(TEST - 1 FTE)
$55K base salary +
+$2500/yr (for a valid CFP designation)
+$2500/yr (managing a $90 million+ book of business)
+ Quarterly bonuses and other incentives based on net sales, etc.
*Intake FA role (for Imperial only) on salary + AIP until the individual is attached to a portfolio.
The Senior Financial Advisor (SFA) is accountable for building and managing a portfolio of mass affluent clients with sophisticated needs by proactively identifying potential clients from the community and from the branch client base. The Senior Financial Advisor is accountable for the overall profitability of their portfolio. Their objective is to acquire, retain and consolidate high potential and high value clients’ business through building in-depth understanding of their goals and financial situation and working collaboratively with the client to build tailored financial plans (investment, retirement, credit etc) and provide advice and recommendations tailored to each client to help them reach their goals. The Senior Financial Advisor is accountable for helping clients meet all their financial needs including recommending a full range of solutions (banking, credit, Proprietary and Third Party investments and wealth protection. The FA is expected to build deep, trusting relationships with clients and act as a single point of contact for clients on their portfolio, partnering with others to provide an exceptional client experience for new, booked and referred clients (e.g. FSR introductions.) The FA is accountable for the overall client experience and is also expected to address and resolve client concerns and problems.
1. Relationship and Portfolio Management
- Proactively establish, develop and maintain strong client relationships though regular contact and through providing timely, value-added information, advice and recommendations
- Proactively grow the portfolio, build and execute Annual Portfolio Plans to schedule proactive contact with all clients and to ensure a minimum of one meaningful, advisory engagement throughout the year
- Assess performance against plan through review of Local Level Reporting (LLR) and build monthly contact plans to enable achievement of required business objectives and to support execution of - Annual Portfolio Plan
- Leverage Contact Planning and other Horizon-based Portfolio Management tools to build strategies and develop plan of activities to capture all opportunities on portfolio
- Detail client interactions in Client Notes to enable effective cross-channel servicing of the client and create a permanent record of client interactions and discussions.
- Highlight the institutions network of partners with clients (the bank Investment Counsel, Private Banking, Wood Gundy, Trust, etc.) and leverage opportunities to work with these partners to better meet the needs of clients
- Identify opportunities to use the team of specialists (Financial Planning Consultants, Asset - - Specialists, Lending Specialists, Mortgage Advisors, etc.) to support the consolidation of business.
2. Planning and Advice
- Engage clients in the planning process, uncovering and understanding their needs, goals and priorities, assessing their current financial situation, building plans to support achievement of the goals, executing the plans and monitoring their progress
- Complete the Financial Advice Review to uncover and document each client’s goals and to ensure complete, up-to-date client information
- Proactively use Horizon-based financial planning tools to help build comprehensive plans for each client to allow them to meet their short and long term goals and to help support your recommendations regarding product solutions
- Leverage the output from planning tools to help clients understand what they need to do to reach their goals and to encourage then to act on your recommendations
- Meet with clients to review their financial situation annually, monitoring progress against plan as well as updating information and adjusting plans as required
3. Recommend and sell financial solutions
- Based on current situation, risk profile, time horizon, etc., recommend a full range of solutions (banking, credit, investment (Proprietary and Third Party) and wealth protection) to consolidate assets, meet clients’ short term needs as well as longer term plan and goals
- Partner with Financial Planning Consultants to provide advice, recommendations and solutions to clients with very complex needs or in highly competitive situations
- Present recommended solutions to clients, highlighting benefits and helping clients understand how this recommendation links to their specific needs and the achievement of their goals.
- Overcome objections and close the sale, ensuring all sales and consolidation opportunities have been addressed or diarized for future follow up.
- Accurately complete all necessary documentation, meeting all regulatory and compliance requirements and ensuring proper disclosure of terms and fees, leveraging Financial Service - Associate as appropriate.
4. Proactively identify opportunities to grow the business
- Use networks, centre of influence, community involvement/ events, seminars, etc. to prospect and develop business
- Grow the portfolio by partnering with the branch team to identify and refer high potential and high value clients
- Prepare for clients prior to client meetings to identify needs/ product gaps, for example complete gap analysis.
- Build and deepen relationships by consistently asking clients if they are satisfied with the advice and service they are receiving and extending the offer to do the same for friends, family member, colleagues, etc.
- Effectively leverage the institutions partners (Private Wealth Management, Commercial Banking, Wood Gundy, etc.) and specialists to encourage referrals among the groups to ensure clients are dealing with the advisor best suited to meet their needs and consolidate more business with the institution
- Use Horizon-based portfolio management tools to capture and action any future opportunities
Demonstrate the behaviours and activities necessary to provide an exceptional client experience and consistently meet their needs by:
- Ensuring clients are aware of and are benefiting from all elements of Imperial Service
- Be responsive and accessible to clients by returning calls promptly, following up on commitments and helping resolve problems in a timely manner and to the satisfactions of the client
- Demonstrating the benefits and assisting clients in using alternate channels such as FCG, ABM, Telephone Banking, Mobile /Internet Banking.
Continuously update knowledge and skills
- Participating in regularly scheduled branch and cluster meetings.
- Reviewing role-based communications and circulars in the online communications calendar and Imperial Service site.
- Participating in coaching sessions to obtain feedback on current performance, ways to deepen the client relationship, improve the client experience and the overall cluster, branch and district performance.
- Maintaining effective working relationships with team members and the institutions colleagues and partners. - - Contributing to the overall effectiveness of the cluster, branch and district team.
- Demonstrate your commitment to keep up-to-date with current events, overall economic and financial environment, trends, product developments, legislative changes, etc.
- Proactively communicate developments or changes to clients as applicable to their financial situation. (i.e. budget / legislative changes)
- Complete a personal development plan annually to continue to develop skills to support success as an FA
- Complete all required continuing education credits to meet licensing (IDA, FPSC) requirements.
Support the development of colleagues through mentoring and peer coaching
- Branch employees, cluster and district teams
- Upscale, affluent, client groups to attract and retain business
- The branches business partners (e.g., Financial Planning Consultants, Mortgage Specialists, Wood Gundy, CPIC)
- Occasional contact with Cash Management, Merchant VISA
- Occasional contact with lawyers, accountants, realtors and business community groups.
- Adhere to regulatory, compliance and bank requirements governing the delivery of advice and planning and the recommendation of financial solutions
- Assume responsibility for the profitability of their portfolio, including making decisions regarding discretionary pricing based on the values of the connections and risk of business loss
- Be accountable for the overall management of the portfolio, building annual and monthly contact plans, prioritizing activities and contacts, and leveraging Financial Services Associate to support achievement of business objectives
- Identifying customer goals, building tailored plans and making recommendations to help clients reach their short and long term goals
- Influencing and building relationships with portfolio of clients and referral sources
- Keeping abreast of all relevant market developments/ products/ services in order to meet client needs and make appropriate referrals
- Resolving customer complaints, using the opportunity to build relationships
- Advising customers of unfavourable loans decisions and providing alternative opportunities
KNOWLEDGE AND SKILLS
- Successful completion of the Canadian Securities Course required
- Successful completion of Conducts And Practices Handbook Course within 3 months of start date
- Successful completion of Wealth Management Essentials through CSI required within 18 months of start date
- CERTIFIED FINANCIAL PLANNER (CFP) designation through FPSC would be an asset
In Quebec – Successful completion of the Canadian Securities Course required to support AMF (Autorité des Marchés Financiers) licensing
In Quebec – successful completion of IQPF certificate (INSTITUT QUÉBÉCOIS DE PLANIFICATION FINANCIÈRE) would be an asset
- Well-developed sales and relationship skills proven to build strong relationships with customers, to identify appropriate partnership and consolidation opportunities and to proactively promote/ sell Imperial Service
- Well-developed investment, retirement and credit planning skills, sufficient to meet the needs of the affluent clients and to compete for the business within the current market
- Well-developed knowledge of range of investment/ deposit products/ services and related industry and bank compliance standards
- Developed knowledge of a full range of credit products/ services, consumer lending practices, credit analysis and compliance standards
- Working knowledge of estate planning, power of attorney, wills, family trusts, insurance and tax sufficient to discuss these topics with clients and engage or refer to the appropriate specialists
- Computer literacy and knowledge of PC software and mainframe applications (e.g. Windows, Portfolio Management, Contact Management, etc.) to access and record customer information, to complete sales and servicing activities and to develop detailed financial plans
- Working knowledge of the institutions operational and credit risk policies and procedures sufficient to monitor and manage risk of the assigned portfolio
- Well-developed interactive/ presentation skills sufficient to convey both factual and conceptual information requiring detailed explanation and interpretations to staff and highly knowledgeable customers, professionals and business groups within the community
- Well-developed communication skills (written and verbal) sufficient to prepare and deliver sales presentations and proposals
- Well developed time management skills and the ability to manage multiple competing priorities*
- Focused attention to detail when entering and reviewing financial information
- Dexterity and coordination required regularly to accurately enter and access computer database information.
- Branch environment. Visits to customers off-site as required.
- Flexible working hours to accommodate customer needs.
Personal sensitivity and empathy