Support the Wealth Relationship Managers within Wealth and Investment in maintaining the assets under management and providing financial planning support where applicable, by maintaining a service-based relationship which is credible and trustworthy.
To ensure that the support team fulfills day-to-day operational activities and manages projects that impact the area, so that service excellence is upheld.
Key Responsibilities
- Relationship and Client Management
- Manage the relationship between the internal stakeholders and the services team.
- Ensure a good working relationship with all external stakeholders.
- Assist with relationship building between relationship managers and other stakeholders such as the banking support team and the wealth support team.
- Ensure that the Wealth and Investment service mantra, ‘before the sun sets’ is upheld.
- Data Management and Record Keeping
- Interact with internal teams to ensure data is loaded correctly on each client.
- Capture and maintain static client data and investment/product data on the financial planning system.
- Review and update the internal system to continually provide reporting efficiencies.
- Submit and monitor data on partner systems.
- Prepare and maintain MIS/reports for senior management.
- Provide input and plan rollout of projects within the area, whether regulatory or business in nature.
- Ensure that assets under management and other client data are loaded correctly in terms of static data, financial planning details, and all transactional information on the wealth management/financial planning system (100%, with a 2% error rate for follow up).
- Manage complaints by using the tracking system.
- Operational Processes
- Establish feedback sessions with management to keep them informed.
- Plan team requirements with the manager and implement them.
- Supervise the new business, maintain and review processes.
- Implement accepted client proposals and requests/instructions.
- Interact with the product houses, nationally via phone, email, and fax, in order to place funds efficiently and get report backs to Wealth & Investment and the clients of Private Clients.
- Plan and prepare reviews/reports/updates (investments, financial planning, risk products) within agreed timelines.
- Handle all administrative functions that pertain to implementing requests by the Wealth Advisor/Relationship Manager or clients.
- Submit and manage applications (tax clearance, offshore allowances) to government bodies on behalf of clients, e.g., SA Revenue Services; SA Reserve Bank.
- Plan and manage projects, such as the book conversion, physical filing conversion and interact with stakeholders to execute efficiently.
- Risk and Compliance, Business and Regulatory
- Ensure compliance fulfilment by adhering to laid-down parameters.
- Ensure FICA and FAIS requirements are followed, as guided by Group and Wealth and Investment requirements.
- Cross-reference business placements – investments or risk products - with Financial Planning Oversight Committee approvals.
- Provide input at forums by implementing risk management guidelines.
- Manage the ability of advisors to do business, (e.g., applies for broker codes from the various product houses that Wealth and Investment has contracted with to enable the placement of business).
- Assist and plan audit submissions for Business Risk and Compliance divisions and monitor any feedback or remedies required.
- Ensure compliance on all clients with regards to FAIS and KYC, and all supporting documents (100% across all aspects, with a 2% margin for follow up).
- Instil and monitor compliance with respect to forums and internal risk management.
- Monitor internal risk management and regular reports by adhering to accepted norms applied to Wealth and Investment.
- Other Duties
- Assist BCU Head: Financial Planning with administrative tasks, such as preparation of FPOC submissions, taking and compiling of FPOC minutes, follow-through process for client documents.
- Effective compliance fulfilment by adhering to laid-down parameters.
- Effective input at forums by implementing risk management guidelines.
- Effective monitoring of internal risk management (regular reports) by adhering to accepted norms applied to Private Clients.
- Efficient client data maintenance by using system reports.
- Accuracy of analytical data for reviews and reports by doing sample tests and measuring complaints and claims from internal stakeholders and clients.
- Effective communication as per communication plan.
- Measurement of project outcomes (set at inception) – clear outcomes determined specifically per scope of project.
- Effective complaints management by using the tracking systems.
Characteristics
- Proactive individual.
- Financial Planning Background.
- Works well in a team.
- Can deal in a pressurised environment.
Knowledge
- Knowledge of Investment products, such as unit trusts.
- Knowledge of Life Company based products, such as endowments, preservation funds.
- Knowledge of FAIS and FICA as it applies within the bank and financial industry.
- Sound understanding of reports generated by data systems – external LISP and financial planning, and investment reporting.
- Basic knowledge of HR processes.
- Knowledge of basic operational and business management processes.
- Basic understanding of operational risk (systems, processes etc.).
- Understanding of business proposition and applicability to financial planning process.
Qualifications
- Matric and an undergraduate degree in accounting/business (completed/in progress)/or a diploma (1-2 year).
- Relevant industry-based courses, e.g., investment, financial planning products.
- Must be FAIS compliant.
Experience
- Minimum of 3 - 5 years’ financial planning support, with a bias towards investments.
- Experience in guiding team members through operational and product matters.
Technical Competencies
- Computer literacy, e.g., MS Office (especially Excel).
- Basic accounting skills, e.g., for performance calculations.
- Numerical competence.
Personal Competencies
- Attention to detail and accuracy.
- Relationship building skills.
- Ability to use initiative, to delegate and plan.
- Ability to coach.
- Ability to manage conflict situations, remain calm, constructive and objective.
- Written and verbal communication skills.
- Self-motivated.
- Deadline-driven, with sound time management ability.
- Problem-solving skills.
Planning
- Plans and executes on short-term (daily/monthly/quarterly) and longer-term (quarterly/half yearly/annually) work volume as driven by the various role players and type of work requests.
- Manages own scope of responsibility, as well as that of the broader team, on a daily and monthly basis.
- Is aware of annual deadlines and plans accordingly, on a quarterly basis, the work allocation for the team.
- Provides input into annual planning for the department and how it interfaces with other divisions.
- Plans and prepares training on product, process, best practices and general knowledge to increase the team capability.
- Plans, prepares and delivers presentations to the RMs to up-skill and update on processes.
- Monitors activities and adapts, if necessary (daily, monthly, annual).
Decision Making
- Makes decisions using own discretion (70–80% of instances) within business boundaries.
- Refers up the line if matters fall outside normal parameters (20–30% of instances).
- Where processes have broader impact, liaises with stakeholders to gain agreement and support.
- Makes decisions and resolves issues within normal business guidelines, and assesses and takes decisions outside of these where necessary.
- Monitors and responds to changing circumstances and re-aligns workload to ensure optimal service delivery.
- Consults and agrees on improved/adjusted processes with stakeholders.
- Represents business area and provides input in forums that impact the business area, e.g., financial planning forum; team meetings; stakeholder meetings, e.g., Stanlib.
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