Suitability Principal, Manager

  • Competitive
  • Cleveland, OH, USA Cleveland OH US
  • Permanent, Full time
  • New York Life Insurance Company
  • 19 Aug 18 2018-08-19

Suitability Principal, Manager

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 Monterrey 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 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 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 8/17/16).

Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.

The Suitability Manager is responsible for participating in the oversight of our suitability review process for the Service Organization. Managing a team of 8 - 10 Suitability Representatives/Senior Suitability Representatives, the Suitability Manager is responsible for ensuring that all annuity, variable life, and mutual fund new business and inforce suitability pends are resolved in accordance with our corporate suitability standards as well as within our service targets. As a Registered Principal, he/she is also expected to provide final suitability determination on transactions that pend for review. Through ongoing coaching and calibration, the Suitability Manager ensures that the members of the Suitability Team apply a consistent approach when reviewing pended transactions and recommending as to whether they should be passed or declined. The Suitability Manager coaches his/her staff to provide "best in class" customer service to our agents, addresses escalated inquiries and appeals, and looks for opportunities to improve our communication with the Field in general. The Suitability Manager is also responsible for identifying and coordinating systems, reporting, and/or procedural enhancements which will lead to an improved customer experience as well as a more cost-effective operating environment. He/she also serves as a liaison with Corporate Compliance for purposes of identifying and implementing projects which advance strategic goals of achieving greater operational efficiency and strong compliance results.

• Responsible for oversight and development of 8 - 10 Representatives and Senior Representatives on the Suitability Team. Ensure staff awareness of and participation in important team initiatives.
• Ensure that all new business and inforce suitability pends are resolved in accordance with our corporate suitability standards as well as within our service standards. Review and sign off on all suitability control reports within compliance standards.
• Lead team towards achievement of strong compliance with service and regulatory guidelines.
• Monitor agent/customer transactions and identifies any patterns requiring review by Corporate Compliance.
• Coach staff on providing our agents with "best in class" customer service.
• Handle escalated inquiries and appeals, and look for opportunities to improve our communication with the Field in general. Provide leadership with respect to coordinating sensitive/escalated matters which require review by multiple parties.
• Serve as a liaison with our Systems, Project Management, and Corporate Compliance Teams. Partner with key representatives in these areas to advance system and workflow enhancements which lead to a more efficient and controlled operating environment. Lead project teams comprised of members of the Suitability staff on initiatives such as improving our client and agent correspondence, designing new workflows and testing criteria to accommodate new products and/or compliance guidelines, and the implementation of new controls to support existing procedures.
• Prepare and distribute monthly suitability trend and compliance reports.

Education - Bachelor Degree preferred
Minimum of 5 years experience in the securities industry with a background in registered annuity products, mutual funds and securities.
FINRA Series 6 and 26 or 7 and 24 required; Series 53 and/or 4 a plus.
Series 6 and Series 7 registrations are required - the Security Industry Essentials Exam is a registration pre-requisite as of October 1, 2018


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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.

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.