Farmers Financial Solutions OSJ Supervisory Principal
Farmers Insurance
Location: Hybrid - Westlake Village, CA
Job Summary
Reviews and approves new account applications and transactions to assess compliance with Farmers Financial Solutions (FFS) policies and regulations as part of FFS centralized back office OSJ.
Essential Job Functions
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 client based upon factors such as the client’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.
Determine whether transactions entail compliance violations including (but not limited to): 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 and transaction into the FFS system of record to facilitate commission payments, recordkeeping, and reporting as well as performing other ad hoc duties as assigned.
Forward sponsor forms to applicable sponsor and ensure proper and timely receipt.
Review and update existing customer accounts into FFS recordkeeping system.
Support Sales in the Mutual Fund Platform and help agents with the submission process for new accounts.
Bypass responsibilities, resolution of previously established accounts by agents direct with fund companies in relation to suitability and Regulation Best Interest requirements.
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.
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.
Participate in special projects and events the firm assigns (i.e. Lean training, design thinking and product trainings.)
Performs agent visits to train, coach and educate agents on the submission of new accounts and utilization of application submission systems.
Assist and support in other operational cross-functions such as data entry, opening and sorting the incoming mail and help scanning/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.
Education Requirements
High School Diploma or equivalent required. Bachelors Degree preferred.
FINRA Series 6 or 63 required, FINRA Series 26 required or achieved within 90 Days.
FINRA Series 51 required or achieved within 180 Days.
Other qualifying exams may include FINRA Series 7, FINRA Series 24, 53, or 66 preferred.