The Private Banker, Private Client Division (PCD) is accountable for providing relationship management, a superior client experience and banking and lending solutions (only) to high net worth (HNW) clients referred by Private Client Division. Located within the PCD Branch office, the role is accountable for the business plan established for the role with the objective of profitably growing overall banking revenue while maintaining adherence to the Bank’s risk tolerance. Banking revenue growth is achieved through effectively managing relationships with PCD Investment Advisors (IA) resulting in HNW client banking and lending referrals, as well as managing the retention and expansion of existing client relationships. The role is also accountable to identify and refer opportunities to the PCD IA. The role works closely with the PCD IA as part of the client strategy team.
A. Client Relationship Management
B. Business Delivery
C. Risk Management and Control
D. Business Development
A. Client Relationship Management
- Provide superior service to a portfolio of HNW clients with an objective of becoming their trusted advisor for banking and lending solutions.
- Accountable for providing information to the PCD IA on the status of the pipeline of referrals.
- Accountable for the quality of information obtained to support decisions, and the profitability of each relationship managed.
- Apply relationship management principles and techniques to assigned PCD IA’s by providing a unique, value-added experience to clients referred by uncovering share of wallet opportunities for referral to the IA.
- Apply relationship management principles and techniques to an assigned portfolio of clients and to newly referred clients, providing a unique, value-added client experience in the development of integrated banking and lending solutions to meet client needs.
- Provide proactive, integrated and customized advice to help clients achieve their banking, financial and personal goals within the context of the broader PCD integrated financial plan.
- Demonstrate a consultative and collaborative selling approach in client conversations, acting as a key member of the PCD team in creating an exceptional client experience.
B. Business Delivery
- Maintain effective relationships with the PCD IAs and other PCD client team members, Private Banking Officers and Lending Specialists to build a collaborative working environment that focuses on client needs and the delivery of the desired client experience.
- Provide timely and effective problem resolution, escalating client issues as necessary.
- Act as the banking and lending specialist for PCD partners.
- Maintain up-to-date knowledge and understanding of applicable private banking, personal and commercial banking products, lending products, processes, policies and relevant legal, regulatory and technology requirements.
- Contribute to the assigned portfolio’s profitability and growth through the use of established business acceptance guidelines and current pricing guidelines for credit and non-credit products and services.
- Protect the Bank’s assets by adhering to all applicable private banking, personal and commercial policies and procedures, lending processes, legal and ethical requirements and regulations, audit requirements, and established risk guidelines. Ensure all business is in conformity with Bank Policies and other guidelines.
- Respond to questions and resolve issues on assigned portfolio, through audits and quality checks to ensure lending decisions are adequately documented, clearly communicated and followed
- Manage risk and minimize losses through monitoring and control reports, ensuring compliance requirements audits and verifications are completed in accordance with all applicable private banking, personal and commercial Bank Policies & Procedures and all legal, regulatory and ethical requirements
- Document and follow-up on any discrepancies to procedures, with significant operational risk and escalate
- Understand and adhere to regulatory and compliance requirements that include but are not limited to Know Your Customer standards, policies and procedures for the prevention of loss due to fraud, counterfeiting, money laundering, terrorist financing or defalcation; identify and report suspicious and other reportable transactions or patterns of activity that are suspected to be related to money laundering
- Maintain up-to-date knowledge and understanding of all applicable private banking, personal and commercial banking products, lending products, processes, and relevant legal, regulatory and technology requirements
- Adhere to all aspects of First Principles our code of business conduct and ethics, including individual accountability as it relates to potential conflicts of interest, safeguarding of client information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities, and FCAC consumer provision requirements
- Demonstrated working Private Banking credit and deposit expertise as defined by the ability to question, structure and negotiate loan and deposit transactions.
- Respect the Bank’s credit process and is accountable for proper structuring of credit transactions and for provision of accurate and complete information to the Lending Specialist.
- Mitigate risks identified and make credit proposals for commercial transactions and credit recommendations for personal transactions that are in accordance with sound credit-granting principles and in compliance with the Bank’s philosophy and principles as outlined in Corporate Risk Policy as well as appropriate supporting policies and procedures.
- To support obtaining HNW client banking and lending referrals, create a plan to develop and maintain relationships with all PCD IAs in assigned offices.
- In conjunction with IAs in assigned PCD branches, develop a 12 to 18 month rolling plan to achieve targets.
- Identify opportunities to refer business back to PCD IAs.
- Develop, maintain and execute an ongoing growth and retention strategy for clients within the portfolio.
- Engage in joint business development activities with the PCD IAs.
- Negotiate appropriate pricing using discretion where required to build a profitable portfolio
Knowledge & Skills
- Personal Credit Qualification at a working level (no limits).
- Private Banker Working Commercial qualification with no limits (applicable for Private Banking transactions only)
- Able to question, structure and negotiate loan and deposit transactions.
- University degree/MBA/CPA or equivalent job-related experience.
- 5 to 7 years of experience in banking as a relationship manager or as a lender.
- Working knowledge of Private Banking, and applicable personal and commercial credit and non-credit products.
- Working knowledge of the Commercial Healthcare and Professionals Industry Programs.
- In-depth relationship management skills to effectively manage centres of influence/referral sources.
- Working ability to effectively manage relationships across multiple levels of the organization.
- 3 to 5 years business development experience with high net worth clients and a strong track record of achieving results – demonstrated ability to grow a book of business.
- In-depth sales and client service skills.
- In-depth business development skills with successful track record.
- Working level financial understanding – ability to read, analyze and understand financial statements
- In-depth risk management skills – ability to identify, assess and manage risks, and determine appropriate ways to mitigate and monitor.
- In-depth interpersonal and communication skills.
- Able to work collaboratively with the PCD IA to build a loan/cashflow plan as part of the broader PCD financial plan.
- Able to identify referrals opportunities back to PCD.
- Analytical thinking in a systematic way and developing solutions.
- Able to work independently, resolving complex or ambiguous issues or situations.
We’re here to help
At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com .
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.