Merrill Private Wealth Supervision Manager
About The Position
Merrill Private Wealth Division provides comprehensive wealth management services to affluent and high-net-worth clients, as well as retirement and benefit plan services, philanthropic solutions, and asset management services for both individuals and institutions. The role of the Private Wealth Supervision Manager is to supervise Private Wealth Advisors and support clients to ensure full compliance with applicable laws and policies, while maintaining a strong focus on the needs of ultra-high-net-worth families. These managers are client-centric leaders within the organization and serve as key partners to clients and Private Wealth Advisors in managing risk and ensuring it is appropriately addressed. The Private Wealth Supervision Manager is an integral member of the Office Management Team (OMT) and is responsible for a variety of supervision, compliance, and risk management functions. Many of these responsibilities focus on managing risk associated with client outcomes, partnering with the Regional Managing Director, and coaching advisors. These functions support the Regional Managing Director's overall responsibilities for branch offices and are delegated to the Private Wealth Supervision Manager. Operating with minimal guidance, the Private Wealth Supervision Manager monitors adherence to policies, serves as an independent voice on risk, supports the company's business objectives, and contributes to branch office profitability by influencing Financial Advisor business practices in ways that minimize regulatory, financial, and reputational risk. In addition, the Private Wealth Supervision Manager partners closely with Centralized Supervision. Together, the branch and centralized supervision teams are responsible for ensuring robust supervisory practices are maintained and that client needs and concerns are addressed in alignment with clients' goals and objectives. The Private Wealth Supervision Manager (PWSM) position reports to the Merrill Private Wealth Business Segment Supervision Executive (BSSE), with dual reporting to the Merrill Private Wealth Management Regional Managing Director (RMD). The PWSM’s functions as a member of the market leadership team, responsible for a wide variety of delegated compliance, administrative and business functions related to the MPWM RMD's overall managerial responsibilities for parent and associate offices. He or she functions independently, or with minimal guidance, but must keep the PWM RMD informed on significant matters and must determine when the PWM RMD should be directly involved. The PWSM supports the company's business objectives and contributes to market profitability by influencing Private Wealth Advisor business practices in ways that minimize regulatory, financial, and reputational risks.
Requirements
- Series 7, 66, 9, 10 (or equivalent) Licenses required
- Series 3, 31 licenses, if warranted
- Proven ability to manage risk, make sound decisions by having a deep understanding of industry regulations, supervisory requirements, policies/procedures, wealth management concepts, and financial services products
- Ability to speak in terms of client needs and concerns, and coach Private Wealth Advisors on aligning solutions to goals in a suitable and controlled way
- A deep appreciation and understanding of our client centric strategy
- Strong interpersonal skills to provide coaching to Private Wealth Advisors to mitigate risk through segmentation, disciplined investment practices, and documentation
- Strong analytical skills with ability to identify trends, root cause and effects, and implement improved processes to mitigate risk
- Demonstrated strong and effective leadership style through clear communication and collaboration with others, making sound decisions with courage and conviction
- Strong time management and organization skills with the ability to prioritize appropriately
- FDIC; FINRA laws or regulations restrict or prohibit the hiring of individuals with certain specified criminal history for the position.
Nice To Haves
- If currently a Merrill Lynch Market Supervision Manager with three years of experience in the role and strongly preferred
- Bachelor’s degree or equivalent work experience
- Decision Making
- Influence
- Negotiation
- Problem Solving
- Risk Management
- Adaptability
- Business Acumen
- Collaboration
- Oral Communications
- Relationship Building
- Business Operations Management
- Client Solutions Advisory
- Planning
- Talent Development
- Written Communications
Responsibilities
- Supervise Private Wealth Advisors and support clients to ensure full compliance with applicable laws and policies.
- Maintain a strong focus on the needs of ultra-high-net-worth families.
- Serve as key partners to clients and Private Wealth Advisors in managing risk and ensuring it is appropriately addressed.
- Manage risk associated with client outcomes.
- Partner with the Regional Managing Director.
- Coach advisors.
- Monitor adherence to policies.
- Serve as an independent voice on risk.
- Support the company's business objectives.
- Contribute to branch office profitability by influencing Financial Advisor business practices in ways that minimize regulatory, financial, and reputational risk.
- Partner closely with Centralized Supervision.
- Ensure robust supervisory practices are maintained.
- Ensure client needs and concerns are addressed in alignment with clients' goals and objectives.
- Function as a member of the market leadership team.
- Perform a wide variety of delegated compliance, administrative and business functions related to the MPWM RMD's overall managerial responsibilities for parent and associate offices.
- Keep the PWM RMD informed on significant matters.
- Determine when the PWM RMD should be directly involved.
Benefits
- Access to paid time off
- Resources and support to our employees
- Discretionary incentive eligible
- Eligible for an annual discretionary award based on individual performance, line of business performance, and overall company success.
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What This Job Offers
Job Type
Full-time
Career Level
Manager
Education Level
High school or GED
