Wealth Management Planner|
The role is a specialist/consultant role and is part of the Wealth sales force.
The Wealth Planner (WP) role is deployed to add value to clients with more complex needs, e.g. top-tier and mid-tier Premier clients and is assigned to a team of Wealth Sales force Advisors (Premier Wealth Advisors/Premier Relationship Advisors). Whilst the Advisors owns the end-to-end advisory and sales process with clients, the WP assists Advisors in understanding clients’ needs holistically, meeting clients together with Advisors when required, making suitable recommendations and helping clients understand the value and risks of solutions available to them.
The Wealth Planner will have expertise on retirement, tax and legacy planning (as required).The WP would up-skill Advisors where more advanced technical input is required to identify and fulfill multiple needs per client.
In delivering the business objectives, role holder must maintain the highest standards of risk management, control and compliance required by the Group, closely managing and driving the individual and collective performance of the team.
At times, the WP may also conduct holistic financial planning training to enhance Advisor knowledge and skills. The WP will also lead client education events to help clients gain better knowledge of financial planning and the financial planning environment.
The jobholder is expected to support Advisors to gain more client trust and commitment in broadening and deepening their relationship with HSBC.
Impact of the Business
- Strengthen HSBC’s brand as a leading wealth provider by providing clients with access to advanced technical financial planning expertise;
- Support Advisors to continue to gain clients trust and commitment in HSBC’s capabilities.
- Increase the effectiveness, quality and breadth of needs identified.
- Assist Advisors in deepening and growing client relationships through identifying and uncovering client needs, identifying relevant wealth solution and technical analysis, and assisting Advisors in presenting and explaining solution(s) to clients.
- Assist Advisors when clients have more complex needs around retirement, legacy and tax planning.
- Conduct portfolio reviews with Advisors; assess product suitability and market, regulatory, tax and financial planning environment change impact to’ portfolios as appropriate, identify opportunities and manage risks.
- Join Advisors in meeting clients and provide advice; input based on technical knowledge while acting as a second point of contact to Advisors for specific financial planning queries;
- Improve Advisors’ holistic financial planning technical knowledge by effective on-job coaching and training.
Customers / Stakeholders
- Communicate effectively with clients on complex technical subjects, helping them to improve understanding of the financial planning environment and the value and risks of financial solutions through educational events.
- Initiate and conduct educational events with clients to improve clients’ financial literacy and knowledge of financial planning across multiple need areas.
- Continue to develop and sharpen technical expertise, working closely with product manufacturers e.g. Asset Management (AMG), HSBC Insurance, and third party product partners to help improve client satisfaction and outcome.
- Collect and apply market and channel intelligence to identify and share competitive gaps, service issues, business opportunities, and challenges with stakeholders.
- Work with Advisors to follow through execution of a solution presented to clients where technical expertise is required.
- Deliver fair outcomes for our customers and ensure own conduct maintains the orderly and transparent operation of financial markets.
Leadership & Teamwork
- Proactively work with a team of Advisors to provide client centric services and solutions.
- Strong team player that deploys time strategically and commercially in order to support the team of Advisors assigned.
- Work with Head of Wealth Sales to provide front line perspective and input to Country Customer Value Management (CVM), HSBC Insurance, AMG, and Global Markets on the planning and development of products, associated processes, and tools where relevant.
- Assist in the launch of complex products where appropriate.
- Act as an ambassador for HSBC and exhibit high professional standards.
- Partner with Sales Managers to identify and manage product specific needs and risks in the portfolios.
- Delivering the firm - Put the client at the heart of our business and deliver joined up services and solutions aligned to client needs.
- Be seen as a Though Leader for both Advisors, Product Experts and Sales Specialists.
Operational Effectiveness & Control:
- Actively support Advisors to offer clients solutions that meet their needs and risk profile.
- Maintain a high level of technical expertise by working closely with product team and product providers.
- Ensure all processes and procedures are accurate and in accordance with RBWM policies, standards and regulatory requirements.
- Comply with local regulations in all aspects of strategy, sales processes, product suitability, client correspondence, financial promotions, administration, and complaint handling.
- Adhere to all relevant processes and procedures of the Group compliance policy and internal controls.
- Contribute to HSBC by creating and retaining market leading standards and controls.
Management of Risk
- The jobholder will ensure that fair treatment of our clients is at the heart of everything we do, both personally and as an organization. The jobholder will aim to ensure that all client needs are identified effectively driving good outcomes for them. This will be achieved by consistently displaying the behaviors consistent with HSBC Values.
- The jobholder will continually reassess and manage the operational risks associated with the role and inherent to the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructuring, the impact of new technology, and compliance with the relevant Financial Instruction Manual (FIM) and Business Instruction Manual (BIM).
- This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and by addressing any areas of concern in conjunction with line management and/or the appropriate department. Issues which are not addressed should be escalated to senior management.
- All compliance and operational issues outside authority should be referred to the relevant manager.
Observation of Internal Controls
- The jobholder will adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators. HSBC expects to be a global leader in this area and therefore every employee will seek to set market-leading standards.
- The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
- This will be achieved by adhering to all relevant processes/procedures and by liaising with the Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimizing relations with regulators.
Job Dimensions, Job Context & Major Challenges
- Wealth penetration
- Increase the % of Advisors using a holistic Financial Planning approach.
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Qualifications & Requirements
- Minimum of five years of working experience as a Wealth Planner or Financial Advisor
- CFP preferred
- FINRA Series 7, 63/65 (or 66 in lieu)
- Influence, engage and lead in a positive, inspiring manner
- Thorough knowledge of the local regulatory requirement including sales process, pertinent regulations impacting retail banking activities and delivery systems and channels, including market potential as well as the regulatory framework
- Strong business acumen and ability to continually make trade-off decisions and build consensus
- Operate effectively in a complex matrix driven environment
- Specialization in holistic financial planning
- Expertise in tax, retirement and legacy planning
- Client management skills with the ability to deliver a strong client experience and provide needs-based solutions
- Deep knowledge of specific complex financial planning solutions and products including the knowledge of financial markets, social-economic dynamics, and regulatory requirements relevant to financial planning
- Analytical skills to review opportunities in Advisor portfolios and engage in client meetings
- Extensive external market awareness/conditions and activities thereof.
- Wide-ranging knowledge of financial planning environment and new product solutions
- Demonstrated ability and experience to correctly identify client needs
- Solid skills to manage consultative sales process
- Team and collaborative skills