Financial Adviser Life Bank (FAIS)

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

To follow the six steps of financial planning in executing the role of a FAIS licensed financial adviser. A professional introduction must be made to introduce the adviser and the services offered by the adviser. Upon client approval, the adviser may conduct a Financial Needs Analysis (FNA) in the disciplines of Investment, Life Insurance, and Estate planning. Based on the concluded FNA, recommendations will be made to address single or multiple needs identified on behalf of the client. Advice recommendations must be presented under the license categories for which the adviser is accredited with Absa approved product(s) that are deemed to meet the needs of the client. Upon client acceptance of all or part of the advice, the adviser is required to implement the accepted advice through Absa’s new business processes.

The adviser must regularly review client needs to assess the continued suitability of implemented solutions. In these reviews, new needs may be addressed, and changes to existing plans proposed to ensure continued solutioning of client needs. The adviser must continue to ensure ongoing Fit and Proper status to enable them to offer services under an Absa advice license.

Job Description

Key Accountabilities:

1. Establish and maintain a professional relationship with all stakeholders (Client, Bank personnel, product providers, and Adviser Support staff). Participate in reciprocal leads activities and sales/pipeline meetings to identify opportunities for new or repeat business, fully utilizing Absa’s bancassurance structure.
2. Assess client’s needs through recommended needs analysis tools, ensuring that the client is aware of the full value proposition offered by AIFA.
3. Prepare recommendations and quotes for appropriate risk and investment solutions based on the client’s individual needs and profile.
4. Present recommendations to clients, ensuring that all FAIS regulations are followed regarding advice given.
5. Follow all steps in the designated client engagement process as specified by Absa Advisers.
6. Provide regular feedback to the Regional Manager on actions taken to progress leads to business.
7. Network with all stakeholders in Everyday Banking (PGM’s and Regional Managers) by attending their meetings and social gatherings to position the Absa Advisers' value proposition to the Bank and to the clients.
8. Meet sales and/or growth targets and plan activities by identifying clients to be approached/contacted during a particular period in conjunction with Everyday Advice Executive.
9. Using leads information provided by the source or Regional Manager listings, as well as leads sourced through own prospecting activities, determine the client's financial needs.
10. Make exclusive use of Absa’s Financial Needs Analysis tool (Avalon from Aug 2024 onwards) to conduct a comprehensive Financial Needs Analysis for the client.
11. Obtain the client's consent to access existing policy information by getting them to sign the relevant documents for a comprehensive view of the client's financial needs.
12. Discuss various possible solutions and options available with the client and thereafter recommend the most appropriate products and/or solutions to address financial needs.
13. Generate and discuss a formal recommendation including product quote(s) for the client. On acceptance of part or all the advice recommendations, complete the necessary product application forms and ensure that the client signs the forms to indicate consent to engage in transactions.
14. Gather, generate, and complete all necessary compliance documentation (e.g., Client Advice Record, copy of ID, Financial Needs Analysis, FICA).
15. Submit proposal forms to the relevant product providers for processing, ensuring that the issued policy aligns with the recommended product.
16. Review the client's portfolio at least once a year and contact the client based on the adviser and client agreed contact strategy to maintain a healthy client relationship.
17. Provide a report back to the Regional Manager and Everyday Banking stakeholders on the strike rate (i.e., the number of leads converted to business) where applicable.
18. Seek business opportunities from external sources as necessary to grow the book of business and reciprocate leads to Regional Managers and PGM’s.
19. Manage own commission earnings by capturing the correct Policy Relevant Information (PRI) number on the Commission system.
20. On a monthly basis, check the accuracy of commission statements received from the Broker Commissions department and verify that all PRI numbers reconcile to the commission paid and reflected on the statements.
21. Keep the client database up to date by ensuring that new clients are added to the database.
22. Follow up on unpaid premiums and lapses by contacting clients to establish the reasons for the problems and manage the suspense account timely by clearing it on the system at month end.
23. Ensure that staff members (Adviser Assistants) have a clear understanding of their roles and responsibilities within the adviser practice.
24. Arrange for staff members to receive relevant training (Absa programs for the Interns) e.g., systems training, product training, and operational training.
25. Provide coaching and mentoring to assistant(s) to facilitate knowledge and skills development.
26. Participate in performance development (PD) discussions as required by Absa performance management standards.
27. Take necessary corrective actions in cases of underperformance in consultation with the Regional Manager.
28. Implement controls regarding compliant record keeping in accordance with minimum Absa business standards (i.e., FAIS, FICA, FSB).
29. Complete all required compliance exams in specified timeframes (e.g., Anti-Money Laundering, Sanctions, BCM, Basic Financial Crime Concepts).
30. Provide monthly feedback to the branch and Business Bank regarding non-interest income (seat costs) and cross-selling opportunities.
31. Segment the client base according to profile, income potential, and commission income.
32. Engage with business development strategies with the support of the Regional Manager and our practice management subject matter experts to maximize the sustainability of the adviser practice.
33. Attend all required training to attain accreditation to market Absa approved products.
34. Attend all requisite internal training (i.e., FAIS-related programs/courses).
35. Attain the required FAIS credits to maintain Fit and Proper status.
36. Ensure that Fit and Proper status is maintained (honesty, integrity, financial solvency).

Education

Further Education and Training Certificate (FETC): Business, Commerce, and Management Studies (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 achieving 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.