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Fiduciary Supervision Analyst The candidate will serve as a designated person responsible for supervisory and risk functions that address material conflicts of interest, monitoring advisors’ adherence to the impartial conduct standards under the Department of Labor (DOL) fiduciary regulations. Provide DOL regulatory guidance, best interest review and coordination with those responsible for direct supervision and oversight of the company’s broker-dealer and investment advisory distribution. Provide regulatory guidance regarding DOL rules as they relate to supervision, internal policies and procedures, conflicts of interest, disclosures, reporting, and other relevant issues. Must have the ability to work independently, adhering to high standards of business ethics, and possess the ability to prioritize competing issues and to see outstanding projects to completion. In addition, the incumbent will interact with senior compliance, legal, and key business areas in the completion of departmental objectives and serve as source of feedback concerning clarity, appropriateness and effectiveness of policies and procedures, and recommend revisions to policies where appropriate. Focus of effort is on achieving and sustaining a high level of quality, accuracy and efficiency in the support and monitoring of the various areas listed above. Serve as SME of DOL, BIC exemption, and ability to independently provide regulatory guidance to internal/external business partners on best manner by which to revise existing practices to comply with all DOL requirements, including disclosures, impartial conduct standards, and preexisting transaction exemption. Develop extensive knowledge of DOL and Level Fee Fiduciary exemption and ability to advise business partners on best manner by which to revise existing practices to comply with all DOL requirements. Work within a team of professionals responsible for the successful design and implementation of a fiduciary review desk to enforce firm-wide policies and procedures in response to the fiduciary regulations, reflecting the legal, business and cultural changes driven by those regulations. Integrate fiduciary regulation compliance strategies with company’s overall supervision process and culture. Undertake responsibility for addressing material conflicts of interest and monitoring advisors’ adherence to the impartial conduct standards as prescribed by the DOL fiduciary regulations. Provide practical advice and support on ERISA and DOL fiduciary issues including recommendation of investments, conflicts of interest, compensation practices, and fee disclosure. Responsibility for sign-off on BIC agreements on behalf of the company. Advise on the application of prohibited transaction exemptions, both current and in post BIC environment. Conflicts of Interest Committee – membership on and participation in the Conflicts of Interest Committee, which is a cross-functional enterprise committee consisting of members of senior management throughout the organization that meets on a scheduled basis. Scope and purpose of Committee is to address all forms of potential conflicts including product, pricing, and compensation as few examples. Have a strong working knowledge of all types of retirement products and services offers. Strive to ensure DOL and ERISA regulatory considerations are properly taken into account in company’s products and services, including considerations arising from both new company products and services, and new DOL and ERISA developments. Counsel company management on DOL and ERISA related matters, including by identifying risks and proposing alternative structures to mitigate risks in current operations and supervision areas. Respond to business escalations as needed. Provide timely and effective expertise and guidance to management and associates on applicable DOL rules and regulations for the B/D and RIA. Partner with Legal, Compliance, and other business areas in responding to regulatory inquiries and examinations for the company, with an emphasis on DOL. Analyze new rules and regulations and their impact to the company business. Adapt fiduciary program to regulatory and business developments during and after implementation of the fiduciary regulations. Assist in the development and review of workflow and operational aspects in partnership with of company and the enterprise. Analyze impact of producer compensation. Review of various reports, alerts, document supervisory review in company systems, produce reporting as requested. Analyze impact of distribution channels and third-party relationships, including with independent marketing organization (IMOs), third-party administrators (TPAs) etc. Evaluate and develop advisor and client tools. Monitor producers’ ongoing adherence to the impartial conduct standards specified in the DOL fiduciary regulations. Assist with developing and deploying new fiduciary tracking tools. Collaborate with compliance teams to monitor annuity applications. Investigate and address reports of fiduciary misconduct, including by interviewing producers and consumers. Bachelor’s degree required. Advanced degree preferred. 10+ years experience in the financial services industry required. Certified Financial Planner (CFP), Certified Investment Management Analyst (CIMA), Certified Financial Analyst (CFA), or JD strongly desired. NASD exams Series 4, 7, 24, 53 and/or 63 & 65 or 66 required. Strong knowledge of DOL, SEC, FINRA and other SRO rules and advanced understanding and awareness of legal and regulatory landscape, and state regulation of insurance required. Expert knowledge of Investment Advisors Act of 1940 and ERISA and DOL fiduciary requirements including BIC exemption; financial services/insurance industry; enterprises’ business, operations, products and objectives required. Extensive knowledge and experience with both the financial and regulatory aspects for a wide range of products covered by the Series 24 principal registrations including fixed income products, equities, UIT’s, limited partnerships REITS, other direct participation programs, mutual funds, 529 Plans, variable annuities, variable life products, structured products, and investment advisory products required. Excellent written and verbal communication skills, and ability to establish productive working relationships with many different people with attention to the diplomatic delivery of the message is essential. Experience in team leadership and supervision required. Deadline: May 10, 2018.
Job ID: 1064BR
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