Experience:
No experience
Employment Type:
Full time
Posted:
2/15/2020
Job Category:
Education
IPSO Suitability Principal
(This job is no longer available)
Nationwide | Columbus, OH
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Job Description

Are you passionate about being part of a team that delivers extraordinary care to help individuals and businesses prepare for and protect their retirement? If so, then Nationwide Financial could be the place for you!

Our team is growing, and we are looking for individuals that have annuity and/or life insurance background. The IPSO Suitability Principal will be responsible for conducting an end to end review for Fixed, Universal and Index Universal life insurance business or Fixed, Immediate and Indexed annuity business for numerous firms within different distribution channels. The primary role of the IPSO Suitability Principal is to determine the suitability of the products being sold to clients based on age, income, net worth, time horizon, risk tolerance, family status, occupation, etc. The IPSO Suitability Principal will conduct a thorough business review to ensure documentation is in good order and processes have been strictly followed. Cases reviewed by the IPSO Suitability Principals as well as applicable Suitability Review procedures and processes are subject to review and audits by FINRA, the SEC, the various state insurance and regulatory authorities, Nationwide Internal Audits, the Project Management Office, and Compliance.

Candidates should have a firm understanding of life insurance and/or annuity products and operations.

The candidate would need to pass their Series 26 within 120 days from the date of hire.

This position is an E2 band role.

Job Description Summary

JOB SUMMARY: The Individual Products and Solutions Operations (IPSO) Suitability Principal is responsible for conducting an end to end review of all Fixed, Immediate and Indexed annuity business for numerous firms within different distribution channels. The primary role of the IPSO Suitability Principal is to determine the suitability of the products being sold to clients based on age, income, net worth, time horizon, risk tolerance, family status, occupation, etc. The IPSO Suitability Principal will conduct a thorough business review to ensure documentation is in good order and processes have been strictly followed. Cases reviewed by the IPSO Suitability Principals as well as applicable Suitability Review procedures and processes are subject to review and audits by FINRA, the SEC, the various state insurance and regulatory authorities, Nationwide Internal Audits, the Project Management Office, and Compliance

Job Description

Reports to: Manager. No direct reports.

KEY RESPONSIBILITIES:

1. Review new business: Reviews new Fixed, Immediate, and Indexed annuity business applications received. Uses FINRA and State Regulations to determine if business is complete and suitable. Interacts with field management concerning questionable sales.

2. Complete NIGO follow-up: Work with the appropriate parties to acquire additional documentation on new business to complete application. Most communication via email and phone.

3. Conduct process review and aligns with compliance practices.

4. Ensure Product Training and CE training/Agent Requirements are met.

5. Underwrite and review transfer forms.

6. Input data into administrative systems, imaging systems, and databases.

7. Provide Agents a thorough and careful explanation for declined applications, manages escalations with thoughtful communication.

8. Maintain consistent alignment with departmental practices and regulatory guidelines.

9. Performs other duties as assigned.

MINIMUM JOB REQUIREMENTS:

Education: Undergraduate degree in Business or Finance preferred.

License/Certification/Designation: Series 6, 26 required. Associates must obtain the required Federal and/or state licenses/registrations within the time period designated by the business unit. Additional licenses/registrations may be required when new products and services are implemented. If an associate fails or is unable to obtain required licenses/registrations within the time period designated by the business unit, the associates will be ineligible to continue in the position

Experience: 3 -5 years Field experience, Insurance back office, Service or Sales Management.

Knowledge: Strong working knowledge of insurance and/or individual annuity products and services. Familiarity with state and federal insurance laws and regulations preferred.

Skills/Competencies: Ability to read, analyze, and interpret documents. Exceptional verbal and written communication skills with the ability to have difficult conversations and manage through conflict. Ability to solve complex problems and manage escalations. Ability to operate a personal computer and business software.

Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.

Staffing Exceptions to the above minimum job requirements must be approved by the: hiring manager's leader and HRBP.

JOB CONDITIONS:

Overtime Eligibility: Not Eligible (Exempt)

Working Conditions: Normal office environment

ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.

Credit Check: Due to the fiduciary accountabilities within this job, a valid credit check and/or background check will be required as part of the selection process.

Job Family/Function: CUS/OPS

About Nationwide

Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including car insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services.