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Institutional Sales and Business Development Professional
at Newport Group
Institutional Sales And Business Development Professional, Fiduciary Services
Who We Are:
Newport helps companies offer their associates a more secure financial future through retirement plans, insurance and consulting services. Newport offers comprehensive plan solutions and consulting expertise to plan sponsors and the advisors who serve them. As a provider and partner, Newport is independent, experienced and responsive.
Fiduciary Consulting Services provides governance and investment support to qualified and non-qualified plan sponsors. Typical engagements include: discretionary investment manager or non-discretionary investment consultant to support plan sponsors with the prudent oversight of participant and trustee directed qualified plans, governance for oversight of the non-investment related responsibilities defined under ERISA, asset and liability structuring for non-qualified defined contribution and defined benefit plans, investment management and consulting to trustee/corporate directed asset pools, as well as, management of a series of risk-selective target date portfolios, model portfolio series and managed account service.
Newport Trust Company, a wholly owned subsidiary of Newport Group, provides America’s leading corporations and institutions with institutional trustee and independent fiduciary services. Our team commonly serves as an investment manager responsible for managing large blocks of employer securities, as a discretionary trustee responsible for administering deferred compensation arrangements, and as an independent fiduciary responsible for making prudent decisions on behalf of plan participants.
Newport has an opening for an Institutional Sales and Business Development professional to support the growth of its Fiduciary Services practices. This individual would be entrusted with broad responsibilities related to external and internal sales and business development efforts in close collaboration with internal subject matter experts and external business partners. An ideal candidate will successfully cultivate new business and expand existing relationships with plan sponsors. This opportunity will design a strategic sales plan for a portfolio of clients and prospects utilizing advanced understanding of service offerings, market developments and industry trends, and account needs and proclivities. Finally, you will be responsible for developing relationships with prospects and deepening relationships with existing clients, negotiating contracts and closing deals.
Primary Duties & Responsibilities
The Institutional Sales and Business Development professional for Fiduciary Services would be responsible for:
- Developing and executing an annual sales plan for the fiduciary services practices in North America, including business priorities, growth targets, referral network, intellectual capital, speaking engagements, conference schedule, online presence, media outreach, and special events
- Leading business development efforts within a national territory by performing research on prospective clients, expanding relationships with existing clients, preparing marketing materials, formulating strategy with pitch team, and delivering effective presentations
- Generating revenue through sales to new and existing clients
- Drafting content and managing production of articles, white papers, sales collateral, online content, RFP responses, introductory letters, and outreach campaigns
- Conducting in-depth market/product insights for response to a Request for Proposal (RFP)
- Cultivating and nurturing our referral network comprised of attorneys, employee benefit professionals, financial advisers, service providers and plan sponsors
- Speaking and networking at industry conferences and legal seminars to build brand awareness, stay abreast of legal, regulatory and market developments, and expand and strengthen referral network
- Staying knowledgeable about Retirement Plans, ERISA, fiduciary issues, and DOL Regulations.
- Educating clients, prospects and referral sources on fiduciary and other services offered by Newport.
- Participating in client and internal meetings to maintain familiarity with service delivery and client planning
- Maintaining close proximity to prominent account or market needs, industry and market trends and developing the growth strategy for targeted accounts, industries or specialties to ensure appropriate solutions are marketed and proposed to target new clients and expand the book of business
- Serving as focal point for enterprise wide sales and business development initiatives and fielding internal inquiries about our capabilities
- Preparing and presenting reports tracking new business, pipeline trends and multi-business line opportunities
- Bachelor’s Degree from an accredited university or college required
- Advanced Degree (g., MBA, Master’s Degree or JD) and/or Professional Designation (e.g., CFA, CIMA) strongly preferred
- 3 to 10 years of professional experience in institutional sales and business development of fiduciary services or related field with a successful track record
- Relevant sales experience with a demonstrated track record of success in generating new sales and achieving revenue growth objectives
- Strong understanding of investment and non-investment related fiduciary responsibilities for the prudent oversight of qualified plans, asset and liability structure for defined benefit and defined contribution non-qualified plans, and competitive landscape for fiduciary services
- Industry exposure and relationships with institutional asset managers, financial advisers, investment and benefit consultants, and employee benefits law firms
- Familiarity with the legal/regulatory issues related to administering employee benefit plans or managing institutional accounts, including the Employee Retirement Income Security Act of 1974, as amended (ERISA), guidance published by the Department of Labor (DOL), IRS 409A, and general compliance for marketing professional services as an SEC Registered Investment Advisor (RIA)
- Excellent communication skills in both written and verbal forms
- Strong interpersonal skills with the ability to build rapport, sustain relationships, and convert to new business
- Focused on delivering responsive and high quality service to clients, prospective clients and referral sources
- Proven team player who works effectively with colleagues
- Highly motivated individual with entrepreneurial spirit who is eager to contribute to the team’s success and grow the business
- Willingness to travel up to 20%
Position may be based out of Chicago, IL, Minneapolis, MN, Dallas, TX or Orlando, FL no relocation assistance provided.
Newport offers for employment are conditioned upon satisfactory completion of our employment screening process (including, but not limited to, a review of past employment and education records, background investigation, and/or credit check and fingerprints.)
Newport unequivocally rejects racism and discrimination of any kind and fosters an environment of belonging to provide access and opportunity for all. As an Equal Opportunity Employer we do not discriminate on the basis of race, religion, color, sex, sexual orientation, gender identify, gender expression, national origin, age, non-disqualifying physical or mental disability, veteran status, or any other basis covered by applicable law. All employment is decided on the basis of qualifications, merit, and business need.