Title: Head of Broker Dealer Operations
Location: Chicago, IL
Duration & Type: Full-Time Direct Hire
Compensation: Competitive base salary, commission, equity, in addition to other Total Rewards such as Access to Healthcare, and Dental Insurance Plans of your choice.
Chamberlain Advisors is currently conducting an executive search and is seeking a Head of Broker Dealer Operations for our direct client in the Financial Services industry. This is a Direct Hire position reporting directly to the COO, with dotted line accountabilities to both the CEO and Co-Founder. The ideal candidate will have 8+ years of total experience, and at least 3 – 5 years of experience managing broker dealer operations in an institutional, retail equity, or options environment. The successful candidate will demonstrate a history of highly organized thought, process understanding and improvement, client onboarding, FINRA, SEC, and Know Your Client (KYC) requirements, and provide critical direction when necessary. Click apply now and join the Chamberlain experience.
Why Join Right Now?
The traditional sales model for financial product wholesaling is rapidly changing towards digital platforms as margins erode and technology begins to take over. Our Client is the front runner in delivering a cutting-edge digital platform for the structured product / lending markets within the United States and soon globally. Global outreach and demand for this digital platform has been massive and its projected that global customers will account for over 50% of future business. This is a very well-funded, and fast-growing organization that has completed two rounds of successful funding lead by two of biggest names in the business and has grown from 3 people to 35 people in last year and will double in sized over the next 12 months. As the Head of Broker Dealer Operations, you will oversee the growth and development of a new broker dealer operation, the first of its kind for focused on structured notes, putting in place clear processes and monitoring that conforms to SEC and FINRA regulations. You’ll also manage, motivate, and engage employees in an effort to develop and foster a client focused culture that incorporates the voice-of-customer, and continuously seeks out ways to add value and benefits for the customer. Get ahead of the fact that the old business model won’t be here for very long and apply now to get in early with a company that is leading the charge and redefining how structured product / lending markets work.
What You’ll Be Accountable For:
- Builds, oversees, and leads the growth and development of the firm’s new Broker Dealer Operations for both institutional and retail sales.
- Set and manage goals for the business, including budgets, resources and P&L.
- Provide leadership, subject matter expertise, and decision support for Broker Dealer Operations; putting in place clear process, procedures, and monitoring, following best practices and procedures used in the securities industry.
- Acting as FINRA Supervisory Principal for the organization and stays on top of changing regulations and requirements for the Broker Dealer.
- Ensures that Broker Dealer Operations within the organization meet the needs of FINRA, SEC, and KYC regulatory compliance, inclusive of client onboarding requirements and privacy rules.
- Development and implementation of best practices which lead to operational excellence in all functional teams that are compliant with regulatory requirements, including SEC, FINRA.
- Supervision of new account opening and maintenance of existing accounts, as well as monitoring of speaking engagements and other public communication. In addition, it includes the review of transactions, recommendations, and account activity for proper disclosures.
- Leads the development, implementation, and updating of firm policies; written supervisory procedures; and controls. This includes supervision of conduct of associated persons; disciplinary action; supervision of compensation; and development, evaluation, and delivery of products and services.
- Facilitates problem resolution on both routine and escalated issues coordinating between Compliance, Operations, and other functions.
- Identify and evaluate business and technology risks, internal controls which mitigate risks, and related opportunities for internal control improvement such as Data Governance, IT and systems, Vendor Management, and Communications.
- Assist in the selection and tailoring of approaches, methods and tools to support service offering or industry projects.
- Oversee the Broker Dealer Operations team responsible for new account opening, money movement, and other back office operations functions.
- Create and regularly produce reports for the company that explains the performance of the Broker Dealer. Use data to show how the results have been or can be improved.
- Oversee staff including all hiring, training, coaching, mentorship, professional development, and performance management.
- Set, manage and monitor goals for each employee of the Broker Dealer team. Evaluates different ways to motivate both individual performance & team goals.
- Managing and analyzing team activities and processes to ensure timely and accurate processing, establishing productivity plans and metrics to monitor accomplishment of goals / performance levels and operational objectives including new business, account maintenance & transfers, and reconciliation of books & records. Ensures compliance with all state and federal mandates and government programs.
- Work closely with each member of the team to help them get the best out of themselves. Provide both positive re-enforcement and critical feedback to help each team member exceed expectations. Make crucial decisions on advancement and retention as required.
- Provide valuable feedback to the Broker Dealer Operations team to enhance performance and demonstrate areas of improvement to optimize results.
- Create and regularly produce reports for the company that explains the progress of the team. Use data to show how the results have been or can be improved.
What Qualifications You Need:
- A Bachelor’s Degree in business administration, finance, or similar; and 8+ years of total experience within positions relevant to Broker Dealer Operations. An MBA is a plus but is not required.
- At least 3 – 5 years of experience managing broker dealer operations in an institutional, retail equity, or options environment.
- Series 7 & 63 license are required; Series 24 and 99 preferred, or plan to achieve.
- Candidates will have exceptional records of professional achievement, securities industry experience with a specialization in the regulatory and oversight expectations and practices of broker-dealers.
- Demonstrated experience or specialize in the management and monitoring of Broker Dealer Operations, investment concepts, compliance, and best practices and procedures used in the securities industry. This will include but is not limited to client onboarding requirements, privacy rules, SEC, FINRA, and KYC regulatory compliance.
- Experience with FINRA Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability) to ensure both the customer and Broker Dealer are protected.
- Demonstrated experience managing the success and outcomes of others. Ability to manage at least 1 – 3, preferably 5+ direct reports is desired.
- Prior experience creating and regularly producing reports for the company that monitors and explains the performance of the Broker Dealer and the impact internal changes have on the improvement of those metrics is highly desired.
- An entrepreneurial work ethic, you don’t not need big company name behind you to be successful; you have an ability to work in an unstructured environment and pick up things quickly.
- Self-motivated and enthusiastic regarding the challenges of an early stage firm and dynamic environment.
- High performance is defined / observed within the organization as:
- Passion for / desire to contribute to changing how things are done.
- Takes initiative, is open-minded about what the solutions could be vs. narrow thinking.
- Relatable and participates as a contributing member of a highly collaborative and close-knit team.
- Maintains team spirit, excitement, and engagement through positive reflection vs. negative reflection “shadow of a leader”.
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