- Salary
- $159k – $272k
- Location
- Owings Mills, MD - Building 4, United States of America
- Type
- Full-time
- Department
- Management
- Seniority
- Director
- Education
- Bachelor
- Source
- Workday
Description
At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident.
We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity.
Join us for the opportunity to grow and make a difference in ways that matter to you.
Role Summary
The Offer Management Director, Cash Management, serves as the business owner for the default cash position within the firm’s (direct-to-consumer) brokerage offering. The role is accountable for the full life cycle of the cash management offering—from initial design and launch through ongoing management, client retention & growth, and revenue optimization.
This individual owns the offer strategy, client value proposition, economics, and overall performance of the offering. The Director will manage the cash management P&L and pricing strategies, oversee key external partners, and define the supporting capabilities required to build a competitive and sustainable cash management offer.
This is a business ownership role. The Director will establish business requirements and priorities but will partner with digital product and technology leaders who own delivery teams and technical backlogs.
Responsibilities
Offer Strategy and Business Ownership:
- Own the end-to-end strategy and business performance of the default cash position within direct-to-consumer brokerage accounts.
- Develop the vision, client value proposition, road map, and phased launch plan for the cash management offering.
- Establish how the offering will attract and retain client assets, generate sustainable revenue, and strengthen the broader brokerage relationship.
- Maintain accountability for the offer after launch, including ongoing optimization, competitive positioning, and long-term growth.
- Ensure the offering reflects the firm’s brand, fiduciary standards, client experience expectations, and long-term business strategy.
Financial Management and Pricing:
- Own the P&L associated with brokerage cash balances and related cash management capabilities.
- Develop business cases, financial forecasts, and profitability analyses for new features, pricing changes, and strategic investments.
- Recommend pricing strategies based on market conditions, competitive positioning, client behavior, funding economics, and financial objectives.
- Partner with finance, treasury, marketing, and business leadership to review and approve rate changes, promotional offers, and pricing decisions.
- Monitor the relationship between client yield, spread revenue, balance retention, net flows, servicing costs, and overall profitability.
- Establish processes for responding to changes in interest rates, competitor pricing, client behavior, and market conditions.
Offer Design and Supporting Capabilities:
- Define the business requirements for a complete and competitive cash management experience.
- Determine the features required to support a healthy cash business, including FDIC-insured sweep capabilities, partner-bank capacity, liquidity, money movement, debit functionality, direct deposit, and other relevant cash services.
- Partner with digital product and technology teams to translate business strategy into client journeys, product requirements, and prioritized delivery plans.
- Evaluate trade-offs among revenue, client yield, convenience, liquidity, operational complexity, and cost.
- Ensure the default cash position is clearly integrated into the broader brokerage account experience.
Partner and Vendor Management:
- Oversee the business relationship with clearing firms, sweep-program administrators, partner banks, and other external providers supporting the offering.
- Maintain sufficient partner-bank capacity and diversification to support client balances, deposit insurance objectives, liquidity needs, and business growth.
- Evaluate partner performance, economics, service levels, operational resilience, and strategic alignment.
- Lead commercial discussions and support contract negotiations in partnership with sourcing, legal, finance, and business leadership.
- Identify and manage concentration, capacity, operational, reputational, and third-party risks.
Client Experience, Marketing, and Brand:
- Partner with marketing and digital teams to develop clear, accurate, and differentiated positioning for the offering.
- Ensure client communications clearly explain yield, liquidity, deposit insurance, program structure, eligibility, and relevant risks.
- Monitor client feedback, complaints, service interactions, and behavioral trends to identify opportunities for improvement.
- Balance revenue objectives with client trust, competitive value, and the firm’s brand reputation.
- Develop retention strategies for periods of changing interest rates, increased competitor activity, or elevated client cash movement.
Risk, Controls, and Regulatory Oversight:
- Partner with legal, compliance, risk, and operations to ensure the offering meets applicable brokerage, banking, disclosure, and supervisory requirements.
- Ensure appropriate controls exist for rate changes, bank allocation, client communications, liquidity, reconciliation, operational processing, and vendor oversight.
- Participate in governance and approval processes for new features, material pricing changes, promotions, and external partnerships.
- Proactively identify and address regulatory, conduct, operational, reputational, and financial risks.
Performance Management and Executive Reporting:
- Define the key performance indicators used to evaluate the health and effectiveness of the offering.
- Develop regular reporting for business and executive leadership on financial results, client outcomes, competitive positioning, operational performance, and emerging risks.
- Use performance data and client insights to recommend investments, pricing changes, feature enhancements, and growth opportunities.
- Maintain clear accountability for offer-level results and corrective actions when performance falls below expectations.
Qualifications
Required:
- Bachelor's degree or the equivalent combination of education and relevant experience AND
- 10+ years of total relevant work experience
- Demonstrated experience owning the strategy and financial performance of a complex consumer financial product or offering.
- Strong understanding of product economics, pricing, profitability, balance growth, retention, and client behavior.
- Strong executive communication, stakeholder management, analytical, and decision-making capabilities.
Preferred:
- Experience managing brokerage cash sweep, bank deposits, insured sweep programs, money market products, or other retail cash management solutions.
- Experience at a digital-first retail bank, brokerage firm, financial technology company, or consumer financial services organization.
- Knowledge of retail brokerage operations, clearing relationships, partner-bank programs, and third-party vendor management.
- Familiarity with the legal, regulatory, compliance, operational, and disclosure considerations associated with brokerage cash offerings.
- Experience launching and scaling a new financial product from design through implementation and ongoing operations.
FINRA Requirements
FINRA licenses are not required and will not be supported for this role.
Work Flexibility
This role is eligible for hybrid work, with up to one day per week from home.
Base Salary Ranges
Please review the job posting for the location of this specific opportunity.
$159,000.00 - $272,000.00 for the location of: Maryland, Colorado, Washington and remote workers$175,000.00 - $299,000.00 for the location of: Washington, D.C.
$199,000.00 - $339,000.00 for the location of: New York, California
Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.
Commitment to Diversity, Equity, and Inclusion
At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.
Benefits
We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources, benefits, and work-life balance so you can thrive in ways that matter to you.
Featured employee benefits to enrich your life:
Competitive compensation
Annual bonus eligibility
A generous retirement plan
Hybrid work schedule
Health and wellness benefits, including online therapy
Paid time off for vacation, illness, medical appointments, and volunteering days
Family care resources, including fertility and adoption benefits
