New Account Supervision Principal II
Bank of America
New Accounts Supervision Principal II
Merrill Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions, specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance.
Merrill's financial advisors help clients pursue the life they envision through a one-on-one relationship with an advisor committed to their needs. We believe trust comes from transparency. Our trusted financial advisors are equipped with access to the investment insights of Merrill coupled with the banking convenience of Bank of America.
Central Supervision is part of the Merrill Wealth Management Supervision organization and performs specific delegated supervisory functions focused on meeting regulatory requirements and minimizing regulatory, financial and reputational risks. The team focus includes new accounts, trade and client reviews, Investment Advisory Program, electronic communications, specialized supervision, marketing, social media, and complex product supervision.
The New Account Supervision team reviews and approves new accounts that flow through the Enterprise Account Opening platform (EAO) for MLWM domestic advisory accounts, and the Account Opening Wizard platform (AOW) for MLWM International Advisory accounts. The team acts as the first line of defense during client onboarding, and reviews new account applications to ensure compliance with all applicable FINRA, AML and KYC rules and regulations.
Include (but are not limited to) the following:
- Perform regulatory mandated supervision of new accounts submitted by Merrill Financial Advisors.
- Working closely with key business partners including the local Market Office Management Teams by establishing and maintaining positive working relationships to ensure business is conducted within guidelines set by the Firm and industry regulations
- Communicating effectively (both written and oral) using clear, concise, and understandable language
- Producing regular commentary on items of concern, ongoing issues and recurring patterns
- Proactively anticipating and identifying concerns/issues as part of one’s daily responsibilities
- Shows dedication to getting the job done accurately and efficiently.
- Demonstrating sound and consistent supervisory judgment based on thorough and systematic review of information available
- Makes timely, risk-based decisions and acts decisively.
- Maintaining positive outlook, receptivity to constructive feedback, and flexibility to accommodate changing processes, policies, and regulations
- Bachelor’s Degree (or equivalent work experience)
- Series 7 to be considered for the role
- Series 8 or 9/10, 63 and 65 or 66 – if not already licensed, must be obtained within an acceptable timeframe (will be specified at time of offer)
- Strong communication and analytical skills
- Detail oriented and excellent organizational skills
- Ability to work independently
- Branch office and New Accounts experience or exposure
- Working knowledge of regulatory policies and specifically ML policies/procedures
Shift:1st shift (United States of America)
Hours Per Week:40