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Durban: Investment Administrator posted by Tower Group

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Job Description

To accurately and timeously review and process client instructions in line with business rules and legislation, ensuring clients and Financial Advisors experience a professional service which includes ongoing maintenance of the unitholder database, overseeing accuracy of manual processes and internal and external reporting to stakeholders.

KEY RESPONSIBILITIES:

Daily processing of instructions

  • Receive and capture information on client instructions accurately and in line with daily deadlines for all transaction types (purchases, repurchases, retirements, debit orders, once-offs, death claims and investment/client changes) ensuring:
    • Compliance with business rules and relevant legislation (FICA, POPIA, FATCA, CRS, FAIS, PFA and Insurance Act)
    • Instructions are complete and supporting documents received as per checklist and instruction (including signature verification)
    • Regular Follow ups with Client Relationship Team for outstanding requirements
  • Monitor bank statements to identify cash deposits, rejected monthly income payments, electronic collections, and debit orders and notify Compliance and / or initiate query process with the Client Relationship Team
  • Monitor bank reconciliations and follow up on outstanding funds
  • Check transactions captured by colleagues to ensure:
    • Accuracy
    • Supporting documents have been received
    • Compliance with Business rules (e.g. proof of bank account, minimum investment amounts and signature verification) and legislative requirements are met (e.g. FICA, POPIA, FATCA, CRS, FAIS, PFA and Insurance Act)
    • Front page checking all data has been accurately captured
  • Calculate profit and loss on any back-dated transactions and notify Team Leader and/or 2IC
  • Required to learn and understand the requirements of all Solutions products and the Legislation governing each product

Monthly processing

  • Regulation 28 compliance checking:
    • To ensure investments remain compliant, once debit order totals are balanced, checked and processed
    • To ensure all clients in retirement funds are compliant
  • Track and report group retirement annuity contributions to Compliance
  • Timeous processing of monthly distribution and early income payments, including:
    • Sample checks to ensure accuracy of client earnings, dividend withholdings tax calculations, Financial Advisors fees, relevant drawdown or reinvestment amounts and income payments
  • Financial Advisor commission checking:
    • Generate intermediary admin fee report and sample check figures
    • Balance payments schedule of Financial Advisor commission for all products prior to commission payments being made
  • Check or process PA policy anniversary requirements
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Reporting

  • Sample check daily reporting and welcome packs for clients and Financial Advisors, thereafter, email reports to clients and notify Services team to print and post daily reporting
  • Draft and send correspondence to clients non-compliant with Regulation 28 and monitor to ensure their asset allocations change/switch to compliant within the legislated timelines
  • Compile or check monthly and quarterly stats for the Board and the underlying insurer of the living annuity
  • Generate, check and email retirement letters to clients invested in retirement funds and notify Services team to print and post letters
  • Check quarterly statement figures reflecting in asset allocations, pie charts, activity and distribution summaries as well as tax statements (IT3b, IT3c, IRP5, IT3s) and contribution certificates
  • Update systems with SARS prescribed tax rates for living annuity clients and check communication to clients
  • Tend to requests for any Ad hoc statements

Query management

  • Identify queries and recommend possible solutions through a timeous response
  • Ensure accurate, clear and concise communication in line with POPIA
  • Assist with internal monitoring by investigating and providing timeous feedback of any irregularities to Team Leader and Compliance Officer
  • Maintain a positive working relationship with Client Relationship Team and Operations teams

System and process enhancements

  • System requirements or irregularities must urgently be reported to Team Leader and Business Analyst and logged to ensure correction and streamlining occurs
  • Assist with system testing for identified requests or tasks
  • Assist with maintaining system data integrity which often requires tight deadlines to be adhered to (i.e. if tax uploads to SARS require additional fields, etc)
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REQUIREMENTS:

  • Candidate must have completed, or currently be completing, an undergraduate degree, preferably in commerce/finance.
  • Previous administration experience is required, preferably in Financial Services
  • Unit Trust/Retirement Fund background and experience would be an advantage.
  • May be required to work overtime from time to time.
  • Proficiency in Microsoft Excel, Word and Outlook is necessary



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