SUCCESS PROFILE: Director of the Investment Management Team
The Director will be responsible for leading the portfolio manager and analysts on the Investment Management Team (currently a team of four) and will report directly to the Chief Investment Officer (CIO). The CIO and the Director will work together on a Leadership Development Plan to prepare the Director for further career progression at First Command. Success looks like:
Leadership – The Director’s style is collaborative and can bring out the best of the IMT. The Director coaches and mentors the team to greater success. The Director is a servant/leader.
Investment Process – The Director and the CIO own the Investment Process. The current investment process includes use of capital market assumptions, development of strategic asset allocations, a tactical asset allocation process, equal probability rebalancing, manager selection, and thoughtful portfolio construction (which includes factor analysis). The Director would be directly responsible for ongoing maintenance and improvement of the Investment Process. The Director would demonstrate heavy and relevant experience in these areas.
Portfolio Management – The Director would lead the IMT’s efforts in providing investment advice and recommendations keeping the following goal top of mind: “To Create Positive Investment Outcomes” for all our clients.
Asset Management Solutions (AMS) – The IMT manages the AMS program which includes over 28 portfolio models for over 90,000 clients. The AMS program represents $13.8 billion in assets under management and is considered a top 25 managed money program in the U.S. based on size.
Retail Funds – The IMT also provides guidance on retail fund selection for our over 500 financial advisors, primarily from the following fund families: Fidelity, Franklin-Templeton, Invesco, MFS, and Pioneer. Client assets in the retail funds are approximately $13 billion.
Other Firm Portfolios – The IMT also provides advice and guidance on over $1 billion of firm-related portfolios (corporate, bank, insurance, 401k, etc.).
Investment Oversight Committee – The Director would be primarily responsible for preparing and presenting investment information and recommendations to the Investment Oversight Committee (IOC) approximately 6 times a year (4 quarterly updates and 2 portfolio recommendation meetings). The IOC approves all AMS portfolio recommendations.
Communicating with Impact – The Director must be able to effectively write and speak in Plain English. The Director would be called on to present to clients, advisors, and executives. The Director would also write market commentary. The Director would join the CIO in these duties.
Culture – The Director would passionately embrace First Command and its mission, vision, and core values.
Vision – Lifelong financial security for our nation’s military families.
Mission – Coaching those who serve in their pursuit of financial security.
Core Values – Courage (show strength in the face of fear and difficulty), Love (put others’ good ahead of our own), and Effectiveness (do what is right to achieve the best results).
Detailed Job Specifications:
How will your role impact First Command?
As the Director, you will be responsible for leading the Analyst(s) and Portfolio Manager(s) on the Investment Management Team. The Investment Management Team is responsible for managing the Asset Management Solutions program, a $13.8 billion mutual fund/ETF wrap fee program. You will be expected to provide coaching and guidance to team members on professional growth and performance evaluations, in addition to the day-to-day responsibilities as the Senior Portfolio Manager of the team. In the role of Senior Portfolio Manager, you will conduct due diligence on investment managers and analyzes financial market conditions. Emphasis will be on: (1) interviewing current and prospective investment managers and contributing to team recommendations based on quantitative and qualitative criteria, and (2) working on strategic asset allocation, tactical asset allocation, rebalancing methodology, and portfolio construction. You will be expected to maintain a high awareness of current economic and market events.
What will you be doing?
Due Diligence Research on all existing and potential retail and managed account investment solutions, with an emphasis on First Command’s fund family partners. Works with the Chief Investment Officer on final decisions regarding asset allocation and investment selection for managed portfolios. Due Diligence emphasizes both quantitative and qualitative research in support of the investment managers selected for First Command’s portfolios. These activities include:
Conducting in-depth conference calls or in-person meetings with fund and strategy portfolio management teams across multiple asset classes. Candidate must be willing to travel up to 25% in any given month.
Discerning, documenting, and conveying the drivers for selected investment strategies, concentrating on identifying the pros and cons surrounding the people, philosophy, process, performance, and price of each strategy.
Identifying other potential risks (operational, administrative, etc.) to take into account when evaluating investment strategies.
Portfolio Management: Performs analysis of asset class performance and valuation, and seeks to optimize portfolio given forward-looking asset class and investment manager expectations. Implements First Command’s investment process and philosophy. Initiates and maintains relationships with investment relationships. Responsible for working on strategic asset allocation, tactical asset allocation, rebalancing methodology, and portfolio construction.
Reporting: Provides ongoing information for investment committees.
Operational Implementation: Assists in operational implementation of investment recommendations.
Writing Commentary: Has the ability to write “Plain English” commentary on the economy, the capital markets, and First Command portfolios.
Communication, Advisor Support, and Training: Serves as a subject matter expert for internal support personnel. Occasionally responds directly to advisor and client inquiries via telephone or e-mail as necessary. Occasionally participates in training sessions or other presentations to internal and external constituents, including client seminars. Assists with development of client/advisor communications and development of advisor training.
What skills/qualifications do you need?
Oversees and coordinates the team’s day-to-day activities.
Supports the advancement of team members’ investment skills and coaches members in the development of their investment career.
Bachelor's degree required with a preferred emphasis on finance, accounting, or business.
Master’s degree a plus
At least 12+ years of investment experience, including at least 4+ years as a portfolio manager.
Some military experience preferred.
CFA, CIMA, or Master’s Degree in a related field required. FRM, CAIA, CFP, etc. or progress towards any of these designations is a plus.
Candidate will be expected to become FINRA Series 7, 24, and 66 licensed within 180 days of hire.
Knowledge, Skills and Abilities
Ability to work independently or in a team environment.
Ability to meet deadlines in a fast-paced environment.
Delivers quality, detail-oriented analysis.
Highly competent with Microsoft Office products, particularly in Excel (VBA coding knowledge a plus), PowerPoint, and Word.
Familiarity with Morningstar Direct required.
Familiarity with Bloomberg and Pershing’s NetX360 a plus.
Ability to communicate effectively, both orally and in written form.
Able to present to live audiences
Additional Salary Information: Plus investment bonus after 1st year, profit sharing plan, and ESOP.
About First Command Financial Services
First Command Financial Services and its subsidiaries, including First Command Financial Planning and First Command Bank, coach our Nation’s military families in their pursuit of financial security. Since 1958, First Command Financial Advisors have been shaping positive financial behaviors through face-to-face coaching with hundreds of thousands of client families. We embrace time-tested financial principles and a client-first philosophy, advocating consistent saving, disciplined investing, and a thoughtful insurance strategy to manage risks to financial well-being.