Director, PAS Product DevelopmentTitle: Director, PAS Product Development
Location: MA-Boston
Personal Investing (PI) and Workplace Investing (WI), units of Fidelity Personal, Workplace and Institutional Services (PWIS), help millions of people save and invest through individual retail accounts and workplace savings plans. PI and WI build lifetime relationships with customers and provide employers with cost-effective, integrated employee benefit solutions. The companies serve customers online, over the phone, and through a nationwide network of investor centers. Advisory Solutions delivers managed account products and financial guidance tools and strategy to the investor marketplace. Portfolio Advisory Services (PAS) is the managed account product under the Advisory Solutions umbrella. PAS has $70B in assets under management.
The Director of Product Development will support the design and development of existing product line investment capabilities and new PAS product lines. Emphasis on SMA's and UMA/UMH's. Product Development responsibilities include supporting the full product development life cycle including concept, design, development, and implementation across all facets of the business. In addition, the individual will be responsible for the project management and delivery of new investment products, services, and strategic product components. The Director will conducting strategic, marketplace, or other necessary analysis and present proposals for product content, features and structure. The Director will also represent PAS as needed on cross-company initiatives and will be a point-of-contact on key working teams.
The PAS Product Development Group is responsible for developing new managed account product offerings and enhancements to existing products and services. Successful execution of this position requires strong relationships with key business partners including Strategic Advisers' (Fidelity's Internal Investment Manager), product management, platform development, communications, retail distribution, marketing, legal & compliance, finance and technology.
Primary Responsibilities
Product Development: Lead or support the implementation of innovative investment solutions servicing High Net Worth customers. Define product investment requirements including impact to customer experience, web, communications, service model and platform. Drive or support key aspects of the product development life cycle including business case development, business requirements, product design, and implementation including:
* Serve as a core member of the UMA cross-functional working team responsible for the development and delivery of investment product capabilities . Initial focus is equity and fixed income separately managed accounts.
* Evaluate key investment product capabilities with distribution teams and HNW clients prior to national rollout
* Analyze impact of new product capabilities to UMA pricing schedule accounting for product profitability, competitive positioning, and overall product line fit
* Participate in discussions with SAI to evaluate and prioritize new investments projects from SAI and help drive implementation
* Continuously scan the environmental landscape to seek out opportunities improve product offering and positioning within PWI Advice Spectrum to retain households, increase asset flows, and enhance PWI/Fidelity revenue.
* Support identifying and documenting the business opportunity, high level product design, customer experience, operational impact, and project resources required.
* Support the definition of business requirements related to new investment products and services including product features, investment structure, rep training , and client experience .
* Analyze impact of project/product on the external and internal customers
Competitive Analysis: Analyze and evaluate competitors' investment offerings and market share data. Conduct strategic, marketplace, or other necessary analysis and coordinate & present business case proposals to management.
Investment Advisor Relationship (SAI): Partner with SAI to develop new HNW product features (investments and portfolio services). Provide support on-going investment offerings, including evaluating distribution and marketing needs and evaluating product quality and performance.
Product Distribution: Partner with distribution to understand product opportunities from a representative/advisor servicing perspective. Leverage industry and competitive knowledge identify solutions to fill gaps.
Legal, Risk, Compliance (LRC): Partner with LRC organizations to identify risks and mitigating controls in support of product.
Communicate Status: Communicate the status of product development deliverables concisely and effectively to all levels of management throughout lifecycle of projects
Ad-Hoc Strategic Projects: As required, this individual will work with sales, client management, risk, SAI, finance, technology, and marketing to drive new strategic product initiatives
Education and Experience
* MBA required, or other advanced degree a plus
* Minimum of 8-10 years experience of financial industry experience
* Investment product management experience including mutual funds, ETFs, or managed account programs - Mutual Fund Account (MFA), Separately Managed Accounts (SMA),Unified Managed Account (UMA), Unified Managed Household (UMH).
* Understanding of Managed Account investment processes, including client portfolio overlay management, asset allocation, vehicle selection, trading, and operations. Understanding of HNW sales process.
* Familiarity with Managed Account platforms (Security APL, Northfield, Vestmark)
* Project management experience required
Skills/Knowledge
* Product development experience, ideally managed accounts or other investment products
* Solid understanding of financial markets, investment products, and business and competitive environment
* Proven ability to implement new products/enhancements, processes, and business opportunities.
* Strong interpersonal and organization skills including the ability to manage by influence and build relationships at all organization levels.
* Project management skills including project planning, status and issue management
* Excellent communication skills including proposal/presentation development and delivery, and meeting facilitation.
Fidelity Investments is one of the world's largest providers of financial services. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments,
Fidelity Investments is an equal opportunity employer
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