CHICAGO, IL (May 20, 2010) – Following is the text of the Opportunity Profile for the position as president of Covenant Trust Company.
About The Covenant Trust Company
Covenant Trust Company (CTC) provides the Evangelical Covenant Church (ECC) and its constituents with unparalleled resources and experience in managing their financial investments. Chartered in 1988, Covenant Trust Company is a non-depository Illinois trust company that provides trustee services and asset management for over 1,800 accounts and currently has over $430,000,000 in assets under management. CTC began as a service to members of the Covenant Church while at the same time supporting ministries of the ECC. Covenant Trust Company is an enabler in this process by helping people provide for the future of the ministries they love through legacy giving.
In addition to a full-service trust program, CTC offers professional asset management, legacy planning, and life planning services to individuals, churches, camps and conferences, all Evangelical Covenant Church denominational ministries nationwide, as well as alumni of North Park University and residents of all Covenant Retirement Communities. The owner-shareholders of Covenant Trust Company are the Evangelical Covenant Church, Covenant Ministries of Benevolence and North Park University. A board comprised of owner-representatives and independent directors governs the enterprise.
CTC is committed to its values to:
- Demonstrate integrity by building honest, interactive relationships with clients and each other based on Christ-centered principles.
- Seek excellence by challenging individuals to learn and grow professionally and personally to achieve the highest levels of service and performance.
- Show commitment to ministry by helping clients find a way to honor God through their personal financial plan.
President- Position Summary
Reporting to the CTC Board of Directors, the President is the Chief Executive Officer of Covenant Trust Company, and is responsible for the formulation, presentation, and implementation of policies, plans and strategies necessary to carry out CTC’s mission statement and for providing the executive leadership needed to achieve the Board of Directors’ approved Business Plan.
The current President has served CTC, first as a field representative, moving up through the structure, to being appointed as President in 2001. He will be retiring this year after nearly two decades of service. This new President will be expected to work with the Board to develop a vibrant vision for the next decade that will transform the company. This transformation, to be defined by the Board and the senior leadership, could involve a changing of the products and services offered, operations and culture that will set CTC on a new path toward achieving its vision.
President Performance Expectations
Vision and strategy:
- Set, with the board, the strategic direction for CTC.
- Influence operating decisions so that the enterprise achieves its newly defined plans and goals with the ultimate end goals of providing a value-added service to members/clients and increasing philanthropic support for the owners.
- Translate the vision into strategy including goals, targets for service lines and generated income; marketing and positioning; and product mix.
- Evaluate the entire financial structure of the company to ensure operating viability, the overall expense operations, and service to clients and owners.
- Serve on the Investment Committee, which oversees investment philosophy and selection of core investment products.
- Increase operating efficiency and effectiveness by providing cross-functional leadership, leveraging resources, improving business processes, and ensuring productivity at all levels of the organization.
- Serve as the primary external face of the organization, representing CTC at church-wide meetings/conferences, industry associations, and major client functions.
- Manage CTC staff (executive, field and others) including the review and/or approval of staff hires/terminations, merit increases, and CTC policy/procedure compliance.
- Act as a coach and mentor for senior leadership.
- Serve as a member of the ECC Council of Administrators, tasked with providing strategy and communication with church leaders.
- Serve as Executive Director of Covenant Estate Planning Services (CEPS), a specialized ministry of the Evangelical Covenant Church which focuses on securing deferred gift commitments (charitable gift annuities, insurance, etc.) to the Church through the establishment of legacy plans with clients.
- Assure compliance with Federal and State laws.
Client services and business development:
- Maintain in-depth knowledge of the issues affecting the target market to successfully position CTC as a technical expert and resource to current and potential new clients.
- Develop and oversee strategies for investment management, advisory, and asset servicing to the institutional market, for both current clients and business acquisition targets.
- Ensure a process for continuous quality improvement throughout all audiences.
- Work with field staff on major presentations, participate in select client visits.
Fiscal and legal operations:
- Ensure appropriate allocation of resources for the team to meet objectives within the mission, policies and procedures of CTC.
- Oversee the negotiation of and give final approval of all real estate transactions to fund charitable remainder trusts or received as bequest, trust distributions from estates, or as gifts.
- Review trust and other agreements on behalf of Covenant Trust Company, including legal and risk management aspects.
- Monitor all distributions to The Evangelical Covenant Church, Covenant Ministries of Benevolence, and North Park University from sources other than CTC.
- Represent CTC at targeted events throughout the year to create greater visibility and presence of services, including industry conferences and programs, which may include speaking engagements.
- Coordinate presentations (informational and educational) for Covenant pastors and ministry leaders at such gatherings as Midwinter Conference, Covenant Annual Meeting, retreats of Superintendents, Council of Administrators, ministeriums, etc.
Maintain good relations and interfaces with:
- Illinois Office of Professional & Financial Regulations, Division of Banking
- Covenant Trust Company board of directors
- CTC clients and prospects
- North Park University Board of Trustees
- Evangelical Covenant Church Executive Board
- ECC Board of Benevolence
- ECC Council of Superintendents
- Local and regional ministries of The Evangelical Covenant Church
- Banks; charities; realtors; pastors; other ECC administrative boards
The Qualified Candidate
Will bring and/or demonstrate:
- Knowledge of the financial services industry oriented towards the highest levels of internal/external client satisfaction with high net-worth individuals focused on trusts; investment management; legacy planning; financial planning techniques, planned giving; and risk management.
- Ability to translate strategic direction into operational results and vice versa while maintaining flexibility in a fast-paced, ever-changing environment.
- History of promoting communication and building partnerships, internally and externally, to grow the overall organization/company.
- Strong marketing orientation with the ability to formulate and implement an effective marketing strategic plan.
- Previous experience in or exposure to philanthropic and/or donor-centered environments with donors of all ages and wealth segments.
- Good public speaking skills with the ability to convey integrity and trust to constituents of all levels, including, but not limited to, clients and prospective clients; CTC staff; outside representatives; legal authorities, CTC Board of Directors; and the President of the Evangelical Covenant Church.
- Committed to an active Christian faith life; ability to fully support the mission of the Evangelical Covenant Church; agreement to become a member of a Covenant Church, if not currently one.
- Evidence of global thinking in previous experiences that brought about or were utilized in an organization undergoing significant and transformational change.
- Passion for driving results and delivering constructive change utilizing appropriate levels of risk and exercising sound judgment.
- Motivates and encourages all staff to grow and lead in their respective areas; fosters a culture of teamwork and high achievement.
- Strong analytical skills needed to synthesize data, identify trends, and translate them into insightful analysis to equip the Board to make key decisions, along with the ability to relay complex information understandably.
- Ability to report to a Board of Directors and work with an Executive Committee which is comprised of the presidents of the three owners.
- Minimum 10+ years, leadership-level experience in a complex product/service focused organization or corporation, preferably the financial services industry.
- Minimum of a Bachelor’s Degree in Finance, Economics or related field. An MBA or, Certified Financial Planner certification preferred.
How To Apply
The application process is being managed by Heather A. Eddy, CFRE, President and COO of Alford Group Executive Search. To apply, candidates should submit their cover letter and resume and complete the online application. All inquiries will be held in strict confidence. Questions may be emailed to Claire Waiksnoris, Search Associate.
The search committee will be reviewing initial candidates in early June, so applicants are encouraged to apply by the end of May. All applications will be acknowledged and a status on the search will be available in late June.
Alford Group Executive Search is a retained search firm dedicated to providing recruitment services of exceptional quality and strengthening the not-for-profit community through professional staffing solutions.