Agency Supervisory Officer
Agency Supervisory Officer
Overview
The Agency Supervisory Officer is responsible for completing a wide variety of compliance and assigned supervisory tasks with respect to the agency’s securities business through MML Investors Services, LLC. (“MMLISI”) and its insurance business with Massachusetts Mutual Life Insurance Company (“MassMutual”) (together, the “Company”). Most of these responsibilities are set forth in the General Agent’s (GA’s) Supervisory Manual (the “Manual”). Definitions used in the Manual apply to this job description. Some travel required including occasional overnight trips. This position reports directly to the GA with a “dotted line” reporting relationship to the Regional Supervisory Director and is classified as exempt. This is a required position. Please consult with your Operations Consultant for salary ranges relevant to this position.
Responsibilities
Overall Standards
The Agency Supervisory Officer is responsible for having a comprehensive understanding of the obligations and requirements set forth in the MMLISI Supervisory Manual (including the Supervisory Procedures Manual, the Producers’ Compliance Manual and the General Agent’s Supervisory Manual) as well as Company memoranda, bulletins and other communications. In addition, the incumbent is expected to subscribe and have a working knowledge of industry and/or compliance periodicals and participate in home office and external training programs.
The incumbent is responsible for completing, on the General Agent’s behalf, certain of the requirements assigned to the General Agent in the Manual, except responsibilities pertaining to hiring, firing, terming contracts or imposing discipline or responsibilities assigned to other persons by the General Agent. (The General Agent ultimately remains accountable for completion of all responsibilities described in the Manual.) Incumbent must perform assigned tasks in a timely, professional and accurate manner. Incumbent shall keep General Agent informed of all pertinent developments pertaining to the agency’s operations and, as directed, prepare regular, written reports for the General Agent and/or Agency Director.
Activities performed by the Agency Supervisory Officer include, but are not limited to, the following:
Training and Compliance Resource
Coordinate and document the implementation of the firm element of MMLISI’s continuing education program
Arrange for and/or present at the annual compliance meeting
Conduct and document new agent orientations and Company website training
Ensure that all Company publications and training materials are distributed to all appropriate producers and agency associates
Develop additional compliance training programs and written material, as necessary
Respond to questions from producers, agency management and associates regarding compliance issues and Company policies
Recordkeeping
Ensure that all required agency records are maintained in accordance with Company policy. Such records include, but are not limited to, current prospectuses, supplements and applications; the agency’s “do-not-call” list; advertising and correspondence files; complaint files; employment and licensing files; new account and transaction review records; and Company-provided production, activity and exception reports.
Inspections and Monitoring
Conduct inspections of district offices and other detached locations in accordance with the Manual (or oversee other persons assigned by General Agent to conduct such inspections)
Create and maintain all required documentation of such inspections
Notify General Agent of material deficiencies identified and develop written action plans to address such deficiencies. Incumbent shall also review and take appropriate action on all Company-provided production, activity and exception reports
Generate such reports as directed by Company procedures
Client File Review
Conduct client file reviews in accordance with the Manual
Create and maintain all required documentation of such reviews
Notify General Agent of material deficiencies identified and develop written action plans to address such deficiencies
Producer Interviews
Conduct producer interviews as required by the Manual and as otherwise directed by the General Agent
Notify the General Agent of any deficiencies identified during such interviews and develop written plans to address such deficiencies
Reviewing/Processing Securities Transactions
Establish procedures to ensure that all securities and corporate investment advisory new accounts and transactions are reviewed in accordance with Company requirements by assigned agency personnel.
Personally review securities and corporate investment advisory new accounts and transactions as directed by the General Agent.
Granting Approvals
Responsible for approving (for submission to the home office), on General Agent’s behalf, requests by registered representatives to invest in private securities transactions and also for approving requests for exemptions from MMLISI’s “no solicitation” policy, and all outside business activities.
Monitoring Outside Business Activities
Responsible for monitoring producers’ outside business activities to ensure that such activities are conducted in a separate and distinct manner and otherwise comply with applicable Company policies (including, but not limited to, MMLISI’s policy on independent registered investment advisers).
Securities Correspondence Review
Responsible for establishing procedures to ensure that all correspondence subject to MMLISI’s review requirements (including “flagged” e-mail) is reviewed and endorsed by properly incumbent or other personnel assigned by the General Agent. Incumbent shall also be responsible for following up on deficiencies or concerns noted in these reviews, and for notifying the General Agent of any material concerns.
Disciplinary Actions/Enhanced Supervision
Assist the General Agent in conducting internal investigations and developing courses of action to correct/redress instances of inappropriate conduct by producers and agency associates
Monitor all enhanced supervision arrangements and regularly report to the General Agent on the status of such arrangements
Regulatory/Home Office Liaison
Serve as the primary liaison for the agency with regulators and home office compliance personnel.
Greet, meet with, and assist regulators during examinations, and report the status of such examination to home office compliance personnel
Facilitate announced and unannounced inspections agency inspections by home office compliance personnel and Agency Directors
Assist General Agent in responding to inspection reports prepared by home office compliance personnel
As requested, assist home office compliance, legal and/or audit personnel during Company investigations
Promptly transmit to home office compliance and/or legal personnel all written customer complaints, demands and legal actions received by producers and agency associates
Promptly advise home office compliance and/or legal personnel of all threatened complaints, demands and legal actions against producers and agency associates
Results Expected
Ensure timely and accurate completion of all delegated duties.
Measurement Criteria
An inspection report from Field Inspections with few, if any, Improvement Agreements
Qualifications (Skills, Education, Training, and Registrations)
Required
Series 7 and 24, and 53 within 3 months of hire
BA/BS degree (JD or CPA a plus)
2 years or more experience in securities or life insurance industry, preferably in compliance or audit area
Good people and communication skills
Organizational skills
Annual ASO training at home office
Recommended
Experience as an attorney is a plus
Compliance Seminars
Courses about the insurance and securities business