Head of Brokerage Tax

Fidelity Investments Inc.; Jersey City (NJ); Hybrid; USD 103,000 - 174,000; Full time

Job summary

Join a forward-thinking company as the Head of Brokerage Tax Operations and Services, where you'll lead a talented team to deliver exceptional brokerage tax information to millions of customers. This role requires a deep understanding of financial services and IRS regulations, as well as strong leadership skills to foster a collaborative and innovative work environment. You'll be responsible for managing vendor relationships, ensuring compliance, and driving process improvements. If you're passionate about delivering operational excellence and enhancing customer experiences, this is the perfect opportunity for you.

Benefits

Comprehensive Health Care Coverage

Market-Leading Retirement

Generous Paid Time Off

Parental Leave

Educational Assistance

Student Loan Repayment

Charitable Giving Match Program

Qualifications

• 10+ years in financial services brokerage operations and tax workflows.
• Ability to simplify complex tax processes for senior management.
• Experience managing vendor relationships and contracts.

Responsibilities

• Lead a team delivering brokerage tax operations and services.
• Ensure compliance with IRS regulations and timely tax information.
• Develop strategic vision for tax reporting and customer experience.

Skills

Financial Services Brokerage Knowledge

Leadership Experience

IRS Tax Regulations Understanding

Risk-Based Decision Making

Communication Skills

Process Improvement

Education

College Degree

Advanced Degree

Account/Industry Certifications

Tools

Analytical Tools

Tax Reporting Software

Job description

Job Description:

The Role

The Head of Brokerage Tax Operations and Services is responsible for leading a large team of tax operations and services professionals that deliver timely and accurate brokerage tax information to millions of Fidelity’s Brokerage and Retirement customers using a sophisticated technology suite and impactful analytical tools. They set the strategic vision for associates, processes and technology for cost basis, performance reporting, product tax reporting, entity level withholding and filing status. They hold a high standard of delivering operational excellence and superior customer service in a variety of simple and complex brokerage tax processes, projects and technology road maps. They bring a sense of urgency to the customer, a desire to lead in a collaborative culture, and a mindset to protect customers and the firm.

• Apply a deep understand of IRS tax regulations to the on-going brokerage tax processes and technology to ensure we are in continued compliance, information is accurate and delivered timely.
• Develop a clear vision to deliver the next phase of tax reporting for the best customer experience.
• Manage multi-million $ vendor relationships and contracts that tightly align with organization vendor management strategy.
• Lead with passion, intellectual curiosity and a high degree of integrity to maintain a highly interactive and engaging work environment.
• Coach managers for professional development and career vitality.
• Build on a strong service-oriented and risk-based culture
• Provide on-going scalable solutions, transparent reporting and data-driven decisions.
• Think and work across the organization and build strong business relationships across the enterprise.

The Expertise and Skills You Bring

• 10+ years understanding of financial services brokerage product and tax operational workflows
• College degree or equivalent work experience, advanced degree and/or account/industry certifications a plus
• Strong leadership and people manager experience
• Deep understanding of cost basis, OID, broker dealer required tax forms including 1099 series, 5498 as well as issuing 990-T forms
• Working knowledge of tax regulations such as 1441, 1446(a) and (f) and 6045.
• Working knowledge of hedge fund structures
• Strong understanding of brokerage products and operations, including equity, mutual funds and alternatives, trading, margin, corporate actions tax and dividends
• Ability to make risk-based decisions in adherence of strict regulatory environment
• Commitment to communicate complex processes in a simplified manner to senior levels
• Provide feedback to associate and manager levels
• Create an environment for continuous process improvement
• The ability to provide clear requirement to technology partners
• Creating a team environment while reducing risk and increasing scale
• Working knowledge of cost basis regulations and multi-faceted performance reporting calculations as well as IRS regulations and Unrelated Business Taxable Income.
• The ability to work within a multinational environment and across multiple times zones.
• Discuss details of IRS withholding and remittance files.
• Understanding all broker dealer required tax forms, such as 1099 series, 5498 series as well as issuing 990T forms.
• Series 7 and 24 required.

Note: Fidelity will not provide immigration sponsorship for this position.

The Team

The teams handle numerous inquiries from multiple business units on topics from cost basis to wash sales and OID calculations to the tax interpretation of corporate actions. The teams must calculate both pre- and post-tax performance reporting calculations for over 10 million accounts. Clients rely on accurate cost basis and performance calculations in making trading decisions. The team responds to many inquiries and must receive annual training to keep knowledge current. They often speak with tax accountants and tax lawyers with front line clients reviewing the posted tax forms. We strive to be an industry leader through innovation and clear vision. The team coordinates multiple technology projects developing new content annually while finding ways to create scale.

Company Overview

At Fidelity, we are passionate about making our financial expertise broadly accessible and effective in helping people live the lives they want! We are a privately held company that places a high degree of value in creating and nurturing a work environment that attracts the best talent and reflects our commitment to our associates. We are proud of our diverse and inclusive workplace where we respect and value our associates for their unique perspectives and experiences. For information about working at Fidelity, visit FidelityCareers.com. Fidelity Investments is an equal opportunity employer.

Fidelity will reasonably accommodate applicants with disabilities who need adjustments to complete the application or interview process. Please email us at [e-mail] or call 800-835-5099, prompt 2, option 2 if you would like to request an accommodation.

The base salary range for this position is $103,000-$174,000 per year.

Placement in the range will vary based on job responsibilities and scope, geographic location, candidate’s relevant experience, and other factors.

Base salary is only part of the total compensation package. Depending on the position and eligibility requirements, the offer package may also include bonus or other variable compensation.

We offer a wide range of benefits to meet your evolving needs and help you live your best life at work and at home. These benefits include comprehensive health care coverage and emotional well-being support, market-leading retirement, generous paid time off and parental leave, charitable giving employee match program, and educational assistance including student loan repayment, tuition reimbursement, and learning resources to develop your career. Note, the application window closes when the position is filled or unposted.

Please be advised that Fidelity’s business is governed by the provisions of the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, ERISA, numerous state laws governing securities, investment and retirement-related financial activities and the rules and regulations of numerous self-regulatory organizations, including FINRA, among others. Those laws and regulations may restrict Fidelity from hiring and/or associating with individuals with certain Criminal Histories.

Fidelity’s hybrid working model blends the best of both onsite and offsite work experiences. Working onsite is important for our business strategy and our culture. We also value the benefits that working offsite offers associates. Most hybrid roles require associates to work onsite every other week (all business days, M-F) in a Fidelity office.

Certifications:

Series 07 - FINRA, Series 24 - FINRA

Category:

Brokerage Operations