Merrill Private Wealth Supervision Manager

Bank of America•Dallas, TX

2d•Onsite

About The Position

The Private Wealth Supervision Manager (PWSM) supervises Private Wealth Advisors and supports clients to ensure compliance with applicable laws and policies, with a strong focus on ultra-high-net-worth families. As a client-centric leader and member of the Office Management Team and market leadership team, the PWSM partners with clients, advisors, the Regional Managing Director (RMD), and Centralized Supervision to manage risk and address client needs and concerns in alignment with their goals and objectives. The role performs delegated supervision, compliance, administrative, and business functions related to the RMD’s managerial responsibilities for parent and associate offices. Working independently or with minimal guidance, the PWSM monitors adherence to policies, serves as an independent voice on risk, keeps the Private Wealth RMD informed of significant matters, and determines when the RMD should be directly involved. The PWSM also coaches advisors and influences their business practices to support business objectives and market profitability while minimizing regulatory, financial, and reputational risk. The 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). Merrill emphasizes an in-office culture, with flexibility based on role-specific responsibilities and business needs. Internal employees currently working from home may apply, but selected candidates may be required to work onsite under the workplace excellence policy.

Requirements

Series 7, 66, 9, and 10 licenses, or equivalent, are required.
Series 3 and 31 licenses, if warranted.
Proven ability to manage risk and make sound decisions based on a deep understanding of industry regulations, supervisory requirements, policies and procedures, wealth management concepts, and financial services products.
Ability to speak in terms of client needs and concerns and coach Private Wealth Advisors to align solutions with client goals in a suitable and controlled way.
Strong appreciation and understanding of a client-centric strategy.
Strong interpersonal skills to coach Private Wealth Advisors in mitigating risk through segmentation, disciplined investment practices, and documentation.
Strong analytical skills, including the ability to identify trends, root causes, and effects, and implement improved processes to mitigate risk.
Demonstrated strong and effective leadership through clear communication and collaboration, making sound decisions with courage and conviction.
Strong time-management and organizational skills, including the ability to prioritize appropriately.
Minimum education requirement: High School Diploma, GED, secondary school, or equivalent.
Bachelor’s degree or equivalent work experience.
Hiring may be restricted or prohibited for individuals with certain specified criminal histories under FDIC and FINRA laws or regulations.

Nice To Haves

Three years of experience as a Merrill Lynch Market Supervision Manager is strongly preferred.

Responsibilities

Supervise Private Wealth Advisors and support clients to ensure compliance with applicable laws, policies, and supervisory requirements.
Manage risk associated with client outcomes, with a focus on the needs of ultra-high-net-worth families.
Serve as a key partner to clients and Private Wealth Advisors in managing risk and ensuring it is appropriately addressed.
Perform delegated supervision, compliance, administrative, and business functions related to the RMD’s managerial responsibilities for parent and associate offices.
Monitor adherence to policies and serve as an independent voice on risk.
Partner with the Regional Managing Director and keep the Private Wealth RMD informed of significant matters, determining when direct RMD involvement is needed.
Coach Private Wealth Advisors on aligning solutions with client goals and needs in a suitable and controlled manner.
Influence advisor business practices through segmentation, disciplined investment practices, and documentation to mitigate risk.
Identify trends and root causes and implement improved processes to mitigate risk.
Partner closely with Centralized Supervision to maintain robust supervisory practices and address client needs and concerns in alignment with their goals and objectives.
Support company business objectives and contribute to market profitability while minimizing regulatory, financial, and reputational risk.