Investment Administrator

Tower Group South Africa (PTY) Ltd; Durban; On-site; ZAR 250,000 - 350,000; Full time

Job summary

A financial services company in Durban is seeking a detail-oriented candidate to manage and process client instructions in compliance with business rules. Responsibilities include monitoring transactions, generating reports, and maintaining client relationships. Ideal candidates have a degree in commerce or finance and experience in administration, particularly in financial services. Proficiency in Microsoft Excel is required. This role may require occasional overtime.

Qualifications

• Candidate must have completed or be completing an undergraduate degree, preferably in commerce/finance.
• Previous administration experience required, preferably in Financial Services.
• Unit Trust/Retirement Fund background and experience advantageous.

Responsibilities

• Accurately process client instructions in line with business rules.
• Monitor financial transactions to ensure compliance.
• Generate and send reports to clients and manage queries.

Skills

Administration experience

Proficiency in Microsoft Excel

Proficiency in Microsoft Word

Proficiency in Microsoft Outlook

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), that instructions are complete with supporting documents as per checklist and signature verification, and regular follow ups with the 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, that supporting documents have been received, and compliance with business rules (e.g. proof of bank account, minimum investment amounts and signature verification) and legislative requirements are met (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.