Practice Leader, Family Business Group

About Northern TrustAs a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Northern Trust Wealth Management ǀ Practice Lead, Family Business GroupLocation: ChicagoNorthern Trust Wealth Management is seeking to hire an individual to lead its Family Business Group. This individual would report to Northern Trust’s Director of Business Services.The Family Business Group consists of 16 professionals, including attorneys, accountants and valuation professionals. The team manages approximately 900 interests in closely held businesses held in trusts or estates where Northern Trust has been named trustee or executor, including situations where a trust or estate holds a controlling interest. In addition, team members provide advice and consulting services to clients on a variety of business succession, family governance and pre-transaction planning issues.Services that the Family Business Group provides to clients with respect to private businesses and closely held entities where Northern Trust serves as fiduciary include:Evaluate the business’ performance and overall strategic planProvide recommendations on ownership and management succession best practicesOversee and restructure management teams when appropriateEvaluate offers to purchase and help manage sale processesOversee the business valuation process for tax, sale or estate planning purposesPerform analyses with respect to tax elections and entity conversionsServe as officers and directors of entities the team manages, when appropriateMonitor the ongoing performance versus plan, benchmarks, etc.Additionally, the Family Business Group is responsible for providing fiduciary oversight of the portfolio of private business interests, including supporting the Northern Trust’s regulatory compliance (for example, pre-acceptance screening of assets, asset onboarding, post-acceptance reviews, annual reviews and valuation updates).Role and Responsibilities:As Practice Lead of the Family Business Group, the candidate will be responsible for overseeing all aspects of the group’s operations, including:Defining the long-term growth strategy and annual business plan for the groupSupporting new business development by evaluating new business opportunities and playing an active role in prospect and client meetingsAdvising high net worth families on corporate governance and business succession strategiesMarketing the group both internally to Northern Trust employees and externally to key industry groups, advisors and prospectsTeam staffing, hiring and trainingOperational processes and procedures for managing the group’s portfolio of assetsRisk management oversight of the portfolio, including interaction with other internal groups (Risk Management, Compliance, Audit, etc.)Ensuring consistent client service standardsHelping with managing vendor relationshipsServing as one of Northern Trust’s subject matter experts, including opportunities to participate in speaking engagements and writing articlesKnowledge / Experience:Significant (+10 years) experience in an advisory role to private businesses (for example, accountant, attorney, investment banker, wealth management professional)Deep understanding of family governance, corporate governance and business succession strategies and challenges as relates to multi-generational private businessesExperience serving and advising sophisticated, high net worth familiesLeadership and management experience overseeing a team, business or division of a businessAbility to articulate the value proposition of the group to a broad audience with varying levels of sophisticationExperience negotiating purchase and sale contracts and related agreements for private business entities a plusKnowledge of managing closely held entities in the capacity of trustee and executor a plusSalary Range:$171,700 - 300,500 USDSalary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.Work AuthorizationApplicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa). Working with UsAs a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities. Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at View email address on click.appcast.io, or alternatively you can discuss your individual requirements with the recruiter you are working with. SummaryLocation: Chicago, ILType: Full time