Saturday, July 9, 2011

Brokerage Trader

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JOB PURPOSE:

The incumbent is responsible to establish and maintain the accounts and transactions of AIC that are introduced to Pershing and National Financial Services. Incumbent executes, balances, and services the transactions of RRs of AIC. Incumbent handles a variety of security transactions and investment vehicles and ensures proper execution and settlement for brokerage accounts. Incumbent also communicates deficiencies in account payments, securities delivery, and/or documentation requirements to avoid violations of applicable rules. Incumbent is primarily responsible for executing and approving securities transactions for AIC clients. Incumbent will assist RRs in the understanding of AIC policies and procedures. Incumbent will be responsible for delivery of the highest and most efficient customer service.

Essential Functions:

1)Timely and accurate entry and execution of all transactions executed and cleared through the broker/dealer.
Products include equities, open ended and closed ended mutual funds, options, unit investment trusts, and precious metals. Also responsible for entry of primary and secondary fixed income securities transactions. Entry of voluntary reorganization orders.
2)Compliance with customer Regulation T settlement requirements and proper paperwork for special orders (i.e. margin, options).
3)Monitor the margin reports of the clearing firms and communicate with registered representatives when their clients fall below their minimum requirements.
4)Review and release of orders placed by registered representatives and clients which have triggered various rules violations.
5)Collect, review and process paperwork for Direct Participation Programs and other direct business.
6)Processing of initial and subsequent variable annuity purchases through brokerage accounts.
7)Daily auditing, maintenance, and correction of errors. Regular monitoring of firm error accounts to remain flat so the firm is not unduly exposed to the marketplace.
8)Research and maintenance of client cost basis issues.
9)Regular review of a representative sampling of filled orders to ensure best execution of prices.
10)Resolution of Trade Breaks and DKs.
11)Communicate with registered representatives deficiencies in account payments, securities delivery, and/or paperwork to avoid violations of applicable rules.
12)Work in parameters of deadlines structured by AIC, the clearing firms and regulatory agencies.
13)Ability to understand and reconcile account related statements (i.e. annual statements, quarterly statements, confirmations, etc.)
14)Participation in professional and personal skills improvement courses and seminars such as those sponsored by Ameritas, AIC or third parties.
15)Effective utilization of software programs, Internet applications, and databases required to complete workload requirements.
16)Work with Registered Representatives to secure all proper papers and legal items.
17)Critical thinking towards problem solving to develop appropriate course of action to fix errors & problems.
18)Acting as a liaison between the RR and outside companies. Associate must often fill in the blanks to discover the problem and develop a solution.
19)Follow-up with necessary departments/companies to insure corrections have been made accurately and AIC instructions have been adhered to.
20)Courteous customer service and effective communication with registered representatives, clients, clearing firm associates, mutual fund family and insurance company representatives, regulatory agency personnel, and Ameritas associates.
21)Performing all job functions in the parameters of AIC Policies and Procedures & NASD Rules and Regulations.
22)Management of pending caseload.
23)Performance to meet quality service standards as established by the department, AIC, and the Unifi enterprise.
24)Completion of all necessary Firm Element and Continuing Education requirements to retain securities and insurance licenses.

Marginal Functions:
1)Assist AIC Operations and other back office personnel in all functions of the firm including, but not limited to:
Set up and maintain customer account files, transfer of asset issues, recordkeeping, imaging, and any other job necessary to the efficient running of the broker dealer.

2)Other duties as required by the management of the Company.

Working Conditions: Normal Office Environment  Requirements Required Knowledge and Skills:
College degree or two years industry experience, and Series 7 license required. The incumbent must have knowledge of AIC Policies & Procedures, as well as applicable regulatory and legislative requirements. Associate must be skilled on computer applications including typing skills, spreadsheet application, word processing, database navigation, and the Internet. Incumbent must quickly develop proficiency with company technology tools such as CAESAR, NetXPro, Brokerview, FBSI, Gateway InfoWorks, Streetscape, OneSource, and Imaging. Incumbent must possess exceptional problem solving and communication skills, both written and verbal.

This positions greatest challenge is to multi-task in a fast paced environment, while maintaining high accuracy and service levels. This position involves being on the phone for a large portion of the day and taking a high volume on incoming phone calls daily. This position must also attempt to 'fill in the blanks' for registered representatives when something goes wrong on an account, (RRs are not familiar with back office practices of the mutual fund families and variable companies with which they do business). Another challenge of this position is getting results from outside companies, over which the incumbent has no direct control.

Beyond the Series 7 license required for entry into the position, the incumbent understands that additional licenses will be required, specifically the Series 24. Subsequently the Series 53, Series 66 and Series 4 licenses will be required before the associate will be considered for additional duties.

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