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Senior Business Manager (FP)

Paramus

Job Description:

Foley, DeLuise & Associates is a Merrill Lynch team located in Paramus, New Jersey. The team oversees over $1.5B in client assets and generates over $13m in revenue. The eight-person team is currently seeking candidates for a Senior Business Manager (COO) to manage the team and practice.

Senior Business Managers are key contributors to Private Wealth teams.

The senior role has responsibilities in five key areas:

  • Team Leadership
  • HR / Team Management
  • Business Management
  • Operations / Risk Management
  • Business Strategy

The Senior Business Manager will oversee the team, personnel and business operations/processes. They will work with the partners to implement business and team strategy and ensure execution related to priorities across the team’s business plan and goals. They develop and manage the team’s business plan and financials. They manage and drive complex financial related initiatives including pricing strategy and profitability compared to revenue and time capacity. Senior Business Managers interface with market and division leaders to ensure team strategy and initiatives reflect overall market strategies and goals. They track progress with quantifiable business and activity goals and ensure team daily activities align with practice metrics, goals, and objectives. They manage diverse administrative functions including: personnel processes and performance monitoring and coordination of team assignments; projects and key initiatives; and overall team client service strategy. The role requires a thorough knowledge of the Merrill Lynch Wealth Management business functional area and products, and requires a working knowledge of general bank policies, programs and procedures, and financial/accounting practices.

Role Responsibilities

• Collaborate with Senior partners to develop and implement a business plan that translates practice vision into goals and regularly monitor and update as needed

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

• Conduct team meetings to drive business plan execution

• Define and communicate clear team roles and responsibilities and lead team member semi-annual reviews for feedback and opportunities for career pathing for drivers of team and business growth

• 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 team members as needed

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

• 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

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

• Establish budget and work with team to manage expenses and charitable donations to support the business and clients. This includes the PWA’s Business Development Accounts (BDA)

• Establish and align practice operations to strategic vision

• Oversee execution of client service strategy and client review processes

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

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

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

• Working knowledge and understanding of Merrill Lynch Wealth Management services and products- including PWM/PBIG

• 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

Required Skills

• Either Series 7 and 66 licenses or Series 7, 63, and 65 licenses; must obtain all state registrations held by the Financial Advisor(s) and Advisor Team(s) they support • SAFE ACT Registration • 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 • 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”) • 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 • Minimum of 10 years’ experience performing OMT/specialist/analyst level responsibilities or equivalent industry experience

Business Overview

Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Lynch Wealth Management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance. 

The Senior Relationship Manager supports the Financial Advisor Team to further develop and enhance existing client relationships. Promotes growth and acquisition through frequent client meetings and discussions covering investment strategy, account performance, new products, and market developments. Works closely with portfolio managers, product specialists and/or relevant team members to coordinate all sales and service activities. Serves as lead owner and relationship manager for medium-sized to complex accounts; develop and implement the team’s client service model; ensures deepening of client relationships by maintaining a thorough knowledge of Wealth Management and Enterprise lending, banking, and investment products and services, and firm policies and procedures.

Role Responsibilities

Act as a primary point of contact to clients seeking a personalized high-touch relationship
Document client interactions and provide team with time sensitive updates
Develop, monitor, and execute on team service model
Conduct introductory client meetings
Engage FAs, specialists/partners to address client's needs
Serve as lead owner and relationship manager for a group of clients
Identify and own the process for client review meetings
Host client review meetings to assist in re-discovery conversations, capture notes and follow up in Sales Force, and track all actions/activities to ensure highest level  of client service
Lead the management and facilitation process of elevated client issues/concerns
Organize and facilitate client appreciation events

Qualification

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; ADV-2B Required
Obtain and/or maintain at least one firm approved designation
Possess and demonstrate strong communication skills
Ability to lead through collaboration and influence without direct authority to effectively partner with all EGP roles, product specialists and across enterprise
Proven ability to build and deepen client relationships to identify opportunities for business growth
Detail oriented with strong organizational skills, and ability to manage multiple tasks and priorities at once
Advanced knowledge and understanding of the suite of Wealth Management products and services
Proven ability to manage risk and make sound decisions
Ability to identify client needs and concerns and articulate appropriate approach to align solutions to goals
Ability to independently research escalated client issues for response/resolution
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.

Job Band:

H5

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Foley, DeLuise & Associates is a Merrill Lynch team located in Paramus, New Jersey. The team oversees over $1.5B in client assets and generates over $13m in revenue. The eight-person team is currently seeking candidates for a Senior Business Manager (COO) to manage the team and practice.

Senior Business Managers are key contributors to Private Wealth teams.

The senior role has responsibilities in five key areas:

  • Team Leadership
  • HR / Team Management
  • Business Management
  • Operations / Risk Management
  • Business Strategy

The Senior Business Manager will oversee the team, personnel and business operations/processes. They will work with the partners to implement business and team strategy and ensure execution related to priorities across the team’s business plan and goals. They develop and manage the team’s business plan and financials. They manage and drive complex financial related initiatives including pricing strategy and profitability compared to revenue and time capacity. Senior Business Managers interface with market and division leaders to ensure team strategy and initiatives reflect overall market strategies and goals. They track progress with quantifiable business and activity goals and ensure team daily activities align with practice metrics, goals, and objectives. They manage diverse administrative functions including: personnel processes and performance monitoring and coordination of team assignments; projects and key initiatives; and overall team client service strategy. The role requires a thorough knowledge of the Merrill Lynch Wealth Management business functional area and products, and requires a working knowledge of general bank policies, programs and procedures, and financial/accounting practices.

Role Responsibilities

• Collaborate with Senior partners to develop and implement a business plan that translates practice vision into goals and regularly monitor and update as needed

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

• Conduct team meetings to drive business plan execution

• Define and communicate clear team roles and responsibilities and lead team member semi-annual reviews for feedback and opportunities for career pathing for drivers of team and business growth

• 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 team members as needed

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

• 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

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

• Establish budget and work with team to manage expenses and charitable donations to support the business and clients. This includes the PWA’s Business Development Accounts (BDA)

• Establish and align practice operations to strategic vision

• Oversee execution of client service strategy and client review processes

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

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

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

• Working knowledge and understanding of Merrill Lynch Wealth Management services and products- including PWM/PBIG

• 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

Required Skills

• Either Series 7 and 66 licenses or Series 7, 63, and 65 licenses; must obtain all state registrations held by the Financial Advisor(s) and Advisor Team(s) they support • SAFE ACT Registration • 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 • 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”) • 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 • Minimum of 10 years’ experience performing OMT/specialist/analyst level responsibilities or equivalent industry experience

Business Overview

Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Lynch Wealth Management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance. 

The Senior Relationship Manager supports the Financial Advisor Team to further develop and enhance existing client relationships. Promotes growth and acquisition through frequent client meetings and discussions covering investment strategy, account performance, new products, and market developments. Works closely with portfolio managers, product specialists and/or relevant team members to coordinate all sales and service activities. Serves as lead owner and relationship manager for medium-sized to complex accounts; develop and implement the team’s client service model; ensures deepening of client relationships by maintaining a thorough knowledge of Wealth Management and Enterprise lending, banking, and investment products and services, and firm policies and procedures.

Role Responsibilities

Act as a primary point of contact to clients seeking a personalized high-touch relationship
Document client interactions and provide team with time sensitive updates
Develop, monitor, and execute on team service model
Conduct introductory client meetings
Engage FAs, specialists/partners to address client's needs
Serve as lead owner and relationship manager for a group of clients
Identify and own the process for client review meetings
Host client review meetings to assist in re-discovery conversations, capture notes and follow up in Sales Force, and track all actions/activities to ensure highest level  of client service
Lead the management and facilitation process of elevated client issues/concerns
Organize and facilitate client appreciation events

Qualification

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; ADV-2B Required
Obtain and/or maintain at least one firm approved designation
Possess and demonstrate strong communication skills
Ability to lead through collaboration and influence without direct authority to effectively partner with all EGP roles, product specialists and across enterprise
Proven ability to build and deepen client relationships to identify opportunities for business growth
Detail oriented with strong organizational skills, and ability to manage multiple tasks and priorities at once
Advanced knowledge and understanding of the suite of Wealth Management products and services
Proven ability to manage risk and make sound decisions
Ability to identify client needs and concerns and articulate appropriate approach to align solutions to goals
Ability to independently research escalated client issues for response/resolution
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-22033627

Band: H5

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Sulaka Polidura

Referral Bonus:

0

Street Address

Primary Location:
115 W CENTURY RD, NJ, Paramus, 07652