Senior Suitability Specialist

  • Competitive
  • Dallas, TX, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 28 Sep 16

Senior Suitability Specialist

New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterey New York Life in Mexico.

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2014 operating earnings of $2.021 billion. Total assets under management at year end 2014, with affiliates, totaled $552.82 billion. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/11/15).

Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for 170 years.
The Suitability Team is responsible for ensuring that both new sales and inforce transactions are appropriate for our clients. This determination is made via an analysis of customer purchases in the context of their investor profile information, investment objectives, and corporate suitability guidelines. The Team also provides support to our agents in the Field by addressing inquiries pertaining to cases which are under suitability review, as well as general questions regarding our suitability program and parameters.

Working under the direction of the Suitability Manager, the Senior Suitability Representative is responsible for the analysis of new business and inforce transactions to ensure that they comply with our corporate suitability standards, and then providing recommendation for approval or declination to a team Principal. The position is expected to provide outstanding customer service and support to the Field by addressing suitability-related inquiries that are received through the team's call queue. The Senior Representative is also expected to take on a larger workload relative to our Suitability Representatives, provide insight on more complex cases, and contribute towards the success of team projects designed to improve our service, workflow, and/or compliance with company and regulatory guidelines.

Responsibilities include:
• Review inforce and new business transactions that pend for suitability review using systems such as Workbench, rPay, Cyberlife, and/or eBoss. Provide recommendations to a Principal as to whether each transaction should be approved or declined, in accordance with corporate suitability standards.
• Conduct outreach to our agents to inform them of any transactions which pend for review, explain the nature of the pend in question, and procure updated information which may be material to our review process.
• Provide outstanding service support to our agents who contact us with suitability-related questions.
• Maintain strong working knowledge of our administrative systems, products, and services.
• Compose accurate client correspondence confirming any Investor Profile changes made as a result of agent outreach.
• Participate in special projects as assigned by the Suitability Manager. Relevant projects could include participating in the design and testing of new suitability workflows, assisting in the creation of revised suitability testing criteria, managing data on shared information platforms (i.e. - maintaining templates and procedures on the team's Sharepoint site), and contributing to Field News publications designed to remind our agents of important aspects of our suitability program.


  • Bachelor's degree is preferred
  • 2 - 4 years experience needed in order to accomplish the job objectives
  • Must have or a FINRA Series 6 or 7
  • Strong oral and written communication skills
  • Proficiency with MS Office Suite

The Senior Suitability Specialist should be familiar with the systems and responsibilities of our teams and contract centers. An understanding of various industry products, (life insurance, fixed, variable and income annuities and mutual funds) is necessary to successfully evaluated proposed replacements and exchanged for suitability. He/She will be expected to perform suitability determination of basic pend conditions associated with our primary product lines: i.e. - annuities, life insurance, and mutual funds. The Senior Suitability Specialist should also have a fundamental understanding of insurance company operations.

The Senior Suitability Specialist is expected to effectively manage his/her own workload, and keep the Suitability Manager appraised of any potential obstacles in addressing all of his/her assigned cased timely.

Good judgment and decision making skills are crucial, particularly with respect to making sound recommendations to approve or decline proposed transactions. The Senior Suitability Specialist's role has a significant impact on the success of the business unit since it directly contributes toward our company's compliance with regulatory standards, protecting our clients from inadvertently purchasing products which do not meet their needs and objectives, and ensuring an overall positive customer experience.

Responsibilities of this position include explaining our Corporate Suitability Standards to the Field and explaining the nature of basic suitability pends. In addition to Agency ( our producers), this position may communicate with our General Office Administration Staff, Annuity New Business, Underwriting and our Service areas (including Traditional Product, our Variable Product Service Center and NYLIFE Securities.

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* Based on revenue as reported by "Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 15, 2015. See for methodology.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US(GAAP), with certain adjustments Company believes to be appropriate as a measurement approach ( non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.