Senior Retirement Plan Consultant

Fifth Third Bank • Birmingham, MI

2d

About The Position

Make banking a Fifth Third better® We connect great people to great opportunities. Are you ready to take the next step? Discover a career in banking at Fifth Third Bank. GENERAL FUNCTION: The Fifth Third Institutional Services (FTIS) Sr Retirement Plan Consultant serves as the primary contact for assigned Retirement Plan Advisory Services (“RPAS”) National and Regional institutional clients. The FTIS/RPAS Retirement Plan Consultant is responsible for providing assigned clients with industry, regulatory, and legislative updates that may impact their plan. In addition, where appropriate, the Consultant provides ideas and advice on complex issues such as plan design, compliance, and service provider product developments. Knowledgeable of the full suite of Fifth Third Institutional products and services, including investment management and trust and custody solutions. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures, as defined. Accountable for always doing the right thing for customers and colleagues and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Requirements

• -Bachelor's degree. A degree in Finance, Accounting, Economics, or Business Administration preferred.
• -Ten years of relevant experience working with ERISA plans.
• -ASPPA certification required, including 401(k) Administrator (QKA), and Qualified 401(k) Consultant (QKC).
• - Individual must possess a proven ability to handle large and complex retirement plan client relationships and is experienced in identifying plan design and compliance issues and assist in resolving identified issues.
• -Excellent interpersonal, written, and verbal communication skills.
• -Superior presentation skills, in both client and sales situations.
• -Demonstrated effective problem solving and analytical skills.
• -Excellent relationship management and collaboration skills.
• -Proven experience leading large strategic projects from start to finish.
• -Proficient in the use of Microsoft Office software, including Word, Excel, and PowerPoint.

Responsibilities

• Client Retention -Maintain and retain assigned book of business, both locally and nationally, by following established RPAS procedures and utilizing fiduciary oversight best practices.
• -Work with a client’s other service providers to coordinate employee education campaigns to promote plan participation and full utilization of the benefits a plan offers employee participants..
• -Meet annual cross-sell goals by identifying additional business opportunities with existing clients, including additional benefit plan consulting and company investment management or custody opportunities. Leverage internal relationships with Fifth Third senior leadership, Institutional Sales Officers, Commercial Relationship Managers, Corporate Bankers, Business Banking Relationship Managers, Private Bankers, Wealth Management Advisors, and Institutional Portfolio Managers to facilitate our One Bank strategy of consultatively selling Fifth Third's full suite of financial products and services.
• -Represent the Fifth Third Bank in civic, government, community, charitable, banking, and other professional groups and associations to develop contacts and new business opportunities and to promote the Bank's positive image and brand.
• Consulting Excellence -Understand the FTIS RFP process and value propositions and assist the sales team by explaining the benefits of our advisory services, as well as any preliminary benchmarking results and fund line up recommendations. Participate in finals presentations to prospects.
• -On a regular basis, provide a complete overview of a client’s or prospect’s plan features and demographics and advise the sponsoring company on an appropriate and suitable course of action that would best meet their retirement plan goals with the best plan and participant outcomes.
• -Adhere to the defined FTIS RPAS service delivery model. Document all client interactions on a timely basis within the CRM system.
• -Embrace and advocate FTIS’ mission, value propositions, and points of differentiation.
• -Proactively manage client documentation, pricing, profitability, and fee structures in accordance with approved administrative and pricing guidelines. Conduct annual fiduciary training for plan committee members.
• -Review, approve and monitor fee invoices to ensure accurate billing and timely payment by clients.
• -Lead or participate in special and cross-functional projects to enhance the products and services of FTIS. Serve as subject matter expert for new product or service rollouts for regional and corporate bank teams.
• -Meet ASPPA required annual continuing education to retain certifications (see requirement below).
• -Accountable for timeliness and accuracy of annual administrative file reviews in collaboration with client service team.
• -Partner with client service team to ensure all internal compliance and proper documentation requirements are met, consistent with internal fiduciary policies and procedures regarding new account and asset acceptances and other bank policies, procedures and guidelines.
• Deliver exceptional Client Experience -Develop strong relationships with regional recordkeeping vendors (e.g., EMPOWER, Fidelity, Vanguard, Principal) to understand vendor recordkeeping product offerings and tools and support client access to plan data.
• -Together with the assigned Investment Advisor, meet with clients virtually, in person or in a hybrid approach at least annually. Participate in regular reviews conducted by Investment Advisors by reviewing recordkeeper provided plan health reports and updating clients on latest regulatory and/or legislative issues. Prepare draft minutes of all clients’ plan committee meeting minutes for plan committee final approval.
• -Drive and maintain client engagement by asking for and acting on client experience data and feedback.
• -Partner with Middle Office Representatives and Client Service Managers to enhance client satisfaction and engagement and profitability and to improve operational efficiencies for all clients.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level