Agency Supervisory Officer
The Piedmont Group
Dunwoody, GA US
Posted ago
The Piedmont Group

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 Regional Supervisory Director.

Activities performed by the Agency Supervisory Officer include, but are not limited to, the following:

Training and Compliance Resources

  • 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 Regional Supervisory 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

  • Series 7 and 24, and 53 (or equivalent) 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

Compensation
$70,000 - $80,000 yearly
About The Piedmont Group

The Piedmont Group is a financial services firm and a general agency of Massachusetts Mutual Life Insurance Company (MassMutual). Through comprehensive financial planning, we help our clients tackle the issues that matter, supporting them through some of the most important decisions of their lives. We set ourselves apart by focusing on the individual, building a foundation that can allow our clients to take control of their own financial lives.

That same foundation is found in our company culture. Our financial professionals and staff always work to create an inclusive environment that represents our core values: growth, family, teamwork, and happiness.

We are a young and agile firm that is always looking for new ways to amaze our clients and grow our talent network. We're lifelong learners that take pride in our commitment to training and education, and we work tirelessly to help our financial professionals explore their potential.

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