SECTION I—GENERAL INFORMATION
|JOB TITLE: Retirement Specialist I|
|BUSINESS SEGMENT: (select one)
SAFG Domestic Life
SAFG Retirement Services
Chartis Domestic & Canada
Chartis Emerging Markets
Chartis Far East
|JOB FUNCTION: Sales & Client Retention||JOB FAMILY: Sales|
SECTION II—JOB SUMMARY
- A) Primary Purpose of the Job
In the box below, describe the primary (most important) purpose of the job in no more than one or two sentences to provide a general overview of the job. More detailed information will be captured by the remaining parts of this questionnaire.
|The primary purpose of the job is to: Retain existing clients which have indicated they are leaving VALIC by educating the clients on the current features and benefits of their existing investments, cross selling additional investment solutions at VALIC and discussing how their current investment plan fits into the clients short and long term financial goals taking into consideration retirement planning, distribution planning, tax and investment strategy considerations.|
In the boxes provided below, please list up to 6 of the most critical responsibilities of the job, in their order of importance. These responsibilities should be fundamental to achieving the job’s primary purpose. Briefly describe each responsibility in one or two full sentences so that it is understandable to someone unfamiliar with the job. Note that the most “important” duty is not necessarily the duty which requires the most time.
Please also estimate the percentage of time spent over the course of a year on each responsibility. Minor responsibilities should be grouped together so that each line represents at least 10-20% of time. The total amount of time should equal 100%.
|% of Time|
|Client Retention-Speak to and retain existing VALIC clients calling in to surrender their VALIC accounts. Discuss the accounts current features and benefits, profile clients to determine current investment objective and lastly engage both client and third party competing advisor to ensure that our clients make a sound financial decision surrounding the surrender or reinvestment of their funds at VALIC. Research competitive information and provide clients objective guidance surrounding the benefits and consequences of surrendering their investments with VALIC.||40|
|Sales-Utilizing our Financial Planning resources and Investment Analysis tools, engage clients regarding their current investment objective and provide specific education and guidance surrounding investment solutions available at VALIC. Assist clients in optimizing their current investment strategy by determining appropriate level of risk and asset allocation to meet clients intended investment objective.||30|
|Financial Advisor Support-Provide notification and sales support to VALIC financial advisors on client retention cases including competitor research, assisting VALIC advisors in contacting “at risk” clients and providing sales/product strategies to VALIC advisors with the objective of retaining clients that have indicated they want to surrender their investments with VALIC.||20|
|Client Service & Investment Education-Take call transfers from Customer Service Professionals of clients requesting education and guidance on investment options available to them within their current retirement plan/account.||10|
SECTION III—JOB SCOPE AND IMPACT
- A) People or Function Leadership
This job is a(n)
Individual Contributor People Manager Function/Process Manager
- B) Quantitative Aspects (Scope)
Describe the scope of responsibility for this job within the business segment you selected above (e.g., Chartis-Worldwide-CFO, Chartis-Domestic-HR, Chartis-International-AsiaPac-Finance, SAFG-Domestic Life-AGLA-New Career, SAFG-VALIC)?
Job’s annual revenue target (in USD), if applicable? 0 (Individual Contributor, Indirect) Less than $250M $250M-$500M $500M-$1B $1B-$5B $5B-$25B Greater than $25B
Are there other quantitative measures that help scope this job (e.g., Assets under Management, Operating Budget)? Please describe: Retirement Specialist I retains roughly $50MM in Assets Annually that were to be surrendered and generates between $1M-$2MM in new deposits annually into VALIC.
C) Communication Requirements
Please select the frequency of the types of communication that are required for this job.
|Internal – Peer||Internal – Superiors (other than immediate supervisor)||Internal – Executives||External|
|Exchange of factual information|
|Exchange of information requiring sensitivity or discretion|
|Exchange of information requiring persuasion and diplomacy|
|SECTION IV—PROBLEM SOLVING|
|The Retirement Specialist I position requires a high level of training & resourcefulness to perform day to day job functions. The position supports all VALIC clients that are a part of more than 10,000 unique employer sponsored retirement plans. Plans differ in the type of provisions associated with the client’s account. Retirement Specialists must have a thorough understanding of the most common plan provisions to accurately guide clients in their decision making process. Additionally, the position requires an in depth understanding of the various products available at VALIC along with competitor solutions in order to provide sound education to VALIC clients looking to surrender their VALIC accounts. Lastly, the position requires a high level of diplomacy and technical knowledge as 40% of the asset retention calls taken involve a third party competitor with the client.|
Discretion (for US only)
Does this job have the authority to make independent decisions and/or recommendations on matters of significance based on the exercise of discretion and independent judgment? Yes If so, please describe:The position provides education and advice surrounding investment solutions, distribution planning & financial planning taking into account tax considerations, estate planning considerations and client information.
|SECTION V—JOB QUALIFICATIONS|
|High school diploma or general education degree|
|Up to two years of specialized trade, technical school, or college|
|Associate’s degree from a two-year college or technical school (also known as foundation degree, diploma)|
|Bachelor’s degree from a four-year college or university (also known as undergraduate degree)|
|Post-Bachelor’s degree (also known as graduate degree). Specify degree level:________|
|What is the minimum level of job-related experience required prior to the current job? (Please select the appropriate box below.)|
|One to three years|
|Three to five years|
|Five to ten years|
|Ten or more years|
|Requires at a minimum a Series 6, 63 and State Life License. Preferred experience in Financial Services industry or Sales preferred.
|SECTION VI—ADDITIONAL COMMENTS|
|SECTION VII—PAY EQUITY FACTORS|
This section should only be filled out for jobs in Canada and Norway.
|Pay Equity Factor 1: Physical Effort|
Physical effort relates to:
- The physical or muscular exertion required for lifting or moving objects, use of tools and operation of machines and equipment, and the resulting fatigue brought about by these.
- Positions that require constant sitting, standing, stooping, climbing, or repetitive motion, as well as working in a strained position or in confining quarters.
- The physical dexterity required in performing tasks that require hand/eye coordination or fine motor skills.
Note: Mental fatigue is not measured by physical effort.
What physical effort is typically required by your position? (Please use the definitions on the previous page as a guide when considering each statement below.)
|Please check the one box in each column that best describes the physical effort required by your position.|
|6.||Extended period of time|
|Occasionally||Weekly or a few times a week|
|Regularly||Daily, or a few times a day|
|Constantly||Throughout the day|
|Rare/Limited||Less than 60 minutes|
|Occasionally||1 – 3 hours|
|Frequent||3 – 6 hours|
|Continuous||6 – 8 hours with minimal breaks|
|Prolonged||30 – 60 minutes|
|Extended period of time||1- 3 hours|
|Continuous/constant||Throughout the day with minimal breaks|
|Sedentary||Most frequent:||No Lifting|
|Maximum:||5 kilograms/11 pounds|
|Light||Most frequent:||Under 5 kilograms/11 pounds|
|Maximum:||10 kilograms/ 22 pounds|
|Medium||Most frequent:||5-15 kilograms/11-34 pounds|
|Maximum:||20 kilograms/44 pounds|
|Heavy||Most frequent:||Over 15 kilograms/34 pounds|
|Maximum:||45 kilograms/100 pounds|
|Pay Equity Factor 2: Working Conditions|
Working conditions takes into account any conditions that you are exposed to during the course of performing the responsibilities of your position. Please indicate only those conditions that occur in degree or frequency that require you to take action to accommodate this condition (e.g., wearing protective clothing or devices to protect against exposure to hazardous materials).
|Minimal or None||Little or no exposure to stressful or unpleasant working conditions.|
|Moderate||Exposure to stressful or unpleasant working conditions where ordinary attention is required to ensure your safety and/or well being.
Travel will typically be air or car, under Canadian weather conditions.
|High||Exposure to severely stressful or unpleasant working conditions where special attention is required to ensure your safety and/or well being.|
|Seldom or Never||0% to 10% of the time|
|Occasional||10% to 40% of the time|
|Regular||40% to 90% of the time|
|Continuously||90% to 100% of the time|
Instructions for answering this question about Working Conditions:
- First read the list of working conditions that may or may not exist in your position. Typically one or two of these conditions may exist; some positions have none and others have three or four conditions present in their work environment. There is no correct or ideal number of conditions present in a position. We are interested in obtaining an inventory of those that do exist and the frequency to which they are present.
- Please indicate in the first column headed, Minimal or None, the conditions that ARE NOT PRESENT in your work environment by placing a check in the appropriate box.
- Next, for those conditions that do exist please indicate by placing a check in the appropriate box whether the degree to which the condition exists is MODERATE or
- For each condition that does exist, please indicate the frequency to which the condition is present in your work environment by checking the appropriate box under the frequency section.
|Please check the boxes that apply to your position:|
|Exposure to noise/crowded conditions|
|Daily and extended
|Requirement to remain at workstation for extended periods|
|Dealing with verbal abuse from irrational clients|
|Cleaning offices, stores, machinery|
|Continual monitoring of computer terminals required|
|Pay Equity Factor 3: Sensory Effort|
|Please demonstrate the type of Sensory Effort or Concentration (attention to detail) that the role requires.|
|Example: Retirement Specialist takes a call of a client and third party advisor looking to surrender their VALIC accounts and roll the funds to another investment product. Retirement Specialist must consider the following before providing advice/guidance to the client:
-Is the client 59 ½ or Separated From Service?
-Will the rollover be full or partial?
-Is the client vested?
-Is the client currently taking Required Minimum Distributions that must be fulfilled prior to transferring funds?
-Is PA signature required?
-What is the retirement plan “type” current and future?
-What are plan rules surrounding distributions?
-Current Money Type & Contribution Source of funds currently held at VALIC
-Does the plan allow In service transfers. Is the competing product approved within the employer sponsored retirement plan?
-Will the rollover/surrender result in any tax consequences whether Capital Gains or Income Tax?
-Is the client changing plan types which may result in a change of tax treatment of distributions?
-Will the rollover be direct or indirect?
-Tax treatment of distributions from annuities vs retirement accounts
-Current/Future Investments: Standard Deviation, Beta, Alpha and Mean Return statistics
-Current/Future Minimum Guaranteed Interest Rate
-Riders Associated with current investment and future investments. Differentiation between riders.
-Surrender Charges and Waivers to surrender charges and specific product features
-Expenses/Fees/ Reductions associated with product or plan
-Current Investment Strategy
-Outside Income Sources
-Overall Financial Profile
|2 – Moderate|
|3 – Extensive|
|4 – Continuous|