Wealth Manager - SIAML at Stanbic IBTC

Job ID: 50658
Location: Lagos Island, Lagos
Job Sector: Banking

Job Purpose

• The Wealth Manager’s role involves working with clients to help them make the right decisions with their accounts and explain the financial services on offer to them. The Wealth Manager is also expected to identify possible sales opportunities and generate new business for SIBTC.

A Wealth Manager should be accountable for the below responsibilities:

• Exploring new business opportunities as well as expand opportunities with existing clients.  Analyze and assess clients offshore and onshore banking and investment needs.
• Meet agreed team sales and income targets.
• Identify and manage business risks indicators for clients of Stanbic IBTC by ensuring that products and service offering are packaged and structured to minimize risk to protect the interest of both parties.  Have a thorough understanding and comply with relevant legislation and procedures.
• Represent Stanbic IBTC in a professional manner, help build its profile and reputation as a high quality Wealth Manager, with a focus on maintaining long-term relationships with clients

Key Responsibilities

• Draw up customer plan detailing the clients’ financial summary, risk profile, investment objectives, personal interests including immediate family etc (see the template on the unit’s Shared Drive)
• Prepare Clients status report
• Minimum of 5 scheduled visits per week to mine existing relationships, sign on new prospects, source revenue-generating transactions or opportunities
• Prepare call memos within 48 Hours of client visits highlighting the salient discussions held and decisions reached. This must also include an action plan detailing the next steps to be taken
• Liaise with Banking Consultants to originate applications for facilities and forward to relevant approving units
• Generate weekly report on activities for week including plan for the following week
• Attend client functions to deepen personal relationships
• Invite clients and attend seminars and networking events within and outside the bank
• Periodic review of investment portfolio to ensure compliance with clients’ investment objectives and risk appetite
• Set up clients’ appointment with Offshore representatives to explore banking, investment, real estate and trust opportunities.

Strategy:

• The Associate Wealth Manager (AWN) usually works with an experienced Wealth Manager.
• The AWM is also expected to identify possible sales opportunities and generate new business for SIBTC.
• Far from being a self-absorbed money-orientated career, the role of an AWM is all based around clients and their needs, so much time is spent discussing their financial needs and keeping records. Other daily duties will include:
• Deepening the existing relationship with clients in order to increase the income potential of such clients
• Setting up meetings with new clients
• Looking for new sales opportunities

Administration:

• Draw up customer plan detailing the clients’ financial summary, risk profile, investment objectives, personal interests including immediate family etc
• Prepare Clients status report
• Minimum of 5 scheduled visits per week to mine existing relationships, sign on new prospects, source revenue-generating transactions or opportunities
• Prepare call memos within 48 Hours of client visits highlighting the salient discussions held and decisions reached. This must also include an action plan detailing the next steps to be taken
• Liaise with Banking Consultants to originate applications for facilities and forward to relevant approving units
• Generate weekly report on activities for week including plan for the following week
• Attend client functions to deepen personal relationships
• Invite clients and attend seminars and networking events within and outside the bank
• Periodic review of investment portfolio to ensure compliance with clients’ investment objectives and risk appetite
• Set up clients’ appointment with Offshore representatives to explore banking, investment, real estate and trust opportunities.

Preferred Qualifications and Experience

• First Degree
• Relevant postgraduate business qualification is an advantage (MBA, CFA, CFP, etc)
• Minimum of 5 years banking/investment experience with a preference for experience in the following sectors:
  • Credit
  • Financial Advisory
  • Project & Structured Finance
  • Private Equity
  • Wealth management.

Knowledge / Technical Skills / Expertise:

• Possession of exceptional selling skills to persuade clients to adopt the proposed wealth plans. These skills are built over a long period (5-10 years) and are based on deep knowledge of products and experience (knowledge power), successful track record as trusted advisor, and social skill. The WM needs to be of exceptional intellect, be socially adept, and be able to contextualise events in the political, economic, social, technological, legal end environmental arena.
• Good working knowledge and understanding of the entire range of products and services available to HNI clients, with knowledge of their client benefits, limitations, profitability to the bank, and value in developing long term business relationships
• General understanding of all areas of risk associated with UHNI clients, products and services; drawing on this information and input from reliable sources (network) to decide on strategies to meet their needs (business financial needs & operational banking service needs) with the ultimate objective of establishing a sound foundation for further business and protection against loss of key clients to competitors
• Creative flair required when dealing with unique financial scenarios.
• Thorough understanding of Credit Principles and flexibility in the application of such principles
• Vigilance of external factors such as fluctuating market conditions and applying the changes in these variables to hedge client’s portfolio against potential losses.
• Good working knowledge of regulatory requirements.
• Ability to interpret financial statements, management accounts, budgets and cash flows for all types of legal entities.
• Understanding of current business issues as well as the macro socio-political and economic environment both locally and abroad and their impact on the local market.
• Familiarity with Bank software in addition to proficiency in MS Office suite
• Excellent presentation skills
• Business Acumen and Market Understanding.