Senior Manager, Wm Finance

Requisition ID: 180952

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Job Purpose

The Senior Manager, Wealth Management Finance manages the financial analysis and reporting functions for Private Banking Business Line of Canadian Wealth Management segment of Global Wealth Management. Specifically, the incumbent is accountable for the integrity and comprehensive timely analysis of the monthly/quarterly results, quarterly forecasts, and annual profit plan for submission to Wealth Management & Finance. Also responsible for the working together with the business on various complex incentive compensation plans related to Private Banking.

Is this role right for you? In this role, you will:

• Provide back testing results to the cross-functional team for major changes to the plans
• Perform other duties as assigned.
• Coordinate the monthly preparation & submission of expense & revenue accruals where necessary.
• Coordinate the preparation of the monthly business line operating results, business line metrics & performance reports.
• Direct and manage annual Profit Plan and quarterly forecast processes for Private Banking Business line:
• Ensuring that performance/conduct issues are effectively dealt with through proper and prompt documentation/discussion, escalating when appropriate
• Act as an advisor to the business heads of GWM/CWM as well as provide support and act as a liaison with Finance as required.
• Direct and manage the monthly, quarterly, and annual financial management reporting, maintaining effective control in place and ensuring timely and accurate information being reported to Finance & GWM Management:
• Coordinate with HR payments of the compensation amounts
• Ensuring there is fair and equitable treatment of employees in keeping with the bank’s guidelines and principles
• Ensuring employee development plans are in place and completing performance reviews for all direct report(s)
• Provide strong leadership by:
• Together with Private Banking, participate in the calculation and administration of complex variable compensation plans for the business:
• Ensure timely submission of Annual Profit Plan including analysis of all major revenue and expense categories, variance and scenario analysis.
• Prepare monthly, quarterly, whole year revenue and expense forecasts for submission to Wealth Management and Finance.
• Designing, establishing and maintaining an organizational structure and staffing strategy to effectively accomplish the department’s goals and objectives.
• We'd Love To Work With You If You Have
• Creating and encouraging open lines of communication for all staff and that they are aware of the Chain of Communication
• Work with the CWM business heads to provide/create product/customer profitability analytics in support of strategic business decisions. This requires the design and development of financial models to be used in the assessment of changes in business strategies and new initiatives.
• Complete quarterly Blue Book along with various Revenue & Expense reporting, variance analysis, and commentary for submission to Finance & GWM Senior Management.
• Prepare the annual 3 (5) Year Strategic Plan and the related stress testing scenarios.
• Work with PB Management to ensure timeliness of completion and accuracy of data
• Ensuring expectations including accountabilities, objectives and goals are effectively negotiated, communicated and monitored for direct report(s)
• Coordinate the completion of Investor Economics surveys along with other market surveys as required.
• Ensure the compensation calculations are accurate & reasonable
• Recommend and develop financial models and set target levels and/or strategic benchmarks to Wealth Management business heads and management.
• Work with partners across bank functions on other topics related to Private banking business (HR, Finance, Legal, Risk etc) – PB Loan loss provisions, Risk Weighted assets, Funding Gap, Product profitability.
• Complete financial results, key measures, and commentary.
• Define changes required and/or implement continuous improvement with regards to various systems and databases used to facilitate the required reporting. These include the PeopleSoft, EGL, MS Access Databases; and numerous Excel spreadsheets. As well, the incumbent is responsible for improving the reporting/planning processes by identifying opportunities for systems enhancements, specifically through the reduction on the dependence of complex spreadsheets.
• Maintain/enhance the planning tools distributed to the Businesses for capturing detailed submissions and the analysis of all major revenue and expense categories.
• Advise and support Private banking and Finance leadership on product pricing and profitability

Do you have the skills that will enable you to succeed in this role.

• Ability to provide strong analysis and recommendations to Senior Management relating to the business lines’ performance.
• Ability to grasp new concepts quickly
• Advanced technical skills (Excel, Access, Word, PowerPoint, etc.).
• Good interpersonal skills are important as the incumbent must be able to work with various levels of Bank staff and excellent verbal and written communication skills are required
• Advanced knowledge of financial accounting and IFRS.
• Professional accounting designation or MBA
• Experience in managing complex issues and exercising sound judgment
• Ability to analyze and interpret financial and operational information
• In-depth knowledge of product profitability principles based on FTP methodology
• Minimum of three years work experience at a management level position within the Financial Services Industry.
• Strong leadership skills to foster and develop team
• Excellent analytical skills.
• Ability to sustain a deep knowledge of the business lines strategy, operations, policies and procedures
• Adapting to and work effectively with various individuals or groups
• Strong prioritization skills to manage rigorous deadlines, processes, and team
• Knowledge of wealth and banking products would be an asset.
• The incumbent must be a self-starter, well organized with strong problem solving skills and the ability to multi-task and meet tight deadlines.
• Ability to work independently, and as a key partner with business heads.
• In-depth knowledge of BNS planning & reporting processes
• Using a systematic approach to planning and problem solving
• Ability to deal with all levels of management

What’s in it for you?

• An inclusive & collaborative working environment that encourages creativity, curiosity, and celebrates success!
• Your career matters! You will have access to career development and progression opportunities.
• We offer a competitive rewards package: Performance bonus, Employee Share Ownership Program, and Pension Plan Matching, Health Benefits from day one!

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Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.