Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem. An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy (wikipedia.org). The Wealth Planner (WP) function provides the private client with a needs-driven, wealth planning solution which may involve structures in multiple jurisdictions. Wealth Planning is an integral component of the private banking relationship, facilitating wealth management, financial planning, and estate planning for high net worth clients.
The Wealth Planner will work closely with private bankers (Relationship Managers or RMs) and high-end Premier bankers in the retail network, to develop and market this service to HSBC clients, and also develop relations and work with qualified intermediaries, such as lawyers and accountants, aiming at delivering GWS solutions to their clients.
- Should possess a minimum of a bachelor’s degree in Law or Business, and professional certifications. Juris Doctor preferred.
- Should have a minimum of 10 years proven a track record in marketing personal trust services to HNW private clients, as well as a thorough knowledge of pertinent laws and regulations affecting trust administration and investment activities.
- Must possess effective marketing/business development, presentation, communication, interpersonal and analytical skills.
- Experience in marketing 1) the advantages of Delaware Trusts and marketing experience outside NY State, and 2) the use of US trusts for wealth transfer from outside the US, is a plus.
Primary Responsibilities/Essential Functions:
- Act as the primary sales/planning contact for all high net worth families in the $5m – $20m range, and act as member of the Personal Trust’s marketing team for the ultra-high net worth segment ($20m+).
- Work with high net worth families and their advisors in the design and establishment of effective succession planning strategies through trusts, insurance, companies, foundations and other wealth structuring vehicles.
- Develop a productive internal referral network with PB RMs, commercial and Premier RMs, by ensuring that RMs are informed on all aspects of GWS’ services; and to provide periodic training and communications to RMs on relevant personal trust topics, including how to source potential new business for the US Personal Trust Group.
- Build a productive external referral network, including the intermediary community, through attendance at industry conferences and seminars, accepting speaking engagements at industry and community events, and participation in industry and community organizations.
- Formulate and implement a wealth planning strategy for the Domestic Private Bank – in conjunction with DPB management.
- Achieve assigned new business revenue targets.
- Serve as a senior resource on estate planning issues for clients, prospects and colleagues nationally as well as developing high-quality marketing materials and designing and carrying out internal training session on trust and estates.
- Provide the Head of US Personal Trust and the Head of GWS Administration with:
- input and feedback on products/solutions needs
- client and market trends
- development of marketing material
- competitive insights in the market
- Must be able to travel frequently to assigned markets, primarily in the Northeast, Florida, and California, to meet with RMs, clients, prospects and their advisors.
- As needed, liaise with the trust administration groups (Fiduciary Services Units or FSUs) to ascertain that accounts are effectively established, that the Company is protected from liability and that clients are satisfied with the service provided to them.
- Ensure that the marketing of personal trust services is delivered at high-quality standards in pursuit of client satisfaction, consistency, legal, policy and regulatory compliance and market competitiveness.
- Perform other job-related duties as assigned.
- Performs according to prescribed procedures.
Management of Risk:
- Each employee must be aware of the Operational Risk scenario associated with the role and acts in a manner that takes account of operational risk considerations.
- Each employee must ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies and optimizes relations with regulators by addressing any issues.
- Each employee must promote an environment that supports diversity and reflects the HSBC brand.
Observation of Internal Controls:
- Each employee must maintain HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators. Any failures to comply with the above should be reflected in year-end performance assessments.
- Each employee must understand, follow and demonstrate compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.
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