Principal Review Specialist

Responsibilities include: The primary job of the Principal Review Officer is to directly manage the observance of fair and reasonable sales practices and adherence to policy for UnionBanc Investment Services, LLC. This is done by the effective securities principal review and approvals of new accounts applications along with any associated documents and trade tickets to ensure that transactions adhere to compliance and regulatory requirements. The Principal Review Specialist also approves much of the paperwork, such as reports and trade logs, which are produced by the functions of a broker-dealer firm. They are also called to review and release of decline customer initiated on-line transactions as necessary pursuant to standard Compliance and Policy guidelines. The job also entails the processing of trade corrections and the back end reconciliation of the discrepancy for submission to our accounting department. Corrections need to be consistent with regulatory principals and be well documented.

 

Responsible for principal approvals of such day to day broker dealer activities including, but not limited to, new account and trading documentation for brokerage accounts, brokered CD accounts, Institutional Safekeeping accounts, Fund Direct trades/account, 529 College Savings Plan accounts (Series 53 only), asset allocation wrap accounts, annuities & life insurance (CA Life Agent Licensed PROs only), Margin Applications, Options Applications (Series 4 only), Corporate Sweep Applications, and other products/accounts requiring a securities principal approval for the firm. Ensure that various tasks assigned to the Office of Principal Review are conducted according to UBIS policies and procedures. Must ensure that approvals comply with regulatory issues such as the Customer Identification Program, Anti Money Laundering Program, Enhanced Due Diligence, U.S. Patriot Act, Bank Secrecy Act, Suitability and Sales practices, Mutual Fund Breakpoint policies and procedures, Books and Records Requirements, Correction Approval Issues as well as the myriad of other regulatory issues. Must take into account Supervisory Guidelines of UBIS for principal approvals of transactions and accounts. Familiar with all facets of this document and consult with the firms Compliance department on any issue they need further guidance on as appropriate and necessary to fulfill their functions as one of the firm's principals. Responsible for the assignment of and clearance and document discrepancies to ensure that paperwork adheres to UBIS policies and regulatory requirements while watching for red flag issues that could point to other problems with any given transaction or action of a UBIS Registered Representative or their customers. Review transactions requiring Regional Investment Manager approvals and consult with UBIS Compliance department on any issues that appear to warrant further review. Review and principally approve all trading logs for Client Services and Advisor Services Registered Representatives. Review and perform principal approval of various trading reports such as 119A (On-line Trading Report), #210A (Mutual Fund Breakpoint Variance Report), Report #003 (Commission Variance Report) and others as assigned by the Office of Principal Review Manager. Assist Compliance as requested in response to audits, both internal and by regulatory bodies, in analysis of documentation as approved by UBIS securities principals. Perform trade corrections as warranted and appropriate. Verify completion of corrections and finalize any loss/profit amounts necessary for our accounting department by utilizing and completing Trade Discrepancy Reports. They are also responsible for notifying the Regional Investment Manager of any corrections affecting a registered rep under their supervision when losses occur. Assist the Field Operations Support unit of the Office of Principal Review as needed in the capacity of a firm principal as needed. Perform other duties as assigned.

 

Requirements include: 1 to 4 years of experience as a General Securities Principal within the brokerage industry. Should have 3 to 5 years minimum experience in broker/dealer organization. NASD Series 7 license and Series 24 license or NYSE Series 8, or NYSE Series 9 and 10. California Life Agent License is required or will need to be acquired. Exceptionally strong organizational, communication and time management skills. Must be able to multi-task in a fast-paced environment with time-sensitive responsibilities. Must be willing to interact with clients, registered representative and coworkers accordingly to effectively manage and maintain compliance and regulatory standards. Working knowledge of Microsoft Word and Excel, or previous experience with similar software packages.

 

Preferred Skills include: NASD Series 53 and Series 4 licenses. Familiarity with National Financial back office systems such as FBSI & Streetscape.