I think it is a good time to review the roles and responsibilities of our team so that all the families we look after can have a better understanding of what everyone does.
Let’s start with Jessica Berry, normally the first person you get when you call in. We tend to think of Jessica as our reactive customer service person for both the families we look after and for the team. If someone needs money deposited into their bank acct or a cheque issued they talk to Jessica. If someone has an address change Jessica handles it. From a team perspective Jessica prepares all the materials for portfolio reviews, sets up new accounts, tracks transfers from other institutions, makes sure all client documentation is up to date, looks after client files, looks after monthly automatic funds transfers/rrif withdrawals, assists people with DS Online, and more. In the spring she looks after getting any requested tax information to clients and or accountants. Usually after most people come in for a review/meeting with Jeff and Phil there are always a number of actionable items/administrative things that need looked after, such as transfers in from other institutions!! There are too many reports to list but Jessica looks after them all. Jessica maintains our website, monthly team comments on client statements, and the production of our semi-annual newsletters. Jessica also supports Angela and Joe as required.
To contrast that, Angela Stuart is our proactive customer service person. Angela looks after and maintains our customer contact schedule for investment reviews, touch base phone calls, etc. In Jan/Feb she is making sure that RSP contributions are made and also in the first quarter of the year getting everyone’s TFSAs done, a much bigger job than RSPs now. Angela looks after the scheduling of all insurance, estate, and financial planning meetings and follow up. She also ensures that all necessary financial information for all wealth management meetings is gathered from clients. Angela also ensures that all Investment Policy Statements for our PIM(Portfolio/Discretionary Investment Management) portfolios are updated on a regular basis. Angela looks after all wealth management files (estate, financial plans, insurance). Tax season is very busy for Angela as well. In addition Angela is there for support if Joe or Jessica need it.
Joe Linthorne is our PIM administration person. Joe builds all the portfolios, ensures asset mixes stay within targeted ranges, rebalances portfolios, monitors cash balances within portfolios, and looks after all the necessary portfolio trades i.e. buys and sells in the portfolio under the direction of Jeff Mahoney and Phil Cyr. Joe also works as both a proactive and reactive customer service person similar to Jessica and Angela described above. Joe also supports Angela and Jessica when necessary.
Jeff Mahoney and Phil Cyr are our two relationship managers being directly responsible for the families we look after. On a regular basis they conduct both proactive investment portfolio and wealth management reviews (insurance, estate, and financial planning) for our families. In addition there are always material changes in people’s lives so Jeff and Phil have a lot of reactive meetings where someone is now retiring, dealing with illness, loss of a loved one, taking a trip, buying a vehicle etc., and these issues need to be addressed in a timely fashion. Jeff is also the person primarily responsible for the individual investments within our PIM portfolios, although Phil and I act as a sounding board and provide critical analysis for Jeff in this role. Jeff and Phil also support each other in the event someone needs assistance and one of them is busy or on vacation.
My role, has dramatically changed over the last few years and feels more like running a small business. I am responsible for creating team roles and responsibilities, ensuring families receive the investment and wealth management service they expected, creation and monitoring of our customer service model, ultimate responsibility for the relationships/portfolios our families have with our team and RBC Dominion Securities, managing the team, compliance, essentially managing and running the business. Compliance mentioned above is by far one of my biggest tasks. Things like reviewing client account information and ensuring that portfolios are suitable are a continuous responsibility. Suitability reviews for all new cash/investments into an account, basically an explanation as to what our plans are for the new cash/investments and do they fit the investment policy for that account. When Jeff and Phil are both busy or one of them is on vacation I provide back up. I write/line up most of the content for our semi-annual newsletters, web content, and team brochures. Most importantly I continue to have relationships with the family’s we look after as that has always been the part of the business I have loved. I routinely pop into Jeff or Phil’s meetings, visiting with people in their homes or my office, and chatting on the phone a lot.
I hope this article has helped your understanding of all the roles and responsibilities of our team.