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Financial Planning Analyst
- Ensure FCA operates efficiently and effectively
- Envision and understand President initiatives and goals, and keep FCA Advisors on-track ad efficient
- Compile life and segregated fund reporting (excludes group benefits)
- Update and complete insurance summary, gather information on existing contracts (term renewals, riders, expires, etc.), request and gather in force illustrations and various other relevant data
- Gather and include all required paperwork for applications, conversions, policy changes, etc. (joint effort with In Force Coordinator)
- Compile Universal Life and Segregated fund investment reporting (joint effort with In Force Coordinator)
- Gather information on investment types, market returns, investment progress and fund choices
- Generate Winfund investment statements
- Include required paperwork to change investment mix.
- Prepare engagement letters, privacy agreements and ‘Blueprints’ and monitor to ensure FCA executes contractual commitments and deliverables.
- Track engagements (time tracking, billing, and invoicing)
- Include any additional documents as required by advisors (i.e., job descriptions, corporate agreements, articles, reports, etc.)
- Prepare ‘white file’
- Include all documents within folder for advisor and clean up folder as necessary (i.e., remove unnecessary old documents)
- If virtual meeting, include PDF copies of relevant documents to advisor prior to meeting.
- Scrub and ensure meeting notes are included, action items are added to CRM and delegated appropriately, and any potential opportunities are added to the CRM and followed-up on.
- Prepare file to be scanned into system and filed away by In Force Coordinator
- Manage hard copy and electronic files
- Maintain up-to-date and accurate files of hard copy documents and correspondence, both internally and externally
- Develop processes and procedures that align with compliance measures
Insurance Illustrations & Analysis:
- Prepare life, critical illness, and disability insurance product illustrations
- Compare products scope and pricing through the use of multiple option graphs, PowerPoint presentations, excel worksheets and carrier site reports
- Prepare advanced market illustrations – PFA, IFS, insured annuities (personal and corporate), insured retirement programs (personal and corporate), shared ownership arrangements/split-dollar
- Prepare illustrations as requested by advisor
- Track in force strategies with tracking spreadsheet and produce any necessary illustration/comparison
- Prepare reference material for Sales Advisors regarding tax implications and tax strategies for use when presenting to clients
- Provide Sales Advisors with analyses of alternate tax strategies available to clients based on the need of each individual client
- Liaise with clients’ external professional advisors
- Design specialty PowerPoint presentations and reports for client meetings (joint effort with consultants)
New Business Processing:
- Complete life, critical illness, disability insurance and bank financing applications
- Ensure that personal, financial, and underwriting questions are answered appropriately
- Assemble application packages to be sent to the insurance carriers
- Packages include insurance application, cover letter, illustrations, etc.
- Order corresponding underwriting requirements
- Update opportunities module as required and keep President/Team well informed
- Follow-up on attention physician statements as needed
- Coordinate and expedite with new business case coordinators and maintain open communication with underwriters on pending cases.
- Ensure policy issue is correct
- Follow-up with clients to ensure all outstanding delivery documents are collected
- Close opportunity module with the appropriate details
- Ensure all necessary documents are maintained in the clients electronic file and saved within a PDF package as per FCA procedure
- Package includes copy of application, additional documents, decision summary from CRM, signed delivery documents, etc.
- Ensure each application/placement has a Reason Why letter as per compliance procedures.
- Continue to monitor new business processes and evolve as necessary.
Commission Tracking & Year-End Reporting:
- Ensure all commission is paid appropriately and keep New Business Associate up to date with payments
- I.e., run ‘commission payment’ report within CRM and close once completed. Let New Business Coordinator know and for them to complete the underwriting process.
- Confirm advisor splits with President and ensure any New Business is split appropriately with advisor.
- Prepare commission reports to President and associate advisors
- At the end of Q1 and Q3 include only Insurance New Business report
- At the end of Q2 and Q4 include all commission amounts include renewals, investment, fee-based, group benefits, etc.
- Prepare any year-end report as deemed necessary
Comprehensive Financial Planning, Business Continuity & Exit Planning:
- Work with advisors to gather data
- Develop draft financial plans and reports using various software
- Stay competent using various software; continues training and upgrading as required
- Participate in client meetings and processes
- Write memos to clients regarding meeting notes and other explanations, discussions, and issues
Client Servicing Support (Joint Effor):
- Service Existing Clients
- Support In Force Coordinator with any assistance with processing service requests (bank changes, transfer of ownerships, updated contact information, etc.)
- Support New Business Coordinator with any death, disability, and critical illness insurance claims
- Address client inquiries regarding policies details and products
- Process conversions
- Follow-up on above servicing items and ensure all is processed accordingly
- Maintain our Client Servicing Module within the CRM.
- Maintain Appropriate Database through the use of CRM
- Update all contact records in CRM
- Manage CRM opportunities and leads
- Ensure that clients and affiliates’ contact information are kept up to date
- Assists in handle all technology issues that may arise, if possible
- Establish Strategic Alliances & Centers of Influence
- Send out introductory letters to lawyers, accountants, Centers of Influence, and other business partners
- Utilize group/filter function in CRM to create mass mailing solutions
- Ensure branding is consistent on all internal/external documents
- Continuously ensure CRM is operating efficiently and make any necessary updates/changes
- Monitor adherence and work with the business to remediate incidents of non- compliance
- Conduct reviews of organizational practices and operations
- Provide guidance and recommendations on corrective actions or risk mitigation strategies and ensure proper implementation.
- Develop policies to support compliance:
- Determine what policies are applicable and needed in the organization.
- Review and update procedures to reflect changes in legislation and the business.
- Act as an educational and training resource on compliance matters.
- Maintain regulatory awareness:
- Review regulatory resources (bulletins, trade journals, news publications, websites, etc.) in order to stay current.
- Attend related conferences and training sessions, networking with industry peers.
- Complete necessary annual reports and updating as per industry regulation.
Interpersonal & Leadership Development:
- Knowing key contacts and applying appropriate protocols when communicating with these key persons
- Developing relationships with affiliated wholesalers
- Ensuring relationships with wholesalers, case coordinators, and underwriters are maintained on a professional and effective basis
- Contribute to organizational teamwork
Corporate Team Mandate:
- Execute Company business and marketing plan
- Protects organization’s values by keeping information confidential
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
- Enhances organization’s reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments
- Build relationships with new clients
- Work with team to develop proposals that speaks to the client’s needs, concerns, and objectives
- Client retention (improve customer satisfaction)
- Present new products and services and enhance existing relationships
- Work with technical staff and other internal colleagues to meet customer needs
- Arrange and participate in internal and external client debriefs
- Attend industry functions, such as association events and conferences, and provide feedback and information on market and creative trends
- Identify opportunities for campaigns, services, and distribution channels that will lead to an increase in sales
- Ensure that data is accurately entered and managed within the company’s CRM or other sales management system
- Track and record activity on accounts and help to close deals to meet these targets