Wealth Management Operations Specialist

Job Description

Job Description

Wealth Management Operations Specialist

Location: Tulsa, Ok

Description:
The RPS Support Analyst II is responsible for forms review, working directly with participants, clients and relationship managers related to forms and processing issue resolution.  The position is also responsible for creation and modification of data mapping templates to provide accurate and timely uploading of time-sensitive client information to the Omni Plus Recordkeeping system, creating customized import definition files capable of converting data contained in any client file or format into OmniPlus formatted transactions requiring little or no data manipulation by Retirement Plan Services staff.

Principal Duties & Responsibilities: 
Majority of duties performed, but not meant to be all-inclusive nor prevent other duties from being assigned as necessary.  Non-essential functions identified with an asterisk '*'

1. Performs quality control reviews of participant forms received for processing, including distributions, enrollments, etc. Contacts clients or participants regarding any deficiencies. Notifies the Relationship Management team regarding chronic or sensitive issues which may require escalation. Participates in client discussions with RM team as needed. Identifies trends and patterns; makes recommendations to management, clients and RM team regarding efficiencies and improved controls. Cross-trains on additional RPS Support tasks such as cash processing, participant confirmation letter printing and mailing, work item indexing, RPS mail duties and other tasks as necessary, in order to serve in a backup capacity for these functions. - 40%
2. Creates import definition files (IDF’s) for the conversion of electronic information, used to determine investment of participant  contributions and loan payments, into OmniPlus formatted transactions for processing.  Utilizes OmniMapper and Plan Convert for converting client data.  Interacts with Plan Services Specialists and management to determine the continuing effectiveness of IDF’s, making adjustments as needed.  Works with RPS Support Analysts and Relationship Managers to provide sample data file formats for new clients, reviews sample files submitted by new clients during the conversion process, and provides feedback and suggestions related to required format changes and other processing concerns.   Resolves scripting problems and resolves technical issues related to previously created IDF’s already in use within OmniMapper and Plan Convert. - 40%
3. Supports the profitability of client relationships by working directly with clients and relationship managers to resolve repetitive standardization issues with data files or forms. Identifies issues, tracking and reporting progress to department manager.  Works closely with RPS Support Analysts to transition new clients. Assists clients and their vendors with approved file formats and procedures related to ongoing transmission of contributions, demographics, and forms.  Responsible for review and approval of forms to be used by participants to submit enrollments, investment election changes, and requests for distributions.  Assists with special projects as assigned by the manager.  Monitors workflow and sets priorities on behalf of the manager as needed. - 10%
4. Creates specialized templates for unique allocations and one time use files such as plan corrections which are not suitable for use with existing IDFs.  Maps and controls data using most appropriate tool to create properly formatted OmniPlus transactions. Makes modifications to existing Omni programming to promote more accurate and streamlined processing of client data files.  Serves as backup contact for Move-It (secured data transfer application), initiating setup and changes for new and existing clients, providing troubleshooting and problem resolution for clients.  Provides ongoing analysis and recommendations of client data related to our increasingly aggressive Service Level standards.  Assists with special projects as assigned by the Manager.  Monitors workflow and sets priorities on behalf of the Manager as needed. - 5%

Knowledge, Skills & Abilities:
Minimum education, experience, technical and communication skill levels and   licenses/certificates normally required to perform the duties of this position

• Advanced analytical skills in order to identify and resolve issues within systems or accounting applications.  
• Strong oral and written communication skills: ability to discuss technical issues with all levels of the department, representing Retirement Plan Services in a very effective and professional manner
• Strong organizational skills, ability to utilize resources to meet exceptionally stringent deadlines despite changes in client data or special project timetables.  
• Advanced PC skills including knowledge of Microsoft Excel. Visual Basic for Applications, ability to create macros in various applications, and text editor software expertise to facilitate mapping of information is also a plus
• Thorough Reconciliation skills
• Very strong team work and collaboration skills

Additional Preferred Qualifications:

• Thorough knowledge of trust recordkeeping systems
• Thorough knowledge of accounting principles
• Working knowledge of employee benefit laws and regulations for defined benefit contribution plans

This level of knowledge is normally acquired through completion of Bachelor’s Degree in Business, Computer Science or related field and 2-3 years experience working in investments consulting or marketing. Additional experience with Visual Basic and Data Mapping software and tools is beneficial, or 8-9 years working in a related environment.  

Working Conditions:
Typical working conditions associated with this type of work and environmental hazards, if any, that may be encountered in performing the duties of this position.

• Work is normally performed in a climate controlled environment, where exposure to conditions of extreme heat/cold, poor ventilation, fumes, and gases is very limited.  
• Noise level is moderate and includes sounds of a normal office environment.
• No environmental hazards are encountered in performance of normal job duties.

Physical Demands:
The physical effort generally associated with this position.

• Work normally requires finger dexterity and eye-hand coordination to operate computer keyboard at moderate skill level; utilizes hearing and speech in order to converse clearly by telephone.  
• Work may require occasional pushing, pulling, or carrying 20-pound objects such as files, documents, and computer print-outs.  
• Work involves sitting most of the time, but may involve standing and walking for brief periods of time.  

Working Relationships/Contacts:
Positions, other than supervisor and immediate co-workers, with which incumbent have frequent contact and the reason for contact.

Internal - Daily contact with IWM Relationship Managers and Trust Associates, as well as Participant Services Group and internal RPS employees for exchange of information and problem resolution.

External – Daily contact with IWM clients and vendors regarding problem resolution and procedural guidance.  Frequent contact with clients at the Human Resource management level. Daily contact with plan participants for problem resolution.  

Supervision of Others – No direct supervision; provides training for new employees in form review, indexing, and both data import and pricing functions.  

Financial Accountability/Risk:
Budget/asset amount managed, revenues/profits produced, and/or other financial resources incumbent is accountable for.  Also indicates judgment/decision-making level.

This team is responsible for the review of all incoming participant forms. Failure to properly quality control incoming distribution forms can result in payout of funds to terminated participants which would, in most cases, prove unrecoverable if paid out incorrectly.  This position has daily contact with large and sensitive trust relationships.  The data mapping group typically processes an average of 1600 client files per month, with contribution files totaling approximately three-quarters of a billion to one billion dollars annually. These investment transactions are subject to stringent service standards, necessitating that file definitions and resolution of IDF issues be performed timely despite the significant volume peaks on common payroll dates and year end. Because errors in data mapping or pricing will typically result in incorrect trading, they expose the company to hard dollar loss and, further, to significant market risk during the correction process. Any incorrect market values and transactions resulting from these errors are also visible to clients and participants on the Voice and Web systems. The ability to improve client compliance with processing requirements has a significant impact on the efficiency of the department and profitability of the product line.