Senior Retirement Plan Consultant
Fifth Third Bank, N.A., Chicago, Illinois, United States, 60290
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.
ESSENTIAL DUTIES AND 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.
SUPERVISORY RESPONSIBILITIES:
-May provide onboarding support, coaching, and mentoring to new team members (Retirement Plan Consultants).
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
-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.
WORKING CONDITIONS:
-Normal office environment with little exposure to dust, noise, temperature and the like.
-Extended viewing of monitor.
-Periodic travel may be required to client meetings, which may include some overnight and/or long-distance travel.
Senior Retirement Plan Consultant
Total Base Pay Range 96,500.00 - 207,500.00 USD Annual
At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.
The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location. In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.
Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.
LOCATION -- Chicago, Illinois 60606
Attention search firms and staffing agencies: do not submit unsolicited resumes for this posting. Fifth Third does not accept resumes from any agency that does not have an active agreement with Fifth Third. Any unsolicited resumes - no matter how they are submitted - will be considered the property of Fifth Third and Fifth Third will not be responsible for any associated fee.
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
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.
ESSENTIAL DUTIES AND 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.
SUPERVISORY RESPONSIBILITIES:
-May provide onboarding support, coaching, and mentoring to new team members (Retirement Plan Consultants).
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
-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.
WORKING CONDITIONS:
-Normal office environment with little exposure to dust, noise, temperature and the like.
-Extended viewing of monitor.
-Periodic travel may be required to client meetings, which may include some overnight and/or long-distance travel.
Senior Retirement Plan Consultant
Total Base Pay Range 96,500.00 - 207,500.00 USD Annual
At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.
The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location. In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.
Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.
LOCATION -- Chicago, Illinois 60606
Attention search firms and staffing agencies: do not submit unsolicited resumes for this posting. Fifth Third does not accept resumes from any agency that does not have an active agreement with Fifth Third. Any unsolicited resumes - no matter how they are submitted - will be considered the property of Fifth Third and Fifth Third will not be responsible for any associated fee.
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.