Financial Services Operations Associate - Purchasing Processor

Headquartered in beautiful Carpinteria, California, PlanMember is a growing financial services firm serving hundreds of thousands of clients nationwide. For more than three decades, PlanMember has provided premiere retirement and investment services to individual investors as well as employees of education, nonprofits, governmental and private sector organizations. PlanMember has been a top-ranked fee-based broker dealer since 2004 and top-ten ranked for new retirement plans added and K-12 retirement plans.

With a mission of making a positive difference for our Partners, Members and Employees, PlanMember provides generous benefits and a personalized company culture that champions career growth and is looking for highly motivated individuals to join its growing team.

Location Information:  On-Site at our Carpinteria, CA Headquarters

Salary Range: 

Starting salary is typically between $52,000 and $63,000 annually, however, it is ultimately determined by the scope of the position the candidate's relevant experience, credentials/certifications and internal equity. In addition to salary, benefits include, PTO, health, medical, vision, disability, life insurance benefits as well as 401(k), profit-sharing retirement program and much more.

The Purchase Team Processor plays a crucial role in the financial services industry, working within a team to ensure the smooth and efficient functioning of various financial operations. The ideal candidate should possess a strong attention to detail, a commitment to accuracy, and the ability to work effectively within a team.

As a Purchase Team Processor, you will be responsible for performing various financial and administrative tasks to support the operations of a financial institution or department. You will work closely with team members, clients, and other stakeholders to ensure accuracy, compliance, and efficiency in operational processes.

This position is considered an essential role day 1, meaning employees in this role must be able to perform their responsibilities without a lapse of time should a business continuity situation arise e.g., COVID-19 Pandemic.

1. Transaction Processing:

1. 1. Execute, review, and reconcile financial operations transactions, which may include paperwork processing, timely investments, and fund transfers.
   2. Ensure accuracy and completeness of transactions and resolve discrepancies promptly.

1. Reconciliation:

1. 1. Reconcile daily processing.
   2. Investigate and resolve discrepancies in account balances.

1. Department and Regulatory Compliance:

1. 1. Stay up to date with financial regulations, internal policies and ensure all department transactions and activities comply with regulatory requirements.
   2. Assist in the preparation of documentation for audits and regulatory reviews.

1. Client Services & Support:

1. 1. Interact with internal clients and provide support for account-related inquiries and issues.
   2. Address inquiries promptly and professionally, escalating complex issues to senior team members when necessary.

1. Process Improvement & Risk Management:

1. 1. Suggest process improvements to enhance efficiency and accuracy in financial operations.
   2. Participate in team discussions to implement best practices.
   3. Identify and report potential risks in financial transactions and operations.
   4. Collaborate with risk management teams to mitigate operational risks

1. Reporting, Documentation and Record-Keeping:

1. 1. Maintain accurate and organized records of financial transactions, agreements, and client interactions.
   2. Prepare and update procedural documentation.
   3. Generate and research basic operational reports and summaries to be reviewed by senior team members.

1. Technology Utilization:

1. 1. Proficiently use financial and department software and systems to perform daily tasks.
   2. Identify opportunities for process improvements and system enhancements.

1. Team Collaboration, Training and Leadership:

1. 1. Collaborate effectively with internal and external colleagues to achieve departmental and organizational goals.
   2. Assist in training and mentoring junior associates.

1. Projects Support:

1. 1. Participate in the completion of organizational projects and initiatives.

• Purchasing Department Specific Responsibilities
  • Review transfer and rollover forms for completeness
  • Review transfer requests to ensure compliance with plan portability and regulatory rules
  • Prepare Letter of Acceptance and send to contra firms
  • Track the status of incoming transfers and ensure system follow-up notes are clear and accurate
  • Follow up on the miscellaneous requests from contra firms requesting additional information
  • Work closely with the call center to ensure rep’s understanding of transfer requirements
  • TPA Follow-up calls
  • Maintain Company Information list as new and updated information arises.
  • Track, enter and manage Cost Basis information for in kind transfers
  • Process daily investments into client accounts
  • Request employer ACH debits and wires
  • Process ACHs and wires
  • Log and audit daily holds and returns
  • Responsible for reviewing, responding, and completing research requests and service requests
  • Update Standard Operating Procedures for manager review
  • Adhere to all timing standards, policies and procedures
  • Work on special projects as assigned by the Manager.

• Physical Requirements:
  • This role typically requires sitting at a desk and working on a computer for extended periods.
  • Minor lifting and carrying of items may be required.

• Service Principles – BeEPIIC Framework:
  • Belonging – Foster a unified front, bridging diverse talents and perspectives towards our shared goals. Our unity reflects our commitment to collaborate, respect, and support each other in pursuit of collective success.
  • Empowerment – fostering a supportive environment where employees are encouraged to take ownership, make decisions, and drive positive change for the company and its customers.
  • Pride – Cherish our work, team, and organization. Our pursuit of excellence and respect for our mission, colleagues, customers, and community fuels our collective success and sense of pride.
  • Integrity – Trust, Credibility, Dependability. Our members and partners trusted us with their financial wellbeing, something we’ll continually earn through integrity in everything we do.
  • Innovation – Embracing change and seeking out creative forward-thinking approaches to better serve our customers and stay ahead of the competition.
  • Customer Centricity – Putting the customer at the heart of each decision and striving to exceed their expectations at every touchpoint.

Essential Job Function:  This is an Essential Job Function "Essential Staff" position for the purpose of our Business Continuity Plan "BCP". This distinction means you are expected to be fully prepared to perform essential functions of your job remotely as deemed applicable and necessary by your manager and the Company.

• High School Diploma required.

• Bachelor’s degree in finance, Accounting, Business Administration, or related field (or equivalent work experience) a major plus.

• Previous experience of two plus years in a financial services or operations role.

FINRA LICENSE - SIE

FINRA LICENSE - 99

• If not already obtained, must have Securities Industry Exam “SIE” and Series 99 within 12 months of employment.

Position Information:  This job description is intended to convey information essential to understanding the scope of the position and is not an exhaustive list of skills, efforts, duties, responsibilities, or working conditions associated with it. PlanMember reserves the right to modify duties or job descriptions at any time.

PlanMember Financial Corporation is an Equal Opportunity Employer. PlanMember does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.