Head of Wealth Product Management

Wilmington Trust•Radnor, PA

About The Position

Overview: Responsible for managing and identifying new opportunities to meet the product and service demands of the full spectrum of Wealth Management products and services, including for the High Net Worth (HNW), Ultra-High Net Worth (UHNW) and Affluent client segments as well as the Private Banking, Asset Management and Fiduciary channels. Develops and executes long-term strategic roadmaps and plans and directs cross-functional projects and initiatives, typically involving close partnership with other lines of business and Technology. Works within and outside Wealth to execute on a wide range of initiatives including marketing, profitability, new product development, legal, compliance and pricing. Provides leadership role in Bank acquisitions as required to ensure the coordination and successful integration of Wealth Management products, services and client onboarding. Primary Responsibilities: Develop and direct the execution of the organization’s long-term strategy for the full spectrum of Wealth Management products including product management, development of services, marketing, implementation, customer experience and risk management. Set the strategic direction of Wealth Management products by establishing a multi-year product roadmap based on industry trends, regulatory environments and competitive analysis. Provide the strategic direction and management of the planning, development, and implementation of resources to support the departmental vision. Oversee multiple large scale and cross-functional Wealth product-related projects. Utilize in-depth expertise in full spectrum of Wealth products and services as well as technology (mainframe, internet channel and bank infrastructure) to ensure successful acquisitions and new product development. Provide Wealth representation and approvals on the most complex, critical, and highly visible projects at the division and/or Bank-wide level. Lead and drive issue and problem resolution related to project deliverables and daily operations. Build strong cross-functional relationships across the organization to successfully navigate and operate in a matrix organization. Identify and influence critical stakeholders at senior levels of the organization. Own all aspects of product financials, including revenue planning and product profitability. Manage profitability and pricing products in markets; direct product pricing and cost structure, as well as product risk. Ensure all products and services are marketable, profitable and comply with legal and regulatory requirements. Oversee integration of product strategies into sales channels. Review new product opportunities to identify opportunities for new or enhanced Wealth products. Establish marketing objectives; partner with other Bank departments to develop effective programs to sell services and products. Design and manage those who design product and develop market strategies (i.e., advertising, pricing, expense planning, profit plans, packaging, future products etc.) and goals and assure successful implementation; monitor the achievement of such goals. Formulate and implement related policy and procedures. Oversee the Wealth Management integration during Bank acquisitions, including data mapping, marketing and client communications and onboarding. Oversee the onboarding of complex products and technical integration within deadlines. Manage all aspects of new product implementation and existing product modification, including but not limited to, the design and development of services, portfolio acquisition and process improvements; work with affected departments as appropriate. Formulate and approve product-specific policies and procedures. Review new product opportunities and trends in local markets; evaluate and recommend new services, new products or geographies, or modify existing services or products. Evaluate new product and service success; implement and manage changes in service or marketing strategy as required. Understand current and future technology trends to continuously drive improvements to customer support programs. Ensure department contingency planning is completed in timely fashion. Exercise usual authority of a manager concerning staffing, performance appraisals, promotions, salary recommendations, performance management and terminations. Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite. Design, implement, maintain and enhance internal controls to mitigate risk on an ongoing basis. Identify risk-related issues needing escalation to management. Promote an environment that supports belonging and reflects the M&T Bank brand. Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable. Complete other related duties as assigned. Scope of Responsibilities: This position is responsible for all Wealth Management products, inclusive of Asset Management, Private Banking, Fiduciary Services and Wealth Planning, and incorporating a comprehensive segmentation and growth strategy across the three different Wealth client segments of Affluent, High Net Worth and Ultra-High Net Worth. As such, the position has direct impact on revenue, growth and retention of the Wealth Management business. The position is responsible for the day-to-day and strategic direction of the department and requires a thorough knowledge of business, applicable regulations, and affiliated technology. The jobholder must be able to plan, organize, and manage work of staff and produce results. The position works with uncertainty with discretionary solutions to obstacles that possess inherent risk to organization. The jobholder champions change and innovative solutions and communicates a common vision to others. It is important for the position to build and maintain relationships with internal and external customers and outside vendors in a manner that maximizes shareholder return. Results and/or actions impact the Bank’s long-term operations, revenues or profitability. The jobholder has extensive contact with other Bank departments for the effective and profitable marketing of new products and the enhancement of existing products. The position champions strategies and development of new and improved processes that support business growth, organizational efficiencies and customer service objectives. The position oversees and evaluates high-level processing key performance indicator models and develops reporting to manage business function processes effectively.

Requirements

Bachelor’s degree and a minimum of 13 years’ relevant experience, or in lieu of a degree, a combined minimum of 17 years’ higher education and/or work experience, including a minimum of 13 years’ relevant experience
Minimum of 6 years’ proven managerial, supervisory and/or work leadership experience
Wealth Management and asset management product experience required.
Experience in large scale bank acquisitions and integration
Prior experience managing multiple large value projects
Understanding of pertinent regulations impacting the business
Proficiency with personal computers as well as pertinent spreadsheet, word processing and presentation software
Excellent verbal and written communication skills
Self-motivated
Strong organizational skills
Strong interpersonal skills
Strong presentation skills
Strong strategic planning skills
Strong project management skills
Strong problem-solving skills
Strong analytical skills

Nice To Haves

Master’s degree in Business Administration (MBA)
Marketing and sales campaign background
Ability to design and build new innovative Wealth Management financial services
Knowledge of applicable products, systems and workflows
Deep understanding of banking, operations, product management and technology systems
Knowledge of bank strategic vision and mission with ability to link specific department/division mission
Strong developmental and research ability to understand market trends
Knowledge of process improvement methodology and business process management techniques

Responsibilities

Develop and direct the execution of the organization’s long-term strategy for the full spectrum of Wealth Management products including product management, development of services, marketing, implementation, customer experience and risk management.
Set the strategic direction of Wealth Management products by establishing a multi-year product roadmap based on industry trends, regulatory environments and competitive analysis.
Provide the strategic direction and management of the planning, development, and implementation of resources to support the departmental vision.
Oversee multiple large scale and cross-functional Wealth product-related projects.
Utilize in-depth expertise in full spectrum of Wealth products and services as well as technology (mainframe, internet channel and bank infrastructure) to ensure successful acquisitions and new product development.
Provide Wealth representation and approvals on the most complex, critical, and highly visible projects at the division and/or Bank-wide level.
Lead and drive issue and problem resolution related to project deliverables and daily operations.
Build strong cross-functional relationships across the organization to successfully navigate and operate in a matrix organization.
Identify and influence critical stakeholders at senior levels of the organization.
Own all aspects of product financials, including revenue planning and product profitability.
Manage profitability and pricing products in markets; direct product pricing and cost structure, as well as product risk.
Ensure all products and services are marketable, profitable and comply with legal and regulatory requirements.
Oversee integration of product strategies into sales channels.
Review new product opportunities to identify opportunities for new or enhanced Wealth products.
Establish marketing objectives; partner with other Bank departments to develop effective programs to sell services and products.
Design and manage those who design product and develop market strategies (i.e., advertising, pricing, expense planning, profit plans, packaging, future products etc.) and goals and assure successful implementation; monitor the achievement of such goals.
Formulate and implement related policy and procedures.
Oversee the Wealth Management integration during Bank acquisitions, including data mapping, marketing and client communications and onboarding.
Oversee the onboarding of complex products and technical integration within deadlines.
Manage all aspects of new product implementation and existing product modification, including but not limited to, the design and development of services, portfolio acquisition and process improvements; work with affected departments as appropriate.
Formulate and approve product-specific policies and procedures.
Review new product opportunities and trends in local markets; evaluate and recommend new services, new products or geographies, or modify existing services or products.
Evaluate new product and service success; implement and manage changes in service or marketing strategy as required.
Understand current and future technology trends to continuously drive improvements to customer support programs.
Ensure department contingency planning is completed in timely fashion.
Exercise usual authority of a manager concerning staffing, performance appraisals, promotions, salary recommendations, performance management and terminations.
Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite.
Design, implement, maintain and enhance internal controls to mitigate risk on an ongoing basis.
Identify risk-related issues needing escalation to management.
Promote an environment that supports belonging and reflects the M&T Bank brand.
Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
Complete other related duties as assigned.