Retirement Services Business Development Officer
Company: First Mid Bank & Trust
Location: Peoria
Posted on: April 16, 2024
Job Description:
Position:
Retirement Services Business Development Officer
Location:
Peoria, IL
Job Id:
3535
# of Openings:
1
This position is open to anywhere within the First Mid footprint, a
successful candidate will be within driving distance of a First Mid
location. to view our banking locations.
The Retirement Services Business Development Officer will play a
critical role in driving the growth and expansion of our employer
retirement plan service offerings. This position will be
responsible for identifying new business opportunities, cultivating
relationships with prospective clients, and promoting our suite of
retirement solutions. This role requires a blend of strategic
thinking, relationship building, and financial acumen.
Responsibilities include, but are not limited to:
- Responsible for business development of qualified and
non-qualified retirement plans, including 401(k), 403(b), 457,
profit sharing, deferred compensation, and cash balance plans
established by employers.
- Identify and research prospective clients within the target
market segments, including individuals, businesses, and
organizations seeking retirement planning services.
- Initiate and maintain meaningful relationships with key
decision-makers and stakeholders through proactive outreach
efforts, including networking events, and cold outreach.
- Understand the unique needs and objectives of prospective
clients and provide tailored recommendations on retirement
solutions that align with their financial goals and
objectives.
- Manage multiple facets of the sales process, including
coordination of meetings, support materials, follow-up tasks, phone
calls, proposals, presentations, closing business, etc.
- Drive consistent and predictable profitability, and organic
growth to support overall revenue goals.
- Input accurate and timely information into client relationship
management (CRM) system relative to client meetings and
interactions, follow-up tasks, etc. to facilitate realistic
corporate sales and revenue projections.
- Stay abreast of retirement plan industry trends, ERISA
knowledge, capital and global market news, investment products, TPA
vendors, and record keeper partners to identify opportunities for
innovation and differentiation within the retirement services
landscape.
- Develop relationships with internal and external centers of
influence and other referral sources.
- Conduct and document quarterly portfolio and plan investment
reviews.
- Recommend retirement plan fund offerings and changes, as
needed.
- Create, review, and update investment policy statements (IPS)
for retirement plan clients on an annual basis.
- Conduct yearly fee analysis for retirement plan clients and
propose fee revisions when appropriate.
- Obtain record keeper and/or TPA vendor proposals and serve as
point person during retirement plan conversions for new and
existing retirement plan clients.
- Travel as needed.
- Complete required training associated with job
function.
- Perform other related duties as assigned.
Qualifications
Education/Experience:
- Bachelor's degree in Business Administration, Finance,
Economics, or related experience. CFA designation is a
plus.
- A minimum of 5+ years of experience working with qualified and
non-qualified plans within the financial service industry.
- Proven track record of success in sales or business
development, preferably in the financial services industry with a
focus on retirement planning.
- Strong understanding of retirement products, investment
vehicles, and financial planning principles.
- Proficiency in CRM software, Microsoft Office Suite, and other
sales productivity tools.
Skills:
- Demonstrated understanding of key benefit concepts related to
401(k), 403(b), 457, profit sharing, deferred compensation, and
cash balance plans.
- Excellent communication and interpersonal skills, with the
ability to build rapport and credibility with clients and internal
stakeholders.
- General understanding of ERISA laws governing qualified
retirement plans and the retirement plan industry.
- Familiarity with top vendors' product and service offerings,
with the ability to analyze direct and indirect costs related to
plan management.
- Strong proficiency and experience with spreadsheets and client
relationship management (CRM) systems.
- Adept with investment research focused applications, such as
Morningstar, Fi360, etc.
- Well versed in all aspects of financial and investment markets
with the ability to provide meaningful and updated
analysis.
- High analytical, interpersonal, written, and verbal
communication skills, with a strong client service focus
- Strategic thinker with a results-oriented mindset and a passion
for driving business growth.
- Demonstrated success working in a team environment.
- High standard of professionalism
- Must be autonomous, able to multitask, and meet or exceed
project deadlines.
First Mid Bancshares, Inc. is an Equal Opportunity/Affirmative
Action employer. All qualified applicants will receive
consideration for employment without regard to race, color,
religion, sex, national origin, disability, gender identity, sexual
orientation, protected veteran status, or any other applicable
federal or state-protected classification.
THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR
EMPLOYMENT
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Keywords: First Mid Bank & Trust, Peoria , Retirement Services Business Development Officer, Other , Peoria, Illinois
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