Associate Wealth Management Advisor

Job Description

Job Description

Incumbent must be contracted to the Northwestern Mutual Wealth Management Company (NMWMC) as an Associate Wealth Management Advisor (AWMA) and complete appropriate contracting and registration requirements to include:

• Employed by a NMWMC Advisor
• Associate Financial Representative Contract

Financial representatives may only assign to their staff tasks or responsibilities for which the staff is qualified by license, registration, training and experience. It is the responsibility of the employing representative to ensure that staff is trained on new products, practices and procedures as appropriate. Staff cannot be assigned tasks or responsibilities beyond their qualifications as published on LINKnet. See Staff Registration and Activity Guidelines on the FR as Employer site for activities an AWMA can perform.

Overall Function:

If allowed by the managing partner and authorized by the employing financial advisor, an AWMA with the appropriate licensing, registration and product qualification exams may act on behalf of the employing wealth management advisor to prospect, prepare materials, maintain and service (including conducting annual reviews) Signature advisory accounts. An AWMA may not enter into an advisory relationship with a client.

 

Specific responsibilities may include some or all of the duties outlined in the Associate Financial Representative (Registered) job description, as well as:

 

Support

• Handle case notes, processing correspondence, maintaining client case files and filing performance reports, account forms and other advisory paperwork
• Maintaining financial representative’s calendar, scheduling and attending follow-up appointments
• Responding to home office account inquiries
• Maintaining annual review notes in Envestnet and mailing annual review letters to clients
• Monitoring and stocking marketing materials for Signature advisory programs
• Monitoring industry trends and research
• Ensuring NMIS and NMWMC compliance requirements are implemented and followed

 

Proposal and Case Preparation

• Prospecting on behalf of the employing WMA for new advisory clients
• Gathering information for WMA meetings with client/prospect
• Preparing advisory annual review information

• Preparing and modifying PXs and investment/advisory proposals
• Preparing letter of instruction for client signature
• Preparing investment policy statement, needs-based analysis or financial plan
• Recommending fund portfolio options

 

Processing Accounts

• Preparing and processing all paperwork needed for investment/advisory accounts
• Monitoring, processing and following up on asset transfers and on initial and subsequent funding of advisory accounts
• Implementing initial and subsequent asset allocation trades
• Identifying need for switch letter and mailing appropriate forms to clients
• Discussing potential rollover opportunities from other retirement plans for variable and mutual funds
• Processing proposal amendments, monitoring alerts and annual reviews in Envestnet
• Executing buy or sell orders and rebalancing orders in Envestnet and maintaining asset allocation
• Following up on trade rejects and resolving all trade-related issues
• Monitoring holdings for program eligibility and administering advisory accounts

 

Client Service

• Corresponding with clients to handle advisory related service issues
• Contacting clients on behalf of the WMA for developing advisory plan
• Accepting redemptions/withdrawals from clients and communicating instructions to home office
• Maintaining daily tickler system for account follow-ups and service requirements
• Performing cashiering functions
• Running performance reports in Envestnet, Morningstar and NMCIR

 

Qualifications:

• Associate Financial Representative contract required
• Completion of home office Signature advisory training
• Familiarity with Microsoft applications and data entry and information retrieval software
• Excellent oral and written communication skills
• Strong critical thinking and problem-solving skills required
• Ability to manage multiple diverse projects and assignments in a timely and quality manner
• Strong attention to detail with the ability to work with a high degree of accuracy
• Demonstrated ability to maintain effective working relationships with clients
• Ability to look beyond the obvious and not stop at the first answers
• Willingness to learn
• Ability to embrace change and work in a fast-paced environment
• Able to work both independently and in a team
• Ability to maintain confidentiality

 

Reference the Staff Registration and Activity Guidelines for additional clarification on requirements to become an AWMA and the responsibilities that can be performed.