Investment Administrator

Tower Group; Durban; On-site; ZAR 200 000 - 300 000; Full time

Job summary

A financial services provider in Durban is seeking an administrator to manage client instructions and ensure compliance with regulations. The ideal candidate has an undergraduate degree in commerce or finance and experience in administration within the financial services sector. You will be responsible for processing transactions, monitoring bank statements, and preparing reports for clients and financial advisors.

Qualifications

• Previous administration experience in Financial Services is required.
• Unit Trust / Retirement Fund background and experience is an advantage.

Responsibilities

• Daily processing of client instructions ensuring compliance with business rules.
• Monitor bank statements and follow up on outstanding funds.
• Prepare and send correspondence to clients and Financial Advisors.

Skills

Proficiency in Microsoft Excel

Attention to detail

Communication skills

Education

Undergraduate degree in commerce/finance

Job description

Overview

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.

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 Advisor’s 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.

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 (e.g. if tax uploads to SARS require additional fields, etc).

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.