Senior Commissions Administrator at Absa

Job Summary

• To calculate, reconcile and communicate commission payments to compliant financial advisors for Absa Fund

Job Description

To calculate, reconcile and communicate commission payments to compliant financial advisors for Absa Fund:

Financial Advisor on-boarding process 

• Action requests from the Sales Consultants for new Independent Financial Advisor (IFA) received via Salesforce or email.
• Send the contact details and name of the IFA to EDC for review and signing of IFA Agreement.
• Receive signed IFA and Banking details from Operations. Create a broker code on the AS400 Trust system by entering the details of the independent advisor Send broker instruction to Maitland to load broker on Flexcube.
• Save all documents on the G-drive.

Advisor Records Maintenance

• The broker list is updated as and when a new broker is created or added in the clients account.
• This information was provided to Maitland upon migration, new LISP’s are sent to Maitland as when they are onboarded.
• Attend to and provide administration service support on all AFM's list of Absa Insurance & Financial Advisors (AIFA) and IFA complaints and service issues by responding to and resolving issues timeously within the business unit target of 48hr turnaround time.

Commission Calculations and Payment

• Liaise closely with Maitland administration team to ensure that all the required unit trust sales commission reports have been generated and received by AFM within the agreed Service Level Agreement (SLA) timelines.
• Action the monthly consolidated commission payment reports received from Maitland for the different advisor payments from the unit trust accounts.
• Perform spot checks on the reports using a sample test to determine the accuracy of figures and confirm that the payment period (i.e. number of days) has been applied correctly for the respective monthly commission run generated. Reports for Rebates and Commission are no longer consolidated.
• Perform quality checks for different funds within a LIPS’s portfolio and compare the report provided by Maitland.
• Review the payment requisitions prepared by the Commissions Administrator for sign-off by Line Manager and communicate the confirmed and approved figures by forwarding the files and statements to the different advisor categories (i.e. IFA & AIFA).
• Ensure that all the LISP and IFA payment requests have been accurately invoiced and approved by Line Manager prior to submission with AM Finance.
• Issue ad-hoc commission payment statements to the IFAs on request.
• Send the calculated commissions due to the various segments and ensure that accurate invoices are received and approved prior to payment by AFM Finance
• Adhere to all risk and compliance policies in terms of Data Privacy, Information security, Record Management, Money Laundering, FICA and CASA
• Complete all compulsory compliance training within the required time-frames as prescribed by Absa Risk.
• Keep abreast of changes by attending compliance awareness workshop sessions presented in the business unit from time to time.
• Train new staff members on Commissions and Rebates processes.

Reconciliations & Reporting

• Perform the monthly reconciliations of accrued commissions against all payments made.
• Review the detailed report of all commissions as compiled by the Commissions Administrator due, per advisor (AIFA and IFA), per commission type (both trailer and upfront), per fund and submit to the Finance Manager for use in the Management Information pack
• Submit the month-end reconciliations to the Line Manager for verification and sign-off (Commission Monthly Recon).
• Submit and provide information in relation to the provisions for commissions and payments due to AFM Finance by the 2nd working day (or 2nd WD if the month ended during the weekend). of the month.
• Facilitate that all reconciliations, controls and processes are ready for audit (interim and year-end) by providing copies and checking that internal controls are working.
• Management Information
• To provide Management Information that will enable decision making and provide sound basis for recommendation on strategy and to supply information in a format that can be easily understood by the user.

Education

• Higher Diplomas: Financial Sciences (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised