100 King Street West Toronto Ontario,M5X 1A1

The Head has the primary responsibility for the oversight of the various business mandates and affairs of BMO Trust Company (“BMOTC”) in conformity with policies agreed upon by the Board of Directors of the Corporation (the "Board"). This person is directly accountable to the Board for all activities of the BMOTC.

Responsibilities cover Trustee and Executor responsibilities for Wealth clients, custodian to BPIC assets, Trustee for BPIC’s Private Portfolios, Trustee for all registered plans in BMO including PB, NB, BII, P&C.

Reporting to the Head, Wealth Planning, Trust, Estate and Insurance Advisory Services, BMO Private Wealth, the head accepts responsibility for the operational performance of BMOTC.

It is the person’s responsibility to: oversee the execution of BMOTC business mandates in alignment with the overall BMO Financial Group (BMOFG) strategic direction and in consideration of stakeholder interests, ensure accountabilities for corporate governance, risk and compliance are met with the highest ethical standards.

Accountabilities:

Strategic Business Planning

• Review and revise the strategic business mandates for the various functional areas of BMOTC, as appropriate
• Sets and executes on the strategy of the Trust and Estate business through thought leadership, counsel, mentoring, and effective planning to support the progressive growth of the High Net Worth and Ultra High Net Worth business for Private Wealth
• Sets appropriate context and direction for the line of business vision in alignment with the overall PW strategy
• Executes the business plan and ensures revenue and profitability goals are met.
• Ensures the effective implementation of Bank initiatives and programs through the establishment of appropriate context and setting of direction for Trust Team by providing relevant information, establishing goals, and setting limits with the context and prescribed limits of the Head, Wealth Planning, Trust, Estate and Insurance Advisory Services
• Building and obtaining approval of the 5-year business plan and strategy to ensure the Trust and Wealth Services lines of business maintains competitive advantage
• Initiating strategic initiatives and programs for people, processes, and technology (including AI) to support the 5-year plan
• Develop the national 5-year financial performance objectives for the Trust & Wealth Services LOBs and ensure the execution of regional targets through the sales force, providing support as required to ensure buy-in for the target; this includes the following:
• Planning and executing on short- and longer-term budget for strategic planning, product development, distribution, marketing, sales and service initiatives
• Setting aggressive business plans for the growth of revenue
• Drafting incentive compensation/commission referral plans to direct behaviours relating to pursuing business leads
• Participates, as required, in the business development efforts of BMO Private Wealth by focusing on key external clients, key executives to encourage introductions and referrals and support the business development efforts of other LOBs as part of the integrated wealth management offer
• Negotiating and finalizing referral arrangements within the BMOFG and external parties
• Ensures the effective implementation of strategies, programs, technology changes through the use of the regional leadership to drive and support change

Risk Management

• The Head of BMO TrustCo is accountable for:

  • All risks assumed within BMOTC’s business operations.
  • Solid decision making based on a strong understanding of risk, robust metrics and forward-looking activities, including: maintenance of management frameworks that consider the balance of risk and reward; alignment to business strategy; adequate diversification of risk; pricing that is appropriate for risk; and mitigation through preventive controls.

• Establish and maintain corporate governance structures that ensure BMOTC is compliant with internal and external regulations, policies and guidelines, identifying areas of concern and taking action as required.

• Ensures strategic professional/technical advice regarding estate, trust & tax compliance and legal issues is provided as requested by the regions to assist them in meeting the business goals

• Ensures BMOTC is compliant with BMOFG policies and regulatory requirements and operates in accordance with plans approved by the company’s Board.

• Identify and manage all types of risk, including capital and operational risk, through appropriate controls and audit mechanisms and developing/amending policies, procedures and guidelines when considered necessary.

• Ensure that internal and external audit processes are handled effectively and that operational accounting systems and subsystems are supporting the business in an optimal manner.

• In compliance with laws and regulatory expectations, and aligned with the First Line of Defense accountabilities, oversee effective mitigation of anti-money laundering risks within BMOTC.

• Request the performance of independent investigations or assessments concerning the effectiveness of internal controls or management processes as considered necessary; and

• Ensure BMOTC’s expense risk management policy is applied in accordance with relevant BMOFG policies and procedures and within prescribed limits.

• Developing and implementing national risk management processes to manage and/or eliminate risk so that BMO Financial Group is not put at risk of financial loss or lawsuit and so that the business is profitable

• Liaising directly with national/provincial regulators regarding compliance for the legal entity

• Establishing and obtaining approval for those Polices & Procedures

• Ensuring all staff are trained to deal with risk

• Deciding on the course of action to deal with a risk situation

• Represent the key risk management role for estate and trust administration business (including specialized products such as RCAs and Aboriginal trusts), and as a member on the Risk Management committee. Both are key to overseeing the Trust line of business and mitigating risk for BMO Financial Group

Financial Accountabilities

• Oversee profit and loss accountability for BMOTC.
• Ensure accurate and timely reporting of BMOTC’s business financial results to BMOTC’s Board and to federal and regulatory bodies in Canada; and
• Provide positive confirmation/attestation of the financial health of BMOTC, including capital adequacy and reserves.

Governance

• Ensures sound governance of BMO Trust Company, in compliance with regulatory procedures and risk management requirements
• Acts as the CEO of BMO Trust Co. performing all required regulatory and legal requirements to mitigate risk to BMO. It is noteworthy that the Trust Company is held to the highest standard of fiduciary advice/ risk and so this role manages legal and reputational accountability at a significant level
• This role manages all aspects of these LOBs in alignment with the strategy for BMO Private Wealth, including the business and strategic planning; legal review and assessment; management of risk (fiduciary, contractual, statutory, systematic, operational and reputational); and leadership and team development.
• This role ensures achievement of the business plan and line profitability by continuously upgrading Trust & Wealth Services offers and partnering with the regional markets on the distribution of the offers, with focus on the high net worth and ultra-high net worth markets in Canada.
• This role is accountable for providing governance and leadership to this critical BMO Financial Group legal entity; this includes chairing BMO Trustco Board.

Qualifications:

• Advanced university degree (preferred MBA and/or LLB)
• TEP Designation
• Minimum of 10 years of experience in managing a Trust and Estate line of business
• Good knowledge of estate trusts and tax issues (including any provincial variances) and a broad knowledge of Trust Company products and services. Must be fully conversant with the Trust industry and risk management issues across Canada
• Expert understanding of the Wealth Management business including UHNW and HNW markets in Canada
• Advanced leadership skills as this role ultimately leads a BMO business and its highly specialized professions
• Expert strategic planning / thinking skills – able to determine the direction of the trust and wealth services businesses over the next 3 to 5 years and understand what needs to change to grow the business (e.g., products, services, technology, processes, etc.)
• Expert execution skills – able to develop the framework for evolving the offering to maintain/expand leadership position
• Expert collaboration and communication skills
• Expert analytical skills
• Expert relationship management and influencing skills
• Comfortable with technology (AI agility is a must)
• Ability to work effectively in a matrix environment and secure confidence of market leaders
• Ability to lead a complex technical business managing P&L, HR and risk management issues across a matrix environment
• Ability to understand and work with senior bank compliance and risk management teams including external regulators

Please note the base salary range for this role is between CDN $175k to CDN $200k

Salary:

Pay Type:

Salaried

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.