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Wealth Management Senior Business Manager

Lake Forest, Illinois

Job Description:

Job Description

The Senior Business Manager role is a key contributor to a Financial Advisor team in creating strategy and ensuring execution related to multiple metrics and priorities across the team’s business plan and goal deliverables. Develops and manages the team’s business plan and practice financials. Manages and drives complex financial related initiatives to include: pricing strategy, profitability compared to revenue and time capacity. Interfaces with market and division leaders to ensure team strategy and initiatives support overall division market strategies and goals. Tracks progress with quantifiable business and activity goals and ensures team daily activities aligns with practice metrics, goals, and objectives. Manages diverse administrative functions to include personnel processes and performance monitoring and coordination of team assignments, projects and key initiatives, and overall team client service strategy. Requires a thorough knowledge of the Merrill Lynch Wealth Management business functional area and products. Requires a working knowledge of general bank policies, programs and procedures and financial/accounting practices.

Role Responsibilities

  • Create a business plan that translates practice vision into and regularly monitor and update as needed

  • Provide leadership around team structure to deliver on the team's vision, goals, and business plan

  • Establish and align practice operations to strategic vision

  • Conduct team meetings to drive business plan execution

  • Establish a pricing strategy aligned to the team's vision and ensures profitability of practice

  • Define and communicate clear team roles and responsibilities

  • Serve as a main point of contact, in partnership with office management team and HR/supervision, for HR, comp, operations and compliance related issues

  • Coordinate work assignments across team to ensure completion

  • Own the overall body of work for the team, delegating work assignments, monitoring for quality and completion and managing junior team members as needed

  • Oversee execution of client service strategy and client review processes

  • Serve as decision maker and team leader when senior advisors are unavailable

  • Identify areas of opportunity to leverage specialists to maximize the team's capabilities in delivering the optimal client experience

  • Establish budget and manage expenses regularly to include Business Development Account (BDA)

  • Manage team compensation and incentives, including FA pools and splits as well as support staff compensation

  • Lead the sourcing, assessing, hiring, and onboarding of new talent; and the off boarding of transitioning talent

  • Regularly evaluate financial "health" of practice and work with equity partners to discuss any changes

Qualifications

  • Series 7, 63/65 or 66 or equivalent; must obtain all state registrations in support of Financial Advisor(s) and Advisor Team(s)  If Series 7, 63/65 or 66 or equivalent are not currently held, must be obtained within a specified timeframe to be eligible for Specialist position.

  • SAFE ACT Registration

  • Individuals in this role are required to maintain a Form ADV -2B, which provides clients details on individuals experience and educational background, along with other requirements governed by the U.S. Securities and Exchange Commission (“SEC”)

  • MBA preferred or obtain and/or maintain at least one firm approved designation

  • Strong leadership abilities, communication and delegation skills

  • Understanding of how to deliver a strong overall client experience

  • Thorough knowledge and understanding of the suite of Wealth Management products and services

  • Proven ability to manage risk and make sound decisions by having a deep understanding of industry regulations, supervisory requirements, and policies/procedures

  • Ability to identify client needs and concerns, and articulate appropriate approach to align solutions to goals in a suitable and controlled way

  • Strong analytical skills with ability to identify trends, root cause and effects, and implement improved processes to increase growth and mitigate risk

  • Ability to influence and demonstrate strong and effective leadership through clear communication and collaboration with other partners to make sound decisions with courage and conviction; demonstrated ability to influence to the desired outcome, without direct authority

  • LOS 5+ years or relevant Industry experience

***Please be advised that under current company policy, Merrill Lynch does not sponsor a visa petition or other work authorization, nor will the company provide relocation assistance, for this position.

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21003262

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Referral Bonus:

Street Address

Primary Location:
780 N Western Ave, IL, Lake Forest, 60045