Broker Dealer Operations Lead

About You

With an eye for details, you know the importance of triple checking your work to ensure accuracy and believe that is the minimum standard. You are thoughtful about risk, learn quickly from your mistakes and are commercially minded and motivated to ensure operations support business objectives. Digging into the details is exciting and you are constantly looking for ways to make established processes more streamlined and efficient - both with the help of full automation and via more manual processes where appropriate. You have a player/coach mentality and as a team lead, you are always willing to roll up your sleeves and lend a helping hand in a fast moving, high-growth startup. You understand that startups move quickly and you are excited by the task of continuing to scale broker dealer operations to keep pace with business growth, while always ensuring stability, safety, and compliance. Knowing that collaboration is key, you work closely with like-minded individuals to solve problems and contribute to team objectives. Lastly, you have a default positive attitude and embrace key characteristics we look for in Flourishers: grit, craftsmanship, and a collaborative approach.

Principal Responsibilities

• Ensure daily, weekly, monthly, and quarterly required tasks are completed in support of our broker dealer: allocation algorithm, daily wires, key reporting, system controls
• Manage, mentor, and develop the existing Broker Dealer Operations team
• Partner with the Data team to forecast growth, explore optimal allocations, and report on key business metrics related to the sweep program
• Track and report on Broker Dealer Operations KPIs to the Flourish executive team
• Facilitate daily cash movement of customer funds within the brokered sweep program as well as movement of funds between Flourish products and entities
• Perform daily cash reconciliation of customer cash within the brokered sweep program
• Run proprietary algorithm to derive the most optimal distribution of customer funds among brokered sweep program bank partners
• Be an expert on the details of our proprietary algorithm and sweep program
• Process monthly interest settlement and reconciliation at program banks
• Build, maintain, and evolve Broker Dealer Operations processes to streamline core tasks, improve efficiency, and reduce mistakes
• Drive onboarding of new banks into the cash sweep program, or any other strategic partners for new product initiatives
• Develop strategic relationships with program banks’ operations leadership
• Provide audit support and adhere to operational controls and regulatory requirements
• Partner with Finance to complete all necessary monthly regulatory reporting
• Partner closely with Product & Engineering to provide operational support and input on existing and new functionality
• Aid in ongoing bank and partner risk monitoring
• Manage Flourish’s treasury strategy to optimize yield within defined risk and regulatory parameters
• Stay abreast of key trends in the banking and payments space to propose new initiatives to enhance our offerings

Qualifications

• 7+ years experience in operations and/or treasury focused function from fintech startup, asset manager, or large bank
• Bachelor’s degree
• FINRA Licenses - you must have all three of the below licenses active OR have the SIE and Series 99 (or equivalent) licenses active and be willing to get the Series 27 within the first 60 days of joining. Preference will be given to fully licensed candidates.
  • SIE
  • Series 99
  • Series 27
• Familiarity with various USD payment rails and infrastructure (i.e. Fedwire, SWIFT, CHIPS, ACH, FedNow, etc.) strongly preferred
• Familiarity with SEC/FINRA Broker Dealer regulations such as 15c3-1 Net Capital rules and 15c3-3 Customer Reserve rules strongly preferred
• Experience working with various cash and/or fixed income products a plus
• Proven track record and keen eye for process improvement and streamlining procedures
• Reliable, eager, ambitious, self-starter, strong attention to detail a must
• Self starter “Player / Coach” that does not require a lot of oversight and is willing to dive in to create sustainable solutions
• Team player who is driven to solve problems and meet deliverables
• Previous management experience preferred

At Flourish, we focus on ensuring fair, equitable pay by providing competitive salaries, along with bonus and incentive opportunities and benefits for all employees.

Base Salary Range: $172,000 - $225,700 plus bonus