Ops Specialist – Third Party Wire TeamApply Job ID: R-005177 Date posted: 11/29/2018 Primary Location CA-San Diego
Essential functions will entail reviewing third party distributions for funds availability, red flags, and special instructions. Must be able to perform a series of fraud and risk related tests and appropriately note completion of checks. Must communicate not-in-good-order information with financial advisors and be able to follow up and obtain additional paperwork and/or information when necessary. Specialists will be required to verify third party wire information directly with LPL clients. Members of the third party distribution team will need to be vigilant for potential fraudulent activity to report to management and fraud investigation group.
Beyond handling Third Party Distributions, the Specialist will be asked to assist with regular roles and duties associated with the Cash Control team, which are detailed below
Risk Review, Accuracy, Analysis and Approval – 50% – Review, analyze, and approve checks, wires, ACH, DTC and Accommodation Transfers and Journals transactions to ensure transactions conform to firm policies, procedures and regulatory rules. Conduct due diligence as needed (e.g., media search results, copies of statements/check, results from internal system searches, etc.). Review and investigate potential suspicious activity as derived from the variety of systems. Contact advisors, clients and other third party institutions to research various transactions and ensure compliance with stated policies and procedures.
Risk Based Reporting/Analysis 40% –Assist management with the generation and management of various risk related reports. Accurately identify and record all financial impact for issues worked. Conduct interviews of a highly sensitive nature with customers, advisors and employees to determine facts. Investigate suspicious activity involving suspected money laundering or structuring of financial transactions to avoid government reporting requirements
Escalations/Training – 10% –Assist the team with policy/procedural related questions and provide assistance when necessary to help the completion of various requests and provide additional training if needed.
Other Job Duties:
Project/Audit Assistance –Assist Management with the completion of various firm and department audits and projects.
Communication – Effective communication with advisors and other operational groups to resolve various account discrepancies. Must be comfortable relaying policy related information consistently in fast paced situations.
Minimum Education: College degree or equivalent work experience
Licenses/Certifications: Series 7/66(preferred), CAMS(preferred)
Experience: 2-5 years general brokerage industry knowledge. Cash management, Customer Service, compliance, legal, regulatory or law enforcement experience is a plus
Must have strong written and verbal communication skills. The ideal candidate MUST be capable of communicating in a clear and professional tone.
Software/Systems Skills Required/Preferred:
Microsoft Excel – Compiling data and executing calculations.
Microsoft Access – Creating and managing various databases.
BETA – Books and Records platform where we perform most of our duties
Soft Skills required for the position:
Communication – Must communicate effectively and efficiently with advisors, clients and various levels of management
Multi-Tasking – Must be able to work in a fast paced deadline driven environment
Organization – Must be able to prioritize responsibilities to ensure deadlines provided by regulators and firm are followed.
Analytical – Must be able to identify and manage firm risk.
Accuracy – Extremely accurate and detail oriented.
About LPL Financial:
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker/dealer*. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions. LPL and its affiliates have more than 3,700 employees with primary offices in Boston, Charlotte, and San Diego.
If you join LPL, you will join a culture that believes in delivering a world-class client experience and looks to all employees to contribute to that goal by sharing their creativity, experience, and passion for continuous improvement. As a destination of choice, our top priorities are growth and development, social responsibility, and financial health for our employees.
We offer competitive compensation and industry leading benefits, including a wellness facility with onsite fitness classes, healthy meal choices, and a walk-in clinic. We support employee financial health through a 401k match, ESPP, and employee discounts. Work/life balance is our foundation and is supported through paid holidays, and paid time off (including time to volunteer). We foster a diverse work environment through Employee Resource Groups and diverse strategic partnerships.
Join the LPL team and help us make a difference by turning life’s aspirations into financial realities. Please login or create an account to apply to this position. Principals only. EOE
*As reported by Financial Planning magazine, June 1996-2017, based on total revenue.