Thursday, April 30, 2009

BB&T "Wealth Management" Position

I decided to take a look at some of the positions open at a couple of banks. Earlier, a reader made note of the "CA" role at SunTrust Bank. After reviewing this position on the SunTrust "jobs available" page, I looked at similar positions at other institutions. It appears to me that one person came up with this job function and spawned a sea of mediocracy. Several banks use this position in their "Wealth Management" or "Private Banking" departments. There is no originality or creativity to the method of delivering the bank's services and products. Each bank will only be as good as the person you happen to be lucky (or unlucky) enough to have as your "relationship manager".

In addition to the similarity of the position across companies, one should examine the qualification for holding such a position. Just take a look at the example below. The position requires the employee to "provide on-going service for financial products and services" for retail deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, etc. All it takes, apparently, to amass this knowledge is three to five years in banking, "investments", or financial planning along with two years of retail lending. And this is only 1 of 13 requirements. Who are they kidding here. Not only does the position require this knowledge, but you also have to be a salesperson and sit on boards and develop relationships with centers of influence.

This concept doesn't seem feasible, although I guess some consulting firm managed to dupe several banks into this model. Good luck with this process. Five years from now we'll see if following the herd made any sense.

External Description:
Line of Business: WEALTH DIVISION

Professional Primary Purpose:

Responsible for identifying, soliciting, servicing, delivering or coordinating the delivery of a broad range of financial products and services (i.e., Retail Deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, Scott & Stringfellow, etc.) for clients in BB&T's Private Banking segment; creating and delivering retail financial plans; proactively developing new client relationships; and delivering exceptional, high-level relationship management to clients and prospects.

Essential Duties and Responsibilities: Following is a summary of the essential functions for this job. Other Duties may be performed, both major and minor, which are not mentioned below. Specific activities may change from time to time.

1. Serve as the primary point of contact, integration and responsibility for assigned Private Banking clients and prospects. Coordinate, deliver, and provide on-going service for financial products and services for assigned clients (i.e., Retail Deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, Scott & Stringfellow, etc.)
2. Establish and maintain an understanding of assigned clients' financial needs through frequent interaction and continuous use of the BB&T profiling model.
3. Create and deliver retail financial plans to clients and prospects using financial planning software.
4. Develop additional business, both internally and externally, for the Region; meet growth goals for Private Banking clients (loans, deposits, fee-based revenue) as assigned.
5. Embrace the BB&T Decathlon Sales Process, which includes, but is not limited to, the delivery of the Gold Seal Client Service Standards, support of the BB&T segmentation models, full use of the automated sales process and support of referral processes and guidelines.
6. Establish and maintain excellent working relationships with various specialists (IRM Integrated Relationship Management Partners) designated to support client service and client development efforts (i.e., Mortgage Origination, Investment Services, Trust and Asset Management Services, Insurance Services, etc.) Serve as an advocate for clients with other business units.
7. Develop and approve retail loans for clients and prospects within limit of authority. Prepare and present/recommend to higher authority any loans in excess of lending authority.
8. Evaluate and extend credit and terms in accordance with BB&T lending policy and lending authority.
9. Assume responsibility for proper documentation and proper review of clients' financial statement.
10. Establish and maintain mutually beneficial referral and business relationships with outside centers of influence such as CPAs, attorneys, local advisory board members, civic associations, and other individuals and organizations that will enhance business development efforts.
11. Stay abreast of changing economic, legal, financial planning, investment trends, and general market and business issues impacting Private Banking clients. Serve as a personal financial advisory resource for clients, their attorneys and CPAs.
12. Work within the existing audit, compliance and regulatory framework to ensure a high quality, compliant book of business.
13. Participate in the on-going improvement and refinement of the Private Financial Services brand, processes, products, services and operating policies and procedures.

Required Skills and Competencies: The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
1. Bachelor's degree, preferably with a concentration in business, accounting, finance or banking.
2. Three to five years of progressively responsible experience in banking, investments, or financial planning, as well as a high aptitude for client relationship management and business development, or equivalent experience in outside sales and/or relationship management
3. Minimum of two years of retail lending experience 4. Excellent working knowledge of fundamental retail credit and deposit products and a fundamental understanding of basic personal financial planning and investment concepts; or, clearly demonstrates the ability to rapidly learn such concepts through training
5. Strong interpersonal and relationship management skills, with a demonstrated aptitude for sales
6. Strong written and verbal communication skills
7. Working knowledge of Microsoft Office desktop applications
8. Ability to travel, occasionally overnight

Desired Skills

1. Completion or enrollment in professional-level certification programs such as Foundations for Financial Planning, Accredited Asset Management Specialist, Certified Financial Planner, Certified Trust and Financial Advisor, or Certified Public Accountant; life/health license or property/casualty license a plus.
2. Completion or enrollment in an established management or career development program such as BB&T's Leadership Development Program or BB&T Banking School.
3. Ability to mentor other Private Bankers in retail lending.
4. Industry applicable licenses as appropriate.

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