Responsible for supporting the private equity client service team in the capacity of custodying IRA accounts and more specifically the Private investment offerings they make and hold in those accounts, and how those accounts/investments pertain to IRS guidelines, regulators, and internal procedures. The primary focuses of this role are to mitigate company risk/financial exposure while working with team members and clients to resolve escalations as well as to assist the Supervisor with day-to-day team management and controls over inbound/outbound Private Equity call queues. This individual must be analytical with strong leadership and communication skills with the ability to work closely with all departments pertaining to the investment process and IRA custodianship and the IRS rules and regulations that govern such business. They are responsible for facilitating questions regarding investment transactions, account maintenance with internal and external contact points to ensure each transaction and investment is complete with the highest level of service throughout the life of the account.
Operate as the lead point of contact for all internal departments such as client service specialists and investment associates for matters specific to the investment sponsors and clients throughout the investment transaction.
Review and interpret investment documentation for compliance, regulations and internal guidelines while applying specialized knowledge within all aspects of alternative asset and regulatory requirements and retirement accounts.
Quickly analyze the root cause of service issues and determine the correct course of action.
Mitigate company risk through following all security and fraud prevention requirements.
Proficient in IRC 4975, prohibited transactions and all other ERISA guidelines.
Proficient in IRS publication 590 and regulatory requirements.
Handle high level escalations tied to investment transaction processing or other client matters.
Assign and delegate tasks to team members.
Conduct extensive research and audit functions.
Independently administer client/advisor authentication, analysis to approve or reject investment transactions with minimal oversight and guidance required.
Educate and consult with attorneys, external compliance, clients and financial advisors on acceptable practices for alternative asset investments within retirement plans.
Provide professional guidance for complicated investment structures such as LP, LLCs, hedge funds, offshore funds and REITS.
Review and interpret non-standard legal investment documents such as legal opinion letters, LP agreements, private placement memorandums, title reports, real estate contracts and purchase agreements.
Aid on calls and draft professional, free form written responses to resolve escalations and convey PENSCO interpretations of IRC 4975.
Apply specialized knowledge within all aspects of alternative asset and regulatory requirements and retirement accounts to provide gold standard service to customers.
Enforce compliance policies and procedures when preforming quality control function for investment requests and propose best practice and risk mitigation and management strategies.
Demonstrates a thorough understanding of administrative requirements and policies of PENSCO, the IRS and regulators including a general knowledge of all procedures concerning investment related issues. Keep up to date with the changing regulatory landscape from the IRS, DOL and other regulatory bodies.
Knowledge and ability to facilitate complex transactions related to corporate actions, mergers and acquisitions and liquidations.
Provide professional guidance for complicated investment structures such as LP, LLCs hedge funds and REITS.
Be a champion of change and process enhancement advocate, including relaying information regarding service gaps to leadership.
Understand and effectively provide services for multiple business lines.
Educate team members, transactional professionals, clients and their financial advisors on do's and don'ts of alternative asset investing to ensure proper implementation of procedures to bring investment requests to completion.
Resolve and coach team members regarding escalations that arise during the account establishment, investment review process, and asset/account maintenance.
Approach every clients and team member request holistically by being aware of all issues and events related to the client and collaborate with peers to create a seamless client experience.
Exhibits regular attendance and timeliness.
Perform other duties as assigned.
Knowledge and Skills:
Knowledge of internal processes for providing customer services including quality standards, workflow, and relevant functional areas.
Ability to effectively communicate both verbally and written required, including de-escalation and account retention techniques.
Ability to negotiate resolutions including relevant fee waivers.
Ability to communicate effectively and professionally both written and verbally with clients, transactional partners, peers, clients, customers, and the public.
Ability to read, analyze legal investment documents, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals.
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages.
Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
Skills and experience and thorough knowledge of retirement account regulations, particularly relating to investment in the private client banking, purchases, transfers-in, distributions, transfers in kind, rollovers, contributions, and closing of IRA accounts.
To perform this job successfully, an individual should have knowledge of Microsoft Office including Excel, Outlook, Word and be proficient on applicable databases, systems and vendor software programs.
Able to adapt to various speaking situations, such as talking to a group addressing a meeting. Able to have difficult conversations with financial professionals and resolve conflict.
Strong understanding on tax deferred accounts, ERISA guidelines, IRS publication 590
Ability to understand and educate on various alternative investments with a strong understanding and IRC 4975 and Prohibited Transactions.
Train team members on complex and advanced level processes to ensure Gold Standard Service.
Quality control for team's processes and procedures; including audit and training.
Successfully leads company initiative, clean-up efforts and participates in audits as requested.
CERTIFICATES AND LICENSES:
Education and/or Experience: