About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.
Job Overview:
The Head of Strategy in the Wealth Management business is a senior leadership role responsible for developing and executing the strategic vision and growth initiatives for the business. This role will work closely with the President and senior leadership team in Wealth Management to define the business' strategic objectives, identify opportunities for growth, and ensure the alignment of resources to achieve sustainable competitive advantages in the marketplace. The ideal candidate will possess financial services industry knowledge, financial acumen, and a strong ability to innovate and drive transformation. The candidate will also have a track record of ensuring alignment between strategic leadership, growth initiatives, and client service excellence.
Key Responsibilities:
- Strategic Leadership: Develop and articulate the long-term strategic vision for the firm, aligned with corporate objectives, client needs, and market trends.
- Market Analysis: Conduct comprehensive analysis of industry trends, market opportunities, and competitive threats, and translate these insights into actionable strategies.
- Business Growth: Identify and assess opportunities for growth, including new markets, products, and service offerings. Develop business cases for strategic initiatives and lead cross-functional teams in their implementation.
- Client Strategy: Collaborate with client-facing teams to design and implement strategies to enhance client engagement, deepen relationships, and grow assets under management.
- Innovation & Transformation: Drive innovation in service delivery, client experience, and digital transformation. Lead initiatives that improve operational efficiency and create new value propositions for clients.
- Partnerships & Alliances: Develop strategic partnerships and alliances with external stakeholders, including technology providers, financial institutions, and industry bodies, to enhance the firm's market positioning.
- Strategic Planning: Lead the strategic planning process in close collaboration with the finance team and Office of the COO, including prioritization of initiatives, capital allocation, resource planning etc.
- Performance Monitoring: Establish key performance indicators (KPIs) and monitor the effectiveness of strategic initiatives, adjusting course as necessary to ensure success.
- Reporting: Produce and manage an integrated quarterly report that provides a 360° view of the business unit’s performance and health, including but not limited to BAU (business as usual) operational metrics, financial metrics, emerging risks, status and accrued impact of the strategic initiatives etc.
- Risk Management: Identify and manage risks associated with strategic decisions and ensure compliance with regulatory requirements and ethical standards.
Qualifications & Experience:
- Education: Bachelor’s degree in Business, Finance, Economics, or a related field. MBA or equivalent advanced degree strongly preferred.
- Experience: Minimum of 10 years of experience in strategic roles within financial services, management consulting, or related industries.
- Strategic Expertise: Proven track record of developing and executing successful growth strategies in a complex, competitive environment.
- Leadership: Strong leadership experience, with the ability to influence and motivate teams across various functions.
- Analytical Skills: Exceptional analytical skills with the ability to assess market conditions, analyze data, and make informed strategic decisions.
- Communication: Excellent verbal and written communication skills, with the ability to present complex strategies clearly and persuasively to senior management and stakeholders.
- Client Focus: Deep understanding and experience with shaping client-centric strategic priorities and service models.
Preferred Skills:
- Innovation Mindset: Experience in leading digital transformation initiatives within the wealth management space.
- Relationship Building: Strong networking and relationship-building skills, with the ability to cultivate partnerships internally and externally.
- Influence: Ability to influence stakeholders across levels in the organization and propel them to action even without direct reporting lines.