessary, escalate and/or report any concerns, issues or incidents to direct manager or Compliance. The role holder is responsible for ensuring that specific local procedures are updated in line with Group standards in the appropriate manuals (i.e. BIM, FIM). Additionally, he/she will maintain strong, open, transparent and collaborative relationships with regulators, treat customers fairly and with integrity, and ensure that employees understand they are critical in fostering an ethical and compliant environment Management of Risk
Ensure employees apply compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues
- The role holder will ensure the fair treatment of our customers is at the heart of everything we do, both individually and as an organization. This will be achieved by consistently displaying the Group Values: Dependable, Open, and Connected.
- The role holder 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 restructurings, and the impact of new technology. The role holder has oversight for Risk Control Assessments for activities within their operation
- Risks should be identified and action taken to address them, including notification, escalation and management of consequences for those responsible as appropriate. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and by addressing any areas of concern in conjunction with line management and / or the appropriate department
Ensure employees apply compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues Observation of Internal Controls
Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators
- The role holder will be able to demonstrate adherence to internal controls. 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
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. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimizing relations with regulators
Bachelor’s degree in business, finance, related field or equivalent experience.
- Minimum of ten years proven wealth management sales experience or equivalent, including a minimum of three years sales management experience or equivalent.
- Series 7, 9, 10, 63, 65 (or 66 in lieu of the 63 and 65) and Life and Health insurance licenses
- Strong managerial, sales, analytical, decision-making, and communications skills.
- Strong knowledge of businesses managed; products and services delivered, operations supporting them and pertinent regulations affecting their delivery.
- Proven ability in team leadership and management
- Proven ability in relationship management in the Wealth management sector
- Demonstrate behaviors consistent with HSBC Values
- Proven adherence to controls and compliance with no significant breaches
- Excellent interpersonal skills, with a particular emphasis upon inspiring, influencing and negotiating
- Coaching sales techniques, best practice and sales management on a team and one to one basis
- Planning and organizing skills
Problem solving skills
Title: Senior Vice President Wealth Sales Manager
Location: New York-New York
Requisition ID: 0000994Q