Must be contracted as Associate Financial Representative and complete appropriate registration requirements to include:
Series 6 (and Series 63 in applicable states) registration allows you to work with variable annuity, variable life and mutual funds
Series 7 allows you to work with equities, fixed income, options, brokered CD’s and US Treasuries
Series 65 or 66
Overall Function
A registered Associate Financial Representative (AFR) specializes in client service and processing of variable products and other securities and ensuring the maintenance of an efficient and compliant office, allowing the financial advisor to focus on building client relationships. The associate representative is a liaison between the home office, financial advisor and clients.
At the discretion of the advisor, responsibilities may also include preparing planning presentations using the Northwestern Mutual PX system, processing proposals and preparing annual review paperwork. If the AFR is making suggestions or alternatives regarding the preparation of the PX plan, the AFR will require Series 7 licensing. The AFR role also includes the following responsibilities:
Obtain all necessary information along with specific instructions from the financial advisor for PX input (all modules including asset allocation)
Open PX file and provide required input for all sections and modules
Input each security’s value and cost basis information in the corresponding account
Contact investment specialist or OED to classify all unclassified holdings
Input risk tolerance questionnaire and select customization level
Verify paperwork is completed correctly and relay information that is still needed to advisor
Support
Handle case notes, processing correspondence, maintaining client case files, and filing new statements, account forms and other insurance and investment related materials
Maintaining financial representative’s calendar, scheduling follow-up appointments
Responding to home office inquiries
Monitoring and stocking marketing materials for insurance and investment related materials
Ensuring Northwestern Mutual Investment Services and insurance compliance requirements are implemented and followed
Proposal and Case Preparation
Prospecting for new advisory clients on behalf of the employing financial advisor
Gathering information for financial advisor’s meeting with client/prospect
Preparing advisory annual review information
Preparing and modifying PPA and investment/advisory proposals
Preparing letter of instruction for client signature
Preparing investment policy statement, needs-based analysis or financial plan
Recommending fund portfolio options
Processing Accounts
Preparing and processing all paperwork needed for investment/advisory accounts
Identifying need for switch letter and mailing appropriate forms to clients
Discussing potential rollover opportunities from other retirement plans for variable and mutual funds
Receiving and forwarding checks and related paperwork to investment operations area
Processing proposal amendments in Envestnet
Monitoring Envestnet for alerts and upcoming annual reviews
Client Service
Corresponding with clients to handle advisory related service issues
Formulating advisory product solutions to/for a client or explaining advisory products or advisory performance
Accepting redemptions/withdrawals from clients and communicating instructions to home office
Discussing tax consequences, costs and advisory fees with client
Maintaining daily tickler system for account follow-ups and service requirements
Performing cashiering functions
Running performance reports in Envestnet, Morningstar and NMCIR
Qualifications
Health and Life licensed or gain licensing within 6 months of employment
Financial Service or Insurance industry experience preferred
Associate Financial Representative contract required
Series 6 (or Series 7 for certain products) required and Series 63
Series 65 or 66 required or gain within 6 months of employment
Demonstrated ability to maintain effective working relationships with clients
Excellent oral and written communication skills
Able to practice active listening and communicate in a direct manner
Strong attention to detail with the ability to work with a high degree of accuracy
Ability to manage multiple diverse projects and assignments in a timely and quality manner
Willingness to learn
Ability to embrace change and work in a fast-paced environment
Able to work both independently and on a team
Ability to maintain confidentiality
Must have or obtain one or more of the following insurance designations: CLU, ChFC, CLTC or CFP
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