The Brokerage Operations Manager supervises the clearance, settlement, and reconciliation of the organization's trades and positions on behalf of trade desks across the organization. This job manages a team that works closely with traders, finance, compliance, brokers and custodians and customers to ensure timely settlement of trades, accuracy of books and records and avoidance of unanticipated risk to both the organization and its customers. This job also ensures that all trade reporting requirements are followed and properly documented.
Key Responsibilities and Duties- Understands and mitigates risk associated with late settlement of cash and securities transactions including market penalties, buy-ins, and claims.
- Performs adequate due diligence to completely resolve all issues, in a timely manner, in order to avoid any financial or reputational impact.
- Evaluates and improves existing operational processes and maintain up-to-date procedures to reduce risk, increase efficiency, and support regulatory requirements and business initiatives.
- Signs off on all required clearance and settlement reports and documentation certifying that information is complete and accurate.
- Ensures that trade corrections have been properly processed in a timely manner.
- Manages performance of team through regular, timely feedback as well as the formal performance review process to ensure delivery of exceptional performance, engagement, motivation and development of team.
- Oversees and may administer complex trade executions and direct trades to outside custodians.
- Approves the delegation of large trades to outside brokers and follows up as necessary.
- Reviews suspicious/erroneous orders that have been escalated by team members and takes the appropriate action to resolve the issue.
- Reviews and reconciles reports to ensure trades have been executed and booked correctly.
Educational Requirements- University (Degree) Preferred
Work Experience- 5+ Years Required; 7+ Years Preferred
FINRA Registrations- SRC Indicator: Series 7; Series 63; Series 24
Physical Requirements- Physical Requirements: Sedentary Work
Career Level 8PL
The Brokerage Operations Manager job is responsible for leading a multi-site team that provides operational support to TIAA Brokerage clients.
- Lead team responsible for processing transactions for Brokerage clients.
- Responsible for all aspects of performance management, coaching and mentoring.
- Manage day-to-day activities to ensure client requests are completed correctly and in a timely manner.
- Manages performance of team through regular, timely feedback as well as the formal performance review process to ensure delivery of exceptional performance, engagement, motivation and development of team.
- Stay current on updates to the Pershing system and changes that impact the team.
- Drive continuous improvement efforts to improve quality, efficiency, and the client experience.
- Serve as subject matter expert on Brokerage Operations processes and participate in projects as needed.
- Build sound relationships across the enterprise to enable business partner support and close alignment with business objectives and firm risk appetite.
Required Qualifications- 5 years of broker dealer experience
Preferred Qualifications- 7+ years of broker dealer operations experience
- Prior experience working at a trading desk
- Prior people management experience
- Leadership experience in a highly regulated environment
- Proactive and able to prioritize competing tasks
Related Skills
Adaptability, Collaboration, Communication, Conflict Management, Continuous Improvement Mindset, Critical Thinking, Detail-Oriented, Financial Risk Management, Prioritizes Effectively, Transaction Processing
Anticipated Posting End Date:Base Pay Range: $76,700/yr - $122,000/yr
Actual base salary may vary based upon, but not limited to, relevant experience, time in role, base salary of internal peers, prior performance, business sector, and geographic location. In addition to base salary, the competitive compensation package may include, depending on the role, participation in an incentive program linked to performance (for example, annual discretionary incentive programs, non-annual sales incentive plans, or other non-annual incentive plans).
Benefits and Total RewardsThe organization is committed to making financial well-being possible for its clients, and is equally committed to the well-being of our associates. That's why we offer a comprehensive Total Rewards package designed to make a positive difference in the lives of our associates and their loved ones. Our benefits include a superior retirement program and highly competitive health, wellness and work life offerings that can help you achieve and maintain your best possible physical, emotional and financial well-being. To learn more about your benefits, please review our Benefits Summary.
