- Minimum of 5 years experience as a commission/payroll administrator in the financial services industry or equivalent experience in a data processing or business administration management position.
- Prior management position (personnel and processes in a business function) will be a requirement.
- Prior knowledge of Commsplit or Bias, or a proven commissions management system is a plus.
- Fluent in English and Afrikaans (speak, read & write).
COMMISSION TEAM
- Train, develop, manage and supervise the commissions team.
- Communicate relevant business information to your commission team.
- Manage the onboarding of new, and departure of reigned commission team members and ensure that all systems, access and programs are set-up or closed.
- Plan and assign workflow with HOD for commissions administrators, to ensure accurate and timely completion of daily, weekly, monthly tasks and ad hoc projects.
- Liaise with the finance division on integrated processes and foster a collaborative working relationship between finance and the commission division.
- Ensure effective and ongoing feedback to financial advisors who have queries on commission matters.
- In consultation with the HOD, manage the relationship between the finance, business development and sales divisions for all tasks related to advisor commissions and revenue.
- Manage product provider relationships relating to commission payments, commission receipts, escalated commission queries.
- Map new product provider commission statements for automated imports.
- Reduce the number of manual commission statements by engaging with product providers. Manage and maintain login details for all product providers, update the access list on the companys intranet.
- Identify and escalate naming irregularities on commission statements to HOD for corrective measures.
- Report system errors/problems relating to commission operations to HOD for impact assessment, solutions and mitigating procedures. Gain expertise on the commission system and act as reference for system related enquiries.
- Understand the commission calculations behind splits and templates.
- Understand the referral process in order to check commission sharing splits.
- Identify system problems and escalate to HOD.
- Plan, communicate and manage the commissions processing activities and procedures as per the set deadlines.
- Plan and implement daily, weekly and monthly commission checks.
- Compare, correct and provide feedback on finance reconciliation during payments period.
- Ensure that referral agreements, commission sharing contracts, and or any form of commission split is added to the commission system, set-up correctly and monitored on an ad-hoc basis.
- Liaise with advisors on commission-related queries and discrepancies. Research and resolve commission related inquiries including splits between advisors and referrals, lapses and clawbacks and outstanding MIS documents, as per acceptable turn-around times.
- Document and implement regular receipts of commission statements and payments from product providers, and report non-compliance to HOD before payment dates.
- Take ownership of the commissions receipt and processing, and Invoicing with the finance division, of book acquisition transactions, and conduct regular reconciliations for payments.
- Maintain the orphan clients commission receipts and provide monthly updates.
- Liaise with the Advisor Liaison regarding the book transfer / commission received process (onboarding and resignation).
- Manage the payroll process in line with the pre-set deadlines and payment dates.
- Perform the required checks and balances on all recipients.
- Generate recipient statements from system and distribute 24hours before payment submission (as per pre-set deadlines)
- Deal with queries and request corrections to be attended to immediately o Submit the payroll report to finance.
- Conduct regular reviews and checks on data being loaded/imported by the commission team to ensure data integrity is maintained.
- Implement any ad hoc data clean-up actions or any other projects required with the commission administrators for timeous implementation.
- Manage the outstanding client information project on an ongoing basis and liaise with financial advisors and the business development team on this project to maintain client data.
- Dashboards - keep abreast of advisor information and ensure that commission team is aware of what the advisor sees and receives.
- AUA: Ensure timeous monthly AUA import files are received from all product providers. Report must be completed by the 20th / month (for the previous month).
- Branch production reports: Completed by the 10th for payroll deadline the 15th
- Wealth Planner Productions Reports: Completed and distributed before payment date (finance division to calculate PAYE prior to distribution)
- New Business Register: Culture Club requires this by the 12th .
- Client transfer reports: As and when required.
- Production Reports: As and when required
