Job purpose
To help create and manage practice management systems for Primacy Financial, with a focus on client review and management processes for advisors and operations staff to follow. This will include helping to develop and manage new business strategies, software, and systems for target markets for the advisor and operations teams to implement and execute. This role will work closely with the partners to assist with data management, tracking revenues of different business lines, client groups and helping with review and due diligence of any future business acquisitions to support the firm’s growth while maintaining operational efficiencies.
A major focus of this role is to facilitate, implement, and manage systems and processes with our growing qualified plans, pension plans, and group benefits practice, including analysis of current and prospective clients. This role will work closely with the advisor team to preparing client facing proposals for new business opportunities. To closely work with the partners and advisors to oversee the management, systems, compliance, revenues, and onboarding of new clients.
Another component of this position is to assist and support institutional, self-employed, and high net worth relationships. Collaborating with the home office advanced planning executives, key ‘Centers of Influence’, and reviewing critical aspects like tax, legal and other professional needs to help individuals and businesses better plan for the future.
Job Duties
Practice Management - 20%
- Manage CRM to help with client review and creating uniform processes
- Advise and suggestion on how to manage analytics to improve processes
- Review & Track analytics for business development for sales staff and firm goals
- Tracking Business Revenues across product and service lines and tracking firm growth goals
- Assistance with keeping business household records current
- Tracking various changes in cash flows for the firm and working with our tax team for compliance
- Tracking staff bonus plans and managing total compensation analysis for employees to see and understand the value of all our non-salary benefits
Qualified Plan & Group Benefits Management - 50%
- Manage Retirement Plan Services System (RPS) and 401(k) plan review compliance
- Help with the preparation of reports for current clients
- Assist with 401(k) trustee communications and review preparation
- Create and reform processes for trustee reviews via email, virtually and in person
- Create systems for participant investment education support for support staff to use
- Work on cross selling analysis for benefits and other product lines for businesses
- Work with our 3rd party benefits administrator for Renewals & Open Enrollment
- Asist with getting information needed from trustees and sending to providers to get quotes for taking plans out to bid
- Working on analysis and developing presentations for prospective client proposals after getting competitive bids for current vs proposed plans
- Oversee institutional relationships with recordkeepers, insurance carriers, TPAs and payroll providers to create best provider practices to streamline efficiencies
- Manage best practices for plan onboarding, communications and ongoing service
- Review and maintain fee structure for fee-based 401(k) service and help manage fee increases across current clients with flat dollar fee arrangements
- Identify potential 401(k) prospects by 5500 analytics, key referral partner and lead generation systems of the firm
- Assist with 5500 filing requirement communications (ad hoc)
Managing & Assisting Firm Growth - 30%
- Helping developing outreach initiative for current clients and prospective client for advisor and support staff to execute
- Assisting with revenue analysis and forecasts for firm specific goals
- Reviewing and managing new support software to implement to support the operations and advisor teams
- Help with key target market strategies to assist with analysis and review of key target markets
- Help with exploring business acquisitions in the market and any due diligence of any prospective acquisition
- Work closely with key referral partners and COIs
- Reviewing clients’ tax documents to provide suggested strategies for tax savings to refer to their or our preferred COIs for appropriate tax, legal or other professionals
- Learning how entity and census demographics affects plan type and plan design for 401(k)/SIMPLE IRA/SEP IRA and Pension plans for businesses and high-income individuals to maximize tax savings and minimize costs associated with the plan
- Assist with business consulting analysis, working with advanced planning professionals at our home office and clients other professional advisors
