The registered senior compliance role is the subject matter expert primarily accountable to the RCO for providing Daily Tier 1 supervision of advisors registered through the Mutual Fund Dealers Association (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC). The Senior Compliance Branch Manager will have a solid understanding of both MFDA and IIROC regulations, Universal Market Integrity Rules (UMIR) and enhanced product knowledge. They will be the key day-to-day contact for compliance related matters and will be responsible for assisting advisors and Branch Managers in understanding account suitability, compliance requirements and will also monitor to ensure that the business being conducted is within the bounds of ethical conduct.
1. Day to Day Tier One Supervision (MFDA and IIROC)
- Key day-to-day contact for Advisors and Branch Managers under their supervision regarding compliance related matters by informing, clarifying and explaining Dealer policy and other regulatory requirements.
- Provide overall management direction;
- Provide clarification of policy and procedures; provide ongoing training and tools;
- Ensure consistency across the region; and
- Ensure that Branch Managers are carrying out effective trade supervision.
- Provide backup Daily Tier 1 Supervision for other Branch Managers as required.
- Identify and escalate any areas of non-compliance in accordance with our Disciplinary Policy.
- Act as an escalation point for complaints and participate in complaint investigation and resolution process as required.
- Problem-solve and deal with compliance issues as identified; including appropriate resolution and/or appropriate escalation to supervisor.
- Enforce/oversee strict or close supervision of any Advisor or Branch Manager mapped to the Senior Branch Manager where required.
- Review and approve new accounts.
- Review and approve material changes for existing accounts.
- Perform Branch Visits to ensure Advisors and Branch Managers are utilizing compliant business practices and operating within the bounds of ethical conduct.
- Support the Regional Compliance Officer by participating in regulatory audits and other Branch Reviews/Examinations within the region.
- Perform Advisor Risk Management reviews as required.
- Build on the strength of Compliance team and consistency in the implementation of the compliance program by actively participating in team meetings, contributing toward team goals and participating on project teams.
Job Requirements (Knowledge/Skills/Competencies):
- Client focus and customer service skills with the ability to build positive relationships between client/company, and represent Manulife’s best interests.
- Commitment to achieving high levels of service excellence and ability to work independently or within a team and with direction.
- Excellent communications skills (verbal and written-report writing)
- Analytical and problem solving skills; being able to influence decisions or change through negotiation with a focus on prevention of future re-occurrence.
- Knowledge of both IIROC and MFDA regulations, business policies and concepts.
- Organizational/prioritization skills to be able to work in a multitasking environment.
- Strong Attention to detail.
- Post-secondary education with industry certification is preferred or equivalent work experience.
- Ability to quickly understand business processes and their risk implications, analyze complex situations, reach appropriate conclusions and make practical recommendations.
- Fully proficient knowledge of our business products, policies, procedures, systems and concepts.
- Experience in a financial services firm.
- Negotiation/conflict resolution skills.
- Proven relationship skills with an ability to deal effectively with staff at all levels.
- Act as subject matter expert.
- Creative/innovative thinking within the regulatory requirements, in the provision of solutions for our clients.
- Leadership skills/experience/competency.
- Presentation skills
- Must qualify to be registered with both MFDA and IIROC.
- Must have completed the Canadian Securities Course, CSI Conducts and Practices Handbook, CSI Branch Manager’s Course, Effective Management Seminar, CSI Wealth Management Essentials, CSI ETF Course.
- Certified Financial Planner (CFP) designation preferred.
- Experience as an advisor or experience working in an advisor’s office preferred.
- Minimum of five years’ experience as a salesperson, trading partner, director, officer or compliance officer registered under the applicable securities legislation or have a minimum of two years of equivalent experience to become registered as a Branch Manager.
- Ability to speak (and write) French would be an asset.
- This role has a regulatory responsibility for supervision of Advisors and Branch Managers, many of whom view themselves as independent.
- This position is a “gatekeeper” role, including responsibility to challenge and/or decline mutual funds transactions, or any other transaction(s) that do not meet regulatory Know-Your-Client suitability requirements.
- Interpreting unclear expectations from clients with confidence and patience.
- Dealing with differing opinions independently with high degree of professionalism. Ability to manage conflict positive manner.
- This role must enforce rules/regulations that are in some cases unpopular requiring good communication/influencing skills and professionalism.
- Some processes of the job (e.g. daily trade blotter review) can be routine but the degree of subjective assessment required make this an important compliance oversight function.
- May work in an environment that is physically remote from head office management and supervise Advisors and Branch Managers located across wide geographic regions.
- Manage time effectively within a high volume and less structured work environment while dealing with multiple priorities in a detailed and timely manner.
- Maintaining processing expertise, broad knowledge of both MFDA and IIROC rules and keeping current with our systems and products in our rapidly changing environment.