Job DescriptionThe Retirement Plan Consultant is responsible for maintaining an assigned book of business and cultivating new business through a high level of customer relations. This individual will work alongside each of the internal departments and other plan professionals (CPA, attorney, investment advisor) to ensure client satisfaction and retention of business. Acting as the primary point person for client related activity, the Consultant will communicate with clients on the coordination of plan administration, including plan design, legal and regulatory compliance, and participant education.
DUTIES & RESPONSIBILITIES:Consulting
- Advise clients on all technical, regulatory, and problematic administrative issues and work with the administrative team on solutions.
- Develop appropriate plan design to meet client objectives, consult with client on recommendations, and implement proper changes as needed.
- Communicate and consult with outside plan professionals, including accountants, attorneys, and other First American Bank officers.
- Work with internal associates, clients, and vendors to ensure accurate and timely response to all outstanding client issues.
- Solicit new business referrals and independently generate relationships with outside sources for new business development through personal and professional networking.
- Analyze client accounts for profitability, prepare timely billing, and ensure collection of fees.
- Be an ambassador of First American Bank by sourcing and building beneficial relationships to meet or exceed assigned sales goals.
- Consult with external auditors regarding plan audits.
Compliance
- Review compliance items for completion and accuracy as necessary, such as periodic plan valuation, compliance test results, annual Form 5500, and attachments.
- Prepare any required IRS filing.
- Prepare for and support IRS/DOL client audits and represent clients before the Internal Revenue Service and Department of Labor.
- Maintain a current understanding of ERISA and Internal Revenue Code and keep up with industry trends.
- Conduct and complete additional assignments/projects as designated by management.
Relationship Management
- Meet with clients and perform enrollment/investment education meetings, as needed inclusive of one-on-one meetings with participants.
- Prepare investment returns utilizing monitoring application and being able to communicate analytical information to the client.
- Utilize resources to communicate detailed information on each financial offering.
- Work with the Investment Team on the development and ongoing review of the current plan investment menu and advise of any changes warranted, if applicable.
QUALIFICATIONS:- High School degree or equivalent required. Bachelor's degree preferred.
- Advanced degree or industry-specific designation preferred, such as ASPPA.
- Securities license not supported (we are a bank trust department and are exempt from licensing requirements under Gramm Leach Bliley).
- Minimum six years in the retirement plan industry required with a strong defined contribution focus.
- Minimum three years' relationship management/consulting experience.
- High degree of familiarity and understanding of ERISA and the Internal Revenue Code as it applies to qualified retirement plans. Possess an in depth knowledge of mutual fund offerings.
- Qualified military veterans are encouraged to apply.
- Must be professional, comfortable speaking with external and internal contacts with a demonstrated ability to tailor the message appropriately to the audience and situation effectively.
- Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats, including emails, letters, and electronic platforms. Maintain professional standards relating to spelling and grammar.
- Maintain credibility through professional demeanor, appearance, and presence by modeling standards appropriate to our environment and industry.
- Maintain good working relationships with internal partners by exhibiting exemplary interpersonal skills, adopting a constructive, solutions-focused approach.
- Use sound professional judgment to balance the interests of the organization and customer, understanding and using available resources to mitigate risks.
- Cold calling sales ability, with assertive, positive, and persistent style.
- Proficiency with Microsoft 365 products and applications, including the ability to effectively prepare or review documents, procedures, and reports.
- Demonstrated ability to learn new systems and applications, as well as the ability to understand, adapt and adjust responsibilities/workflows as a result of system upgrades.
- This position requires regular day travel to clients by car to various locations throughout the Bank's Chicago market.
- Occasional out-of-state travel may be required to accommodate client locations.
- Typical scheduled hours are Monday through Friday 8:00 a.m. to 5:00 p.m. Additional hours may be required depending upon business need.
- Punctuality is required to maintain First American Bank's customer service standards.
