Private Banking Operations - Collections Director - Wealth Management Operation

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • Morgan Stanley USA
  • 25 Apr 19

Private Banking Operations - Collections Director - Wealth Management Operation

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets.

Wealth Management Operations
Global Wealth Management Operations provides brokerage, investment and financial services to hundreds of thousands of individual investors. We apply our expertise in serving institutional clients to create new opportunities for people to achieve their personal financial goals. Morgan Stanley has one of the largest retail brokerage networks, with numerous worldwide representatives and retail locations. Our services are tailored to each client's investment objectives, risk tolerance, and financial needs. Products include mutual funds, stocks, bonds, and alternative investments where appropriate, as well as banking, mortgages, insurance and annuities.

The PBO Collections Operations group is responsible for the identification, mitigation and reporting of unsecured deficits that are related to debits and shorts created by client activity. The group works with various internal operations, finance and client facing groups to ensure that the deficits are recovered in a timely manner. Additionally the group has the responsibility for generating various internal and regulatory reports.

Major Job Responsibilities:
- Supervisory responsibilities include the daily oversight of team personnel, workflows, ensure adherence to policies and procedures to meet departmental goals.
- Accountable for team and staff development by providing the tools and training needed to achieve success.
- Seek out and implement efficiencies in service and operational process improvements. Actively analyze problems, determine root causes and implement corrective actions.
- Coordinate and oversee cross-departmental projects ensuring departments requirements are addressed.
- Must be able to build effective business relationships with internal departments, branch personal, technology and business partners.
- Risk management skills must be strong, to effectively review, research, classify and accurately account for unsecured deficits. Identify existing and potential risk, and work with other areas to minimize or eliminate the risk.
- Create, review, verify and update daily, monthly, quarterly and annual deficit reports.
- Supervise the creation and approve reconciliations between source systems and departmental reports.
- Actively coordinate and handle escalated issues with other operational teams and firm personal until resolution.
- Responsible for the generation of monthly FINRA FOCUS/15c3-3 management reports adhering to firm policies and regulatory rules.
- Responsible for the generation of monthly/yearly tax reporting of accounts eligible for IRS Form 1099C form adhering to firm policies and regulatory rules.
- Prepare and provide necessary information for auditors during federal, state, and internal exams.


Required Skills:
- Several years of supervisory experience, managing a team of operational professionals
- Proficient with all MS Office tools, including Outlook, Word, Excel and Power Point (Access a plus)
- The successful candidate will be a self-starter, eager to learn and demonstrate initiative
- Proven proficiency with a creative and flexible approach to problem solving and resolution
- Strong research, analytical, and math skills
- Superior attention to detail
- Excellent organizational / time management skills to succeed in a high-pressure / fast paced environment
- The ability to manage conflicting priorities and multi-task to achieve goals
- Strong professional oral and written communication skills.
-Bachelors degree; business, accounting, finance or economics degree preferred

Desired Skills:
- Experienced with securities-based lending, retail securities business or a margin background preferred
- Understanding of accounting processes and principals, debits and credits preferred
- Registered Series 99 professional preferred