Contract Financial Services Principal
Company: Farmers Insurance
Location: Agoura Hills, California
Posted: October 02, 2017
Reference ID: 1700079S
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*Note: FFS is a limited broker-dealer exclusively for Agents and Producers appointed with the Farmers Insurance Group of Companies and does not have the obligation to hold general securities or investment advisory licenses that the candidate previously holds with another broker-dealer.
Job Summary - This is a 1 year contract position
Reviews less complex FFS new account applications and transactions to assess compliance with FFS policies and regulations.
Essential Job Functions
Determine if the proper FFS and sponsor forms were submitted in accordance with FFS policy. Analyzes less complex new account and first transaction paperwork to determine if the account and transaction are suitable for the client based upon factors such as the client’s income, net worth, objectives, risk tolerance, etc. Less complex transactions are those involving less than $500,000 of investment in a transaction. Determine whether transactions entail compliance violations including (but not limited to): inappropriate churning, mutual fund switches, below breakpoint sales, rollovers/replacements and qualified account sales. Ensure payments for security transactions are in accordance to policy (i.e. FFS cannot have custody of funds, no Agency checks, proper payees, etc.) Make the final determination for FFS regarding whether or not the account and security transaction will be accepted by FFS; sign New Account Form as the registered principal. Forward sponsor forms to applicable sponsor and ensure proper and timely receipt. Enter the New Account and transaction into the FFS system of record to facilitate commission payments and reporting. Follow-up with Agents and District Managers on deficient paperwork and suitability concerns, which may include phone calls, returning the business to agents, generating letters to agents etc.; review various management and exception reports to help ensure timely receipt of account documentation. Analyze and resolve issues noted on FFS exception reports. Performs other duties as assigned.
Required job duties consist of occasional walking, standing, driving and/or carrying 10 lbs maximum, and seeing. Some travel to DM and registered representatives offices required.
Required job duties are normally performed in a climate-controlled office environment, with some exposure to uncontrolled outside environmental conditions and travel via automobile and/or commercial transportation.
Four-year college degree.
Must have completed or will complete within sixty days of hire FINRA Series 6, 26, 51 and 63 registrations. Other qualifying examinations may also include FINRA Series 7 instead of the Series 6, FINRA Series 24 instead of the Series 26, Series 53 instead of Series 51, and the Series 66 instead of the Series 63.
** Please be advised that FFS is a limited broker-dealer as such only the Series 63 portion of the Series 66 will be registered.
1-5 years previous Industry experience as a Registered Client Associate or Compliance/Examiner Analyst preferred
Special Skill Requirement
Use of Microsoft Office products, 10 key and typing.
Farmers is an equal opportunity employer, committed to the strength of a diverse workforce.