This position is responsible for managing administration of the incentive compensation programs for the Wealth Management distribution team, consisting of affiliated independent financial advisors. The Manager – Wealth Management Incentive Compensation Operations will collaborate closely with distribution management, finance management and human resources to ensure alignment of outcomes in the design and reporting of distribution results and incentives.
- Develop expertise of systems and processes used by the Incentive Compensation team. Serve as the subject matter expert regarding system workflows, business processes, data transformations and compensation components. Embrace role as a change agent to ensure processes are streamlined and system capabilities are implemented for maximum efficiencies while maintaining data quality standards.
- Participate in the understanding of business goals, short-term objectives and long-term strategies related to all required inputs from internal and external parties including appropriate data manipulation and validation.
- Participate in partnership with human resources and distribution leadership in the development of incentive plans by providing execution perspective to ensure delivery of desired outcomes.
- Assist in communication of incentive plan structure to participants, field leaders and distribution leadership including the monitoring of key performance metrics by leveraging data integrated from multiple systems and platforms, for standardized reporting and dashboards designed to assist in distribution team focus on defined performance drivers.
- Lead Incentive Compensation Operations team to achieve team and corporate goals and objectives. Strive to develop the skillsets and capabilities of team members by serving as a mentor and leader to the team.
- Act as escalation point of contact addressing sales attainment questions or compensation inquiries from the field and sales management in a professional manner. Determine if resolution requires change to current business or system processes.
- Participate in annual distribution of incentive plan changes including ongoing improvement of performance metrics for both leadership and participants to enhance user experience.
- Ensure effective validation processes for calculation and processing of commissions and incentive programs to ensure timely and accurate calculations.
- Assist in delivery of relevant financial information to the accounting teams to ensure accurate and timely recording of expenses and accruals for the monthly close cycle or other reporting cycles.
- Participate in the deployment of any new and/or enhancement to existing applications leveraged to support distribution incentives and automation of reporting.
- Identify and communicate ideas for process efficiency in regards to distribution incentive data and systems.
- Work with technology staff in designing, testing, implementing and verifying system updates.
- Develop, implement and maintain systems, procedures and policies to ensure adherence to company guidelines.
- Ensure proper documentation of processes and procedures, appropriate design of internal controls and ongoing compliance monitoring.
- Participate in the annual budgeting process, as needed.
- Prepare team performance appraisals and mentor team to further develop skill sets.
- Perform other financial analysis and special projects as assigned.
- Progressive experience leading teams and managing projects
- Must have a goal oriented approach to projects and be creative when dealing with business problems and system issues to arrive at an optimal solution
- Expertise in reviewing extensive amounts of data and information for accuracy and analyze issues from multiple viewpoints
- Proficient use of Microsoft Office including advanced Excel acumen with the use of macros, pivot tables, vlookups, multiple tab workbooks, spreadsheet linking, charting and manipulation of data between systems
- Demonstrated ability to build relationships and communicate with peers and subordinates
- Excellent written and verbal communication skills
- Ability to work independently and carry out responsibilities with minimal supervision
- Attention to detail and accuracy; commitment to deadlines
- Excellent problem-solving skills
- Ability to interact professionally with clients, management and co-workers
- Bachelor degree with a major in accounting, finance, business, or related field
- 5+ years of business related experience including data analysis and reporting
- Experience with incentive compensation plans and / or broker-dealer data and comp plans a plus