FFS Supervisory Principal

About the role...

• The core function of the Farmers Financial Services (FFS) Supervisory Principal is conducting pre-sale suitability and best interest review of securities business.
• The Supervisory Principal is responsible for the day-to-day review of business submitted by registered representatives - which includes account recommendations, insurance and annuity recommendations, investment switches, and subsequent transactions - while maintaining current service level agreements.

What you'll accomplish...

• Analyzes less complex, new account and first transaction paperwork to determine if the account and transaction are suitable and in the best interest for the customer based upon factors such as the customer’s income, net worth, time horizon, investment objectives, risk tolerance, etc.
• Less complex transactions typically involve those less than $500,000 in investment amount and/or those that do not require assistance or a second level of approval by a senior principal or a manager.
• Collaborate with the sales support team to train educate registered representatives on the submission of new accounts and utilization of application submission systems.
• Educate registered representatives on suitability and Regulation Best Interest as it relates to product recommendation for customers.
• Educate the internal sales team on Office of Supervisory Jurisdiction (OSJ) process and procedures.
• Determine whether transactions entail compliance violations, including inappropriate churning, mutual funds switched, below breakpoints sales, rollovers/replacements and qualified accounts sales.
• Escalate violations and create supervisory cases for compliance to follow up.
• Enter the new account into the FFS system of record to facilitate commission payments and recordkeeping.
• Ensure proper and timely receipt of customer funds.
• Assist in resolution of previously established accounts by registered representatives direct with fund companies in relation to suitability and Regulation Best Interest requirements.
• Follow-up with registered representatives and District Managers on deficient paperwork and suitability concerns, which may include phone calls, returning the business to registered representatives, generating letters to registered representatives, etc.
• Assist and support in other operational cross-functions such as data entry, opening and sorting the incoming mail and help scanning and uploading paperwork.
• Educate and train Agents on suitability and Regulation Best Interest as it relates to product recommendation for clients.
• Educate the Internal Sales team on OSJ process and procedures.
• Work with the compliance department as needed to address regulatory concerns.
• Escalate items to the leadership.
• Other duties as assigned, including other supervisory and operations functions.

Physical actions...

• Job is performed in-person at a Farmers office or virtually at an approved alternative work location.
• The physical work environment is indoors and climate-controlled with adequate lighting and ventilation.
• Normal and customary distractions include background noise produced by office equipment and chatter among people, as well as interruptions.
• Frequently sits for prolonged periods of time, up to a full shift.
• Occasionally moves about the workplace including, navigating stairs, ramps, and level or uneven surfaces.
• Occasionally moves, pushes, pulls, lifts, carries, and/or places objects or materials weighing up to 25 pounds without assistance.
• Frequently uses shoulders, arms, hands, and fingers to manipulate equipment, tools, and objects necessary to perform job duties.
• Frequently performs fine motor tasks such as typing, mousing, or writing, up to a full shift.
• Rarely performs movements such as bending, stooping, crouching, kneeling, twisting, and reaching overhead or below the knees.
• Possesses clear vision, with or without correction, to visually read and verify information.
• Relies on depth perception and peripheral vision to navigate the work environment visually by identifying barriers, changes in terrain and locating objects.
• Possesses adequate hearing, with or without correction, to communicate with co-workers, respond promptly to auditory signals or alarms, and discern sounds essential for maintaining safety and productivity in the workplace.
• Jobs in this category require rare, if any, travel.

Physical environment...

This position operates in an open office working environment which will include normal and customary distractions, noise, and interruptions.

Education needed...

• High School Diploma or equivalent required.
• Bachelors degree preferred.
• Upon Hire:

• FINRA Series 6 or 7 or 63 or 66.
• FINRA Series 24 or 26 within 90 Days.
• FINRA Series 51 or 53 within 180 Days.
• State insurance license.

• Additional FINRA licenses may be required in the future depending on business need.

Experience needed...

• Minimum one year in the insurance, financial, or banking industry.
• Experience with New Account Opening software platforms preferred.

Note: 

Candidate qualifications may be reviewed against the requirements for the associated levels of this position's core function. Salary grade will be based on selected candidates' experience and skills.

Special skills needed...

• Strong verbal and written communication skills.
• Demonstrated ability to secure 'buy-in' and convince others regarding best approach.
• Goal oriented team player with a positive attitude.
• Excellent time management skills.
• Strong relationship building.