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Securities Ops Service Spec 2

Wells Fargo
4-7 years
Not Specified

Job Description

Job Description :
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading global financial services company headquartered in San Francisco (United States). Wells Fargo has offices in over 20 countries and territories. Our business outside of the U.S. mostly focuses on providing banking services for large corporate, government and financial institution clients. We have worldwide expertise and services to help our customers improve earnings, manage risk, and develop opportunities in the global marketplace. Our global reach offers many opportunities for you to develop a career with Wells Fargo. Join our diverse and inclusive team where you will feel valued and inspired to contribute your unique skills and experience. We are looking for talented people who will put our customers at the center of everything we do. Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Market Job Description
The Tax Reporting Securities Operations Service Specialist 2 (SOSS2) provides phone support to Client Associates and Financial Advisors by providing information about the client's non-wage income and transactions that may influence an individual or entity's tax liability, as well as resolving questions related to the total purchase price of a security (which may include commissions and/or fees) so that they may be able to assist clients in making investment decisions.
Specific questions may include any of the following:
Cost Basis Basics - Purchase price/original value of a tax lot that may include commission and/or fees.
Cost Basis Adjustments - This section will be about teaching team members the ability to explain the 'causes of adjustments' to cost basis being made to each account along with the ability to identify each adjustment factor within Smart Station or BETA.
Journals - This section will be about understanding the full journal process along with understanding different situations in regards to Cost Basis: Individual, Joint, Deceased, Trustee, Estate Account Transfers.
Corporate Actions - Corporate actions are usually referred to any event that brings material change to a company that will affect its stakeholders.
Wash Sales - Wash Sales occurs when you sell or trade stock/securities at a loss and within 30 days before or after you 'acquire/buy' the identical stock or security back. This section will be about teaching everyone how to explain what a 'wash sale' is and fully understand the process in order for them to explain it to the branches.
Options - An option is a contract to buy or sell a specific financial product officially known as the 'option's underlying instrument' or ' underlying interest.'
Tax Reporting
Backup Withholding - Backup Withholding is defined as 'persons(payers)' making certain payments to payees must withhold and pay to the IRS a specified percentage of those payments under certain conditions. This section will be about the explaining the full process and why it is necessary, distinguish between the different types of Backup Withholding in a specific account, and explaining what needs to be done in certain situations.
Non Resident Alien (NRA) - This section will be about teaching team members the full NRA process and what type of documentation may be needed for each situation.
State Reporting - State filing has to be completed to the IRS in timely fashion and each state has their own tax deadline that the firm has to meet. This section will provide a full explanation on what we report to the IRS and will break down the differences in certain state requirements.
TAX IRA - This section will be about explaining the different IRA accounts and tax forms(1099R, 1099Q, 5498, etc.) and ensuring each team member has a good understanding of the reporting requirements.
Consolidated Tax Forms - This section will be about explaining in detail all of the information on the 1099 Consolidated Tax Form along ensuring each team member has a good understanding of the reporting requirements as well.
Split Tax Reporting - This section will be about explaining when an account owner passes away and what is needed to begin the 'split-tax reporting' process for the living beneficiaries entitled to the assets within the brokerage account.
Market Skills and Certifications
. Completed 2nd year in College (Bachelor's Degree course)
. 4 years of working experience (voice office support) in the BPO/Contact Center industry
. Preferred background in securities operations (e.g trade processing, trade booking, brokerage services, derivatives, fixed income, etc
. Excellent problem solving, analytical and technical skills with ability to apply critical judgment and come up with effective decisions.
. Strong verbal and written communication skills and proficiency for detailed documentation with ability to validate work.
. High proficiency with Microsoft Program
. Ability to adapt to a fast paced environment and perform under pressure with a high motivation and able to meet stringent deadlines with strong sense of urgency and results and detail orientation.
. Ability to plan, prioritize and execute a body of work with minimal supervision.
. Flexibility to work in night shifts, or weekends/holidays if deemed necessary by the business.
. Possess an impeccable reputation for integrity, accuracy, consistency and business acumen.
. Highly analytical and keen to details
. Familiarity with banking documents
We Value Diversity
At Wells Fargo, we believe in diversity and inclusion in the workplace accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national or ethnic origin, age, disability, religion, sexual orientation, gender identity or any other status protected by applicable law. We comply with all applicable laws in every jurisdiction in which we operate. 68412

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