This role is a client facing role managing our high value clients where professionalism, client focus and a broad understanding of the fundamentals of wealth planning are critical to the success of the business. The role holder has a responsibility to acquire, develop, advise, and retain a portfolio of Wealth clients, working with the broader branch and direct teams to ensure achievement of the business performance measures and plan (as defined by Retail Banking & Wealth Management (RBWM)). The role holder will represent HSBC Securities (USA) Inc., HSBC Bank USA, N.A. and HSBC Insurance Agency (USA) Inc. This will be achieved by active management of portfolio of Wealth clients, It will also entail regularly updating and analyzing client financial information to identify lending, and wealth solutions that are suitable to meet the client's needs, advising the client on a variety of potential lending and wealth solutions, and encouraging client loyalty by addressing their needs either directly or through other internal business partners. Mortgage to be referred to appropriate Mortgage staff. Bank products to be referred to appropriate Premier Relationship Manager.
This position provides financial solutions (appropriate with securities registration, insurance and state licenses) to current and potential Wealth customers through the services and products of RBWM. The Advisors are assigned Wealth clients and are expected to seek opportunities to attract, develop and retain these clients and expand the portfolio of clients by providing wealth and lending solutions. The identification of opportunities for wealth reviews and delivering suitable wealth solutions as an advisor are amongst the key activities to achieve goals and in compliance with local regulatory requirements.
Accountable for the investment performance of portfolio of clients - need to ensure it is effectively managed in adherence to the Target Operating Model (TOM) as defined by HSBC Group.
Impact on the Business
Build deep, long-lasting and mutually valuable relationships with Wealth customers.
Help the organization achieve its objectives of through the development of existing and new Wealth relationships consistent with the Key Performance Indicators (Non Outcome and Outcome) that measure performance of the role.
Through a defined sales process, recommend lending and investment and insurance solutions designed to meet customer's protection, education, retirement, legacy, property, and lifestyle needs while also helping customers manage and grow their wealth. Mortgage to be referred to appropriate Mortgage staff. Bank products to be referred to appropriate Premier Relationship Manager.
Develop strong partnerships with the Premier Relationship Manager.
Regularly meet with clients to understand and analyze their current and long term needs and advise them on the products and services that help them achieve their goals.
Refer business to other areas within the bank as appropriate, in accordance with established guidelines.
Perform tasks on behalf of the bank as required including deposit account opening as necessary.
Complete all activity documentation to provide a record for performance tracking.
Assist in targeting future opportunities.
Establish client contact strategies in line with Group Operating Model.
Fully utilize and input client relationship management data, ensuring all client's Wealth information is complete and kept up to date.
Customers / Stakeholders
Own the Wealth client relationship with HSBC. Maintain a deep understanding and technical knowledge of authorized relevant products and services available from the RBWM affiliates in the US for Wealth clients to provide suitable recommended solutions for clients and maximize revenues for Wealth and the Group.
Maintain highest standard of excellence in client service across the team and with individual portfolio. Complete ongoing analysis of portfolios of client relationships through marketing of ideas and researching clients.
Provide quality service in meeting customer needs, inquires and problems of a complex nature; maintain contact with existing customers and referral sources on an on-going basis to identify new or additional needs.
Conduct full needs assessment with current and potential Wealth customers and recommend appropriate lending, investment and insurance products and services to meet individual needs, based on objectives, risk tolerance and proper asset allocations. Mortgage to be referred to appropriate Mortgage staff. Bank products to be referred to appropriate Premier Relationship Manager.
Manage assigned client's full Wealth relationship, seeking opportunities to attract new Wealth clients as well as retain and expand relationships with existing Wealth clients. Mortgage to be referred to appropriate Mortgage staff. Bank products to be referred to appropriate Premier Relationship Manager.
Deliver fair outcomes for our customers and ensure own conduct maintains the orderly and transparent operation of financial markets.
Leadership & Teamwork
Work as part of an integrated branch management team to ensure standards are met and operating models delivered.
Proactively support others through direct and indirect actions beyond activities particular to this role.
Establish and maintain strong working relationships with colleagues in the wider RBWM businesses and others as appropriate to service client needs.
Represent the Company in community organizations and activities to enhance the Company's image and maintain and enhance a referral network for additional relationship opportunities. Refer to the HNAH Code of Ethics policy and Wealth Management Staff Dealing policy including Outside Business Activity (OBAs) to ensure that above community and outside activities do not present an actual or potential conflict of interest and do not have an adverse impact with respect to job responsibilities at HSBC. HSI Supervisor and Compliance should be consulted in addition to review of Code of Ethics policy and Wealth Management policy for Outside Business Activity.
Coach branch-based licensed sales professionals in assigned branches regarding appropriate referrals.
Operational Effectiveness & Control
Maintain proper documentation following preset guidelines established by Compliance and Management.
Understand and adhere to Group and Company policies and procedures, and meet all required mandatory training requirements.
To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
Complete other responsibilities, as assigned.
The Company seeks to grow its RBWM business through an efficient operation and the pursuit of providing clients with globally consistent experiences, excellent service, and advice on products and services appropriate to client needs to enhance that value.
Increasing client Wealth balances during tough economic times.
The jobholder will own and manage a portfolio of Wealth clients working with the wider RBWM team.
The jobholder has primary responsibility for:
Maximizing growth in their portfolio of Wealth clients and achieving the RBWM plan/metrics.
Leading Wealth activities to ensure opportunities are identified and client needs are met effectively, maximizing all available resources.
Compliance with the relevant Group standards including GHQ and the Regulatory organization as applied to the implementation of the RBWM strategy in the US.
Management of Risk
Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
Assist in maintaining NDIP (Non Deposit Investment Products) policy standards and avoiding customer confusion between Bank and Wealth products.
Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials. The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
Ensure the fair treatment of our clients is at the heart of everything we do, both personally and as an organization.
Continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructuring, and the impact of new technology.
Observation of Internal Controls
Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
Adhere to internal controls and Firm policies. 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.
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 Compliance department about new business initiatives at the earliest opportunity and by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimizing relations with regulators.
The incumbent will ensure 100% adherence to completion of HSBC mandatory training and any required compliance and risk-related training courses.
Bachelor's degree in Business, Finance, related field or equivalent experience.
Series 7, 63, 65 or 66 (in lieu of 63 and 65) and life and health insurance licenses.
Minimum of three years proven nontraditional banking financial sales experience or equivalent.
Evidence of strong client recommendation and sales results in wealth products.
Equivalent relationship management experience in managing high net worth client portfolios preferred.
Expert knowledge in wealth planning and wealth products.
Sound knowledge of the impact of macroeconomics/microeconomics/local market developments.
Expert knowledge of external regulatory framework relevant to wealth management.
If internal, in-depth understanding of HSBC Global House Views.
Strong client focus and ability to develop long term partnerships with clients.
Ability to deliver needs-based solutions through effective communication, influencing, and sales skills.
Local regulatory & license requirements - job holder should possess valid licenses with accreditation on wealth management and qualification as required by country.
Clear view on how to work with Compliance, Credit & Risk and Internal Control to ensure a balanced risk operating environment.
Strong sales, analytical, decision-making, interpersonal, leadership and communications skills.
Relationship management experience with affluent clients.
Strong technical skills in wealth management.
Proven client focus and influencing skills.
Proven networking and portfolio management skills.
Sound knowledge of financial industry products & services, and client relationship management systems.
Understanding of banking client segment and products and services.
Strong knowledge of investment products and services delivered, operations supporting them and pertinent regulations affecting their delivery.
Ability to work in a team-based environment.
Have an understanding of the immediate regional Global Wealth strategy and the ability to plan own activities accordingly.
Be ambitious about providing the highest standards of delivery to colleagues and clients.
Show ability to set stretch goals for self and the ability to deliver these with courage and tenacity.
Be authentic and show ability to engage with colleagues and clients to deliver at pace.
Make considered decisions that protect HSBC & Global Wealth values, reputation and businesses.