New Account Principal - BancWest Investment Services
What sets Bank of the West apart from other banks is our team members-they embody the optimistic spirit of the West. There is a spirit here that drives us to do more. Our team of more than 10,000 employees is vital to the success of our Bank. They reflect our modern western values-straightforward, entrepreneurial and optimistic. We seek to create a corporate culture that fosters and rewards excellence, encourages creative thinking and respects diversity - an environment where team members are engaged, supportive of one another and enthusiastic about serving our customers. Bank of the West offers the stability of a company that has a 135 year history and is part of BNP Paribas, a European leader in global banking and financial services and one of the 6 strongest banks in the world. We offer opportunities across our diverse business lines - Retail Banking, Commercial Banking, National Finance, and Wealth Management.
Responsible for working with BWIS clearing firm, Pershing or mutual fund companies and insurance companies to ensure trades are placed appropriately and research and resolve errors. Reviews the sponsor documents/paperwork and online information to ensure all required information is obtained for final approval by the Compliance Department. Follows up with representatives regarding outstanding deficiencies on sponsor documents and fields incoming calls from representatives and customers to answer questions, place trades and research problems. May assist with other operational functions.
- Works with various annuity companies to process annuity trades through Pershing system for customers or representatives.
- Works with the Compliance Department to research and resolve customer complaints and annuity issues such as incomplete paperwork, incorrect trades.
- Runs all Pershing reports relating to operations and reviews daily: Money Due Report, Unsecured Debit Balance Report, Insufficient Funds Report Money Line Report, and Wire Activity Report, etc.
- Reviews and processes Mutual Fund 529 plans for accuracy and ensuring paperwork is complete; processes 1035 exchanges and trustee-to-trustee transfers; processes letters to customers for maturing bonds; processes IRA paperwork, including bank transfers.
- Researches, writes and follows up on letters of indemnification, and maintains spreadsheet on all outstanding corrections. Researches and issues checks due to a loss or commission correction.
- Monitors Pershing trades for possible “churning” violations; completes trade corrections.
- Performs all cashiering functions for BWIS; posts incoming checks and stock certificates to the Pershing system, and sends stock certificates to Pershing, etc.
- Receives and deposits all stock certificates; posts to customer accounts and monitors legal requirements until they are clear to sell.
- Assists with the reconciliation of the Pershing deposit account with the Accounting Department.
- Creates new procedures for new products being brought to BWIS for distribution.
- Performs other duties as assigned.
Required Education or Equivalent Experience
- Associate's degree or equivalent combination of education and experience
- NASD Series 7 & 63 Licenses
- California Insurance License
- NASD Series 24 License required
- Two to three years of experience in the securities industry
- Two to three years of experience in financial services and/or broker/dealer
Field of Experience
- Experience in trading investments such as equities, mutual funds, annuities and insurance products
- Knowledge of qualified plan law
- Knowledge of Pershing system
- Ability to handle multiple tasks and meet deadlines
- Analytical and research skills
- Attention to details
- Bank product and service knowledge
- Customer service skills
- PC skills, including knowledge of Microsoft Office
- Planning and organizational skills
- Prioritization and time management skills
- Problem solving sills
- Written and verbal communication skills
- No supervisory requirements
- Sedentary Work: lifting a maximum of 10 pounds, frequent standing/walking
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
Bank of the West is an Equal Opportunity employer and proud to provide equal employment opportunity to all job seekers without regard to any status protected by applicable law. Bank of the West is also an Affirmative Action employer - Minority / Female / Disabled / Veteran.
Bank of the West will consider for employment qualified applicants with criminal histories pursuant to the San Francisco Fair Chance Ordinance subject to the requirements of all state and federal laws and regulations.