Branch Compliance Manager

Scope of Position

Under the direction of the VP, Wealth Management (WM), the Branch Compliance Manager (BCM), is responsible for all aspects of tier 1 mutual fund compliance duties for licensed representatives. This includes reviewing suitability of mutual fund trades and approval of account opening documentation ensuring risk and objectives are in accordance with regulatory guidelines. Conduct compliance audits annually and review processes with VP/Director of Wealth. Provide day to day support to branches and call centre staff with product and procedural related questions. Ensures satisfactory onboading and training of newly licensed representatives, supervision, oversight and final sign-off upon completion of established requirements.

The BCM is the primary conduit between licensed representatives and the dealer for problem resolution and escalation ensuring satisfactory outcomes while mitigating risks and cost controls. The BCM is a key role within the Wealth Management team. They are the subject matter expert and will seek opportunities to develop efficiencies via process enhancement with retail teams and the dealer.

Major Responsibilities

MFDA (Mutual Fund Dealers Association) Compliance

• All New application are reviewed and approved before opening the account
• Daily Transaction Blotter/ New Client list verified and signed on a daily basis
• Onboarding, training and new representative supervision
• Prepare audit results and submit to the mutual fund compliance dept.
• Prepare Error/Complaint report monthly
• Prepare and submit quarterly reports to the mutual fund dealer compliance department
• Carry out all new mutual fund license registration, de-registration, transfers, renewals within required time frame
• Co-ordinate New Representative Proficiency exam
• Provide appropriate reports to mutual fund representatives to effectively prepare and monitor Money Laundering tracking spreadsheet
• Conduct monthly file reviews on new Mutual Fund Representatives
• Assist Mutual Fund Representatives in mailing, New Representative Introductory letters, Know Your Client review letters
• Approve out going correspondence as required

Registered Product Administration and Support

• Provide day to day support to branch staff on registered product legislation (RRSP, RRIF, RESPs, LIRAs and LIFs)
• Request reports to ensure annual minimum RIF payments are being made
• Coordinate conversion of RRSPs to RRIFs for members turning age 69.
• Set up LIF/LRIF plans for members

Estate Administration and Wealth Management (WM) Support

• Train and provide support to new investment administrators on daily processing
• Provide day-to-day support to the WM sales team
• Educate and assist mutual fund reps with form completion and procedures
• Back up for CAM/CSI/Estate administration

Expectations / Outcomes

• To ensure that Mutual Funds Representatives are following compliance procedure and industry regulations and ensuring that mutual fund purchases are suitable for clients based on the Know Your Client/Know Your Product (KYC/KYP) protocols.

Qualifications

Educations / Certifications / Experience

• Successful completion of Mutual Funds Course
• Successful completion of Mutual Funds Branch Manager's Course such as the Branch Compliance Officer course (BCO) or Branch Managers Examination Course (BME)
• Post-secondary degree/diploma in a related field considered an asset
• 3-year experience in a similar role

Knowledge / Skills

• Computer skills in MS Office, specifically MS Word, Excel and Outlook
• Aptitude and experience in reconciling numbers and problem solving
• Work experience in the financial industry, compliance is an asset

Competencies

• Excellent communication skills both written and verbal
• Excellent interpersonal and decision-making skills
• Demonstrated ability to work independently
• Commitment to professional growth through continuing education
• Excellent organizational skills with the ability to meet deadlines

About Alterna Savings

Alterna Savings and Credit Union Limited (Alterna) has delivered The Good in Banking^® for over 115 years creating financial services that transform lives for the better, all while giving back to our community. Alterna is made up of Alterna Savings and Credit Union Limited and its wholly owned subsidiary, Alterna Bank.

Alterna is the first full-service, member-owned cooperative financial institution outside Quebec, sharing its expertise with over 210,000 members through a network comprised of 40 branches across Ontario, a call centre and multiple digital channels. Members and customers also benefit from an industry-leading online brokerage and investment management services.

To learn more about Alterna Savings, please visit alterna.ca, X, Facebook, Instagram, or LinkedIn.

Working at Alterna

We are incredibly proud of our corporate culture, embodying our core values: Collaboration, Integrity, and Respect, where everyone works together towards a common goal; the financial wellbeing of our employees, members, and customers. This commitment has earned us several prestigious employer awards, including the National Capital Region's Top Employers award for eight years running.

* We appreciate all applicants; however, preference will be given to candidates who most closely meet the qualifications, key skills, and competencies outlined above.

* Alterna is compliant with the Ontarians with Disabilities Act and our team strives to provide an accessible accommodation experience. If you have a disability and require accommodations during the recruitment process, please contact our Recruitment Team and let us know how we can accommodate you.