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The Associate Private Banker is responsible for contributing to the management and development of client and prospect relationships, through the sound administration of assigned accounts and the delivery of the highest standard of personal service. You possess the skills and product knowledge to deliver service and support lending solutions consistent with the Private Banking clients needs. The incumbent is also responsible for personal loan adjudication of less complex credits and within designated credit limits. Through your daily interactions with both clients and colleagues you will foster strong relationships based on mutual trust and confidence.
1.Assist in the effective management of client relationships and provide the highest quality customer service:
Developing and maintaining a thorough knowledge of each relationship, including the nature of the account, its financial strength, banking requirements and future goals and direction.
Providing effective backup management in the absence of the Private Banker.
Establishing a harmonious relationship with the Private Banking clientele ensuring that his/her needs are met promptly and resourcefully.
Responding quickly and resourcefully to requests from customers, Private Banking management, and other senior Bank officers.
Accompanying the Private Banker on calls as required.
2.Participate in the growth of the Private Banking Unit portfolio and profitability as well as the profitability of the Scotia Private Client Group:
Developing and maintaining a full knowledge and understanding of Bank products and services, and an awareness of competitor products and services.
Being alert for opportunities to expand existing client and prospect relationships.
Assisting in monitoring and analyzing each account to ensure optimum profitability, including preparing detailed proposals for correcting revenue deficiencies.
Assisting in the identification research and cultivation of prospective clients by:
Developing a knowledge and familiarity with each prospect
Participating in the development of a comprehensive up-to-date system data base of prospects with supporting background information
Assisting in the design of profitable effective and competitive banking proposals for existing and prospective customers.
Maintaining regular contact with existing customers to ensure effective management retention and expansion of banking relationships.
3.Participate in credit management of the units portfolio and manage a designated portfolio of less complex credits:
Conducting a thorough evaluation of designated credit applications and preparing and directing the preparation of comprehensive credit presentations for submission to higher authority in accordance with established private Banking Unit/Bank policies and procedures.
Exercising sound judgement and where necessary, sound financial analysis in granting loans within authorized limits, and in providing effective recommendations to higher authority
Maintaining each account within the limits and conditions of authorization: Monitoring the financial status of assigned accounts Identifying unfavourable trends or problems at an early date and reporting same to the Private Banker Recommending and assisting in activating effective corrective action
Obtaining and reviewing all security documentation as stipulated in the credit authorization, with responsibility for corrective completion.
Controlling designated overdrafts, and recommending or initiating effective action to regularize accounts which are irregular or in arrears.
4.Assist in maintaining effective operation of the Private Banking Unit:
Organizing work flows to maintain maximum efficiency
Preparing returns and correspondence in an accurate and timely manner.
Complying with regulatory requirements as part of the service process, including Know Your Client (KYC), Canada Deposit Insurance Corporation (CDIC), Financial Consumer Agency of Canada (FCAC), Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF), Privacy and Occupational Health & Safety (OHS) requirements, processes and guidelines as well as SSI guidelines/processes;
Immediately reporting/escalating fraudulent activities, unusual occurrences, issues/deficiencies/trends to the Manager Client Service, Private Banking Unit Head, Centre Director, National Private Banking Compliance Officer, and/or applicable Private Banking EO/Shared Services department, as appropriate
Must have a good understanding of tax, estate and financial planning and investment vehicles;
The incumbent must be able to relate comfortably with affluent and influential clientele in both a business and social content, demonstrating an ability to display a high degree of poise and professionalism at all times;
The successful completion of a course of study that will enable registration with the appropriate provincial securities commission to obtain a license to sell mutual funds;
Achievement of the financial planning proficiency standard in the province in which you work, unless working in Quebec. Associate Private Banker working in Quebec is required to have completed the ICB Diploma in Personal Finance.
The incumbent must have 3 – 5 years Commercial, Small Business banking or Retail banking experience, as well as an understanding of commercial credit principles;