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Massey Henry is pleased to support the recruitment for a Senior Vice President, Retail & Commercial Sales (“SVP”) on behalf of WFCU Credit Union (“WFCU”), a leading, progressive, financial organization headquartered in Southwestern Ontario.

About WFCU Credit Union

WFCU Credit Union (“WFCU”) is a leading, progressive, financial organization headquartered in Southwestern Ontario.

Rooted in its mission to improve the lives of its members, staff, and the communities it operates in, WFCU has been proudly serving residents, community organizations, small businesses, commercial entities, and public institutions for over 84 years.

WFCU is the sixth-largest credit union in Ontario and 21st largest credit union in Canada. WFCU operates nine retail locations across Windsor-Essex, one in Chatham, one in London, and three in the Waterloo Region through ECU – A Division of WFCU Credit Union. WFCU also operates the digital entity, Omnia Direct.

Through its variety of service channels, including online and mobile banking, live telephone banking, and ATM services, WFCU and its divisions have become the financial institution of choice for 73,000+ members across Ontario. WFCU ended its fourth quarter with $5.2B in total assets (numbers as at May 31, 2024).

Core Values

WFCU operates in accordance with a strong set of core values that are key to driving its mission, namely:

  • Directors: Our Board of Directors will represent the best interests of our members and ensure that corporate planning, policies, and strategic direction is in place to effectively promote the interests of our members.
  • Innovation: We will continuously seek progressive and innovative methods to better serve our members and our communities.
  • Ethics: We will conduct business of the organization with the highest standards of honesty and ethics.
  • Excellence of Service & Quality:We are dedicated to providing a level of quality service which will best assist our membership. All management and staff are committed to understanding our products and services and will conform to job requirements at all times.
  • Management & Staff: We will provide an atmosphere of co-operation allowing individual input towards the successful achievement of the strategic direction. Personal self-development, a willingness to adapt, and eagerness to learn will be of the highest importance.
  • Integrity: We will adhere to high moral actions and will pledge to operate in a straightforward and principled manner.
  • Members: Our members and service to our members are our highest priority. Striving to establish long-term relationships will ensure a member-focused organization.

Products and Services

From competitive loans and savings accounts to personalized financial advice, WFCU provides a broad range of services and resources to its members, including:

  • Personal banking through various account types, including chequing, savings, and youth accounts.
  • Digital banking services
  • Personal lending and investing services
  • Financing solutions for small businesses
  • Business accounts

People and Culture

WFCU is a five-time recipient of the Best Workplaces in Canada™ award and has been certified as a Great Place to Work®. The organization is committed to providing members with a high level of service.

Employees of WFCU have the opportunity to work in a positive, goal-driven, and professional environment, with unmatched commitment to opportunities for professional and self-development and employee wellness.

Community Involvement

As a proud credit union loyal to its members, WFCU is dedicated to giving back to the programs and organizations that need it most within the communities it serves.

WFCU is a certified Caring Company through Imagine Canada, and supports many impactful organizations, events, and initiative. WFCU’s community relations program allows the credit union to identify the greatest needs in the communities it serves and collaborate to address them effectively.

With an emphasis on youth, education, and health, WFCU’s signature INSPIRE event series includes programming for all ages and is focused on creating unique experiences for families that are engaging, educational, and inspiring.

Additionally, through prize donations for a fundraiser or WFCU staff volunteers, the gifts-in-kind program allows the credit union to provide non-monetary donations to community organizations in need of support.

Experience:

Senior-level

Education Required:

Education

  • A post-secondary degree in business or finance.
  • Advanced degree such as an MBA (considered an asset).
  • CFP and experience in life insurance and related products is an asset.
Salary Range:

Not Specified

Position description

The Opportunity

The Senior Vice President, Retail & Commercial Sales (“SVP”) is an inaugural role at WFCU Credit Union (“WFCU”), responsible for leading retail and commercial sales and collaborating with the executive team to drive the credit union’s successful performance and growth in the Canadian credit union sector.

The SVP contributes to the development and implementation of strategic plans, effectively translating them into departmental objectives. The SVP drives retail and commercial growth, along with wealth and insurance, and plays a pivotal role in supporting WFCU with executing on its strategic growth plan and expansion beyond the borders of Southwestern Ontario.

The SVP oversees retail locations, broker relationships, wealth management, small business, agriculture, and MUSH (Municipalities, Universities, Schools, and Hospitals) lines of business; in addition to a large focus on secured commercial real estate lending. The SVP fosters high-performing retail and commercial sales teams, contributing to the ongoing development of managers and employees. As a driving force behind WFCU’s culture of accountability, the SVP ensures teams exceed sales goals, while adhering to rigorous risk management practices.

Key Responsibilities

  • Direct the development and execution of the business development strategy and plans that will drive sales, increase revenue, expand markets, and accomplish the credit union’s financial objectives.
  • Build and manage high performing retail and commercial sales teams, including retail locations, broker relationships, call center, wealth management, small business, agriculture and MUSH lines of business.
  • Foster a culture of sales and service excellence; coaching staff members as required to meet the needs of members while achieving the credit union goals.
  • Define clear expectations and performance metrics for the sales teams. Monitor sales performance against targets and implement corrective actions as needed.
  • Support WFCU’s culture of accountability, ensuring staff members meet and exceed sales goals while complying with risk management practices.
  • Understand the needs and overall business position of the credit union’s impact on business development. Adapt plans and strategies as required to meet the credit union’s goals.
  • Research and analyze the business environment, competitors, and current/potential members to develop ideas for new products and services, pricing, and business models.
  • Manage the credit union’s capital and liquidity levels and establish pricing parameters on all retail and commercial loans and deposit products in conjunction with finance and treasury.
  • Develop a wide network of contacts to keep informed about current and future sector and market activities.
  • Foster relationships with key stakeholders and partners to develop business opportunities.
  • Manage staffing levels in the retail, small business, and commercial departments, working closely with direct reports and human resources.
  • Build a strong pipeline of talent; identifying development opportunities, working with internal resources on career development plans to ensure succession planning.
  • Work with the senior leadership team to develop and implement annual sales goals and plans; performance criteria; including reward and recognition programs and compensation plans that tie into the annual business plan.
  • Provide input on marketing campaigns and product innovation to align with members’ changing needs.
  • Develop and continuously improve procedures and processes to deliver a high internal and external member experience.
  • Actively support business development and community investment opportunities, mentoring staff as required, including WFCU’s representation at events across its regions of operation.
  • Ensure adherence to all policies, procedures, and guidelines to protect the credit union and its members.
  • Work collaboratively with internal partners to provide seamless solutions across all channels for WFCU’s members.
  • Assist in managing member issues within prescribed guidelines.
Required skills / Experience

The Individual

The Senior Vice President, Retail & Commercial Sales (“SVP”) is a seasoned retail and commercial banking leader with 10+ years of executive experience. A visionary and dynamic leader, the SVP brings a proven track record of developing and executing strategic business development plans to drive sales, increase revenue, and expand into new markets.

A natural coach and mentor, the SVP excels at fostering high-performing teams and building a strong culture of service excellence and accountability, ensuring staff are equipped to meet member needs while achieving financial objectives. The SVP’s keen insight into the credit union sector’s evolving business landscape enables them to leverage industry networks and proactively responds to meet the dynamic needs of WFCU and its members.

Adaptable and innovative, the SVP ensures WFCU’s strategies remain fresh and continually evolving. The successful candidate possesses the ability to thrive in a fast-paced environment, adopting an agile, hands-on approach and engaging fully in all tasks, tactically delegating to ensure efficiency.

Key Qualifications

  • 10+ years of relevant retail and commercial banking executive experience.
  • Demonstrated history of holding progressively senior roles with increasing responsibility in the financial services industry.
  • A solid knowledge of financial products and services.
  • Excellent interpersonal and communication skills.
  • Demonstrated success in business development, with a focus on driving revenue growth.
  • Strong leadership skills, with the ability to motivate and inspire a team towards achieving goals.
  • Ability to analyze market data and trends to inform strategic decision-making.
  • Expertise in financial services sales and a strong network of professional contacts provincially.

Technical Skills and Experience

  • Strategic Planning: Expertise in developing and implementing business development strategies to drive sales and revenue growth.
  • Sales Team Leadership: Proven ability to build, manage, and lead high-performing retail and commercial sales teams.
  • Service Excellence: Skilled in fostering a culture of sales and service excellence through coaching and mentorship.
  • Performance Management: Proficient in setting performance expectations, monitoring results, and implementing corrective actions.
  • Accountability and Compliance: Strong understanding of risk management practices and promoting a culture of accountability.
  • Business Acumen: Ability to understand and adapt to the credit union’s business needs and overall market position.
  • Market Analysis: Experience in researching and analyzing market trends, competitors, and customer needs.
  • Financial Management: Competence in managing capital, liquidity, and establishing pricing strategies in collaboration with finance teams.
  • Networking: Capable of developing and maintaining a broad network of industry contacts.
  • Stakeholder Engagement: Experience in building and fostering relationships with key stakeholders and partners.
  • Staffing and Talent Development: Skilled in managing staffing levels, developing talent pipelines, and planning for succession.
  • Goal Setting: Ability to work with senior leadership to set and achieve annual sales goals and performance criteria.
  • Marketing and Innovation: Competence in contributing to marketing campaigns and product innovation to meet customer needs.
  • Process Improvement: Expertise in developing and enhancing procedures and processes for improved member experience.

Personal Attributes

  • Visionary: Able to see the big picture and develop strategic plans to achieve long-term goals.
  • Resilient: Maintains composure and effectiveness under pressure, demonstrating perseverance and tenacity – thriving in a fast-paced environment.
  • Leader: Motivates and inspires team members to achieve high performance and excellence.
  • Empathetic: Understands and addresses the needs of team members and customers, fostering strong relationships.
  • Proactive: Takes initiative and anticipates challenges, implementing solutions before problems arise.
  • Adaptable: Flexible and able to adjust strategies and plans based on changing business needs and market conditions.
  • Analytical: Strong analytical skills to assess market trends, performance metrics, and financial data.
  • Decisive: Makes informed decisions quickly and confidently, especially in high-pressure situations.
  • Collaborative: Works well with others, building strong partnerships and fostering teamwork.
  • Accountable: Takes responsibility for actions and outcomes, holding oneself and others to high standards.
  • Innovative: Constantly seeks new ideas and approaches to improve products, services, and processes.
  • Detail-Oriented: Pays close attention to detail to ensure accuracy and quality in all aspects of work.
  • Communicative: Excellent communication skills to clearly convey ideas, expectations, and feedback.
  • Credible: Builds trust through integrity, reliability, and consistency in actions and decisions.
  • Customer-Focused: Puts the needs of members and customers at the forefront of decision-making and strategy.
Senior Vice President, Retail & Commercial Sales
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