Associate Financial Representative

Overview

A registered Associate Financial Representative (AFR) specializes in client service and processing of variable products and other securities and ensuring the maintenance of an efficient and compliant office, allowing the financial advisor to focus on building client relationships. The associate representative is a liaison between the home office, financial advisor and clients.

At the discretion of the advisor, responsibilities may also include preparing planning presentations using the PX system, processing proposals and preparing annual review paperwork. If the AFR is making suggestions or alternatives regarding the preparation of the PX plan, the AFR will require Series 7 licensing. The AFR role also includes the following responsibilities:

• Obtain all necessary information along with specific instructions from the financial advisor for PX input (all modules including asset allocation)
• Open PX file and provide required input for all sections and modules
• Input each security’s value and cost basis information in the corresponding account
• Contact investment specialist or OED to classify all unclassified holdings
• Input risk tolerance questionnaire and select customization level
• Verify paperwork is completed correctly and relay information that is still needed to advisor

 

Responsibilities

Support

• Handle case notes, processing correspondence, maintaining client case files, and filing new statements, account forms and other insurance and investment related materials
• Maintaining financial representative’s calendar, scheduling follow-up appointments
• Responding to home office inquiries
• Monitoring and stocking marketing materials for insurance and investment related materials
• Ensuring NMIS and insurance compliance requirements are implemented and followed
• Maintaining annual review notes in Envestnet and mailing annual review letters to clients*

* Can be performed if contracted as Investment Operations Staff

Proposal and Case Preparation

• Prospecting for new advisory clients on behalf of the employing financial advisor
• Gathering information for financial advisor’s meeting with client/prospect
• Preparing advisory annual review information
• Preparing and modifying PPA 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
• Identifying need for switch letter and mailing appropriate forms to clients
• Discussing potential rollover opportunities from other retirement plans for variable and mutual funds
• Receiving and forwarding checks and related paperwork to investment operations area
• Processing proposal amendments in Envestnet
• Monitoring Envestnet for alerts and upcoming annual reviews
• Processing and monitoring funding of advisory account and asset transfers to ensure selected asset allocation is implemented*

* Can be performed if contracted as Investment Operations Staff

Client Service

• Corresponding with clients to handle advisory related service issues
• Formulating advisory product solutions to/for a client or explaining advisory products or advisory performance
• Accepting redemptions/withdrawals from clients and communicating instructions to home office
• Discussing tax consequences, costs and advisory fees with client
• Maintaining daily tickler system for account follow-ups and service requirements
• Performing cashiering functions
• Running performance reports in Envestnet, Morningstar and NMCIR

Qualifications

Incumbent must be contracted as Associate Financial Representative and complete appropriate registration requirements to include:

• Series 6 (and Series 63 in applicable states) registration allows you to work with variable annuity, variable life and mutual funds
• Series 7 allows you to work with equities, fixed income, options, brokered CD’s and US Treasuries
• Series 65 or 66

See the NMIS Guidance to Financial Advisors on Registration of Staff.

 

Other Qualifications

• Health and Life licensed or gain licensing within 6 months of employment
• Financial Service or Insurance industry experience preferred
• Associate Financial Representative contract required
• Demonstrated ability to maintain effective working relationships with clients
• Excellent oral and written communication skills
• Able to practice active listening and communicate in a direct manner
• Strong attention to detail with the ability to work with a high degree of accuracy
• Ability to manage multiple diverse projects and assignments in a timely and quality manner
• Willingness to learn
• Ability to embrace change and work in a fast-paced environment
• Able to work both independently and on a team
• Ability to maintain confidentiality
• Must have or obtain one or more of the following insurance designations: CLU, ChFC, CLTC or CFP

Pay Range

USD $10,000.00 - USD $15,000.00 /Yr.