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Invest Operations, Corporate Actions Associate

M1 Finance

M1 Finance

Operations
Chicago, IL, USA
Posted on Friday, May 19, 2023

Who we are

M1 helps clients build and protect their wealth, day to day and for the long term. Our self-directed platform allows users to invest, borrow, spend and save in one place, using automation to power each user's unique personal strategy. Hundreds of thousands of clients trust us with over $6 billion in assets. As the Finance Super App™, we empower clients’ financial well-being through automated investing tools, industry-leading APY on high-yield savings accounts, paperwork-free margin loans, low-cost personal loans, and high cash back credit card rewards that can be automatically re-invested into your M1 portfolio.

Our vision is to create a digital private banking experience, making the tools and services of the ultra-wealthy accessible with the click of a button. We've been named a top app for investors including 2023 Best for Low Costs and Best for Sophisticated Investors by Investopedia, 2023 Best Investment App for Porfilio Customization by Insider and one of the best Roth IRAs by Fortune. We have over 60,000 five-star reviews on the Apple App Store and Google Play.

As a fast-growing fintech company, we’re looking for talented and smart individuals who are excited about rethinking what’s possible with personal finance, invested in their personal and professional growth, and eager to take ownership of their work. Our award-winning workplace culture has been recognized by Inc. (Best Workplaces 2022), Built In Chicago (2022 and 2023 Best Places to Work in Chicago), CB Insights (Top Fintech Companies of 2021), and the Chicago Tribune (2021 Top Workplace).

We mean it when we say, “M1 is yours to build.”

If this sounds interesting to you, read on!

What we’re looking for

We’re looking for a motivated operations professional who has experience processing mandatory and voluntary equity corporate actions. This position will be responsible for monitoring, reconciling, and executing events in the corporate actions life cycle to ensure proper dividend distributions and asset adjustments impacting customer holdings. Ideally, this candidate will have knowledge of corporate actions processing as well as other aspects of self-clearing operational activities including ACAT transfers and equities settlement processing. The ability to interpret corporate action announcements and apply them to customer holdings, validate system entries to ensure proper allocations to customer accounts, meet strict intra-day deadlines, problem solve, and communicate clearly is essential. A licensed Series 99 representative or comparable FINRA licensee with knowledge of regulatory requirements is also a plus. The successful candidate in this role will possess a genuine enthusiasm for investment operations and enjoy using technology to execute creative solutions.

What you’ll do

  • Monitor corporate action announcements to ensure events are created properly and applied to customer holdings based on stock record positions.
  • Compare projected events to DTCC’s Corporate Actions Web to ensure upcoming events are captured and ready for processing on execution date.
  • Ability to understand Foreign Tax treaties to ensure position holders receive the most favorable dividend rate based on their country of domicile.
  • Ability to identify any out-of-balances using trial balance ledgers and take appropriate action to clear items on a timely basis after determining the cause of any residual balances.
  • Monitor ACATS to complete transfer of customer securities within regulatory guidelines and department SLA’s.
  • Take the initiative to cross train on other aspects of Invest Operations processing in order to provide support and backup in other areas of the departments during high volume or assigned
  • Ability to understand the life cycle of a trade and handle all aspects of US equities self-clearance and settlement at DTC/NSCC.
  • Review multiple reports daily to ensure various systems
  • Input or approve cash movements (wire/ach/check) to customer and house accounts as
  • Assist in establishing and maintaining procedures for training and reference of all functions under self-clearing and settlement.
  • Continually cross-train and be adaptable to provide additional support to the team during times of high volume or short staffing.
  • Participate in team meetings to identify process improvements and automation that can mitigate risk and improve efficiency.
  • Monitor and resolve discrepancies resulting from complex problems as they occur during and after trade settlement.
  • Review and research regulatory reports to ensure proper actions taken and record

Qualifications

  • Bachelor’s degree in Finance, Economics, or Business is
  • 3-5 years of experience with US equities corporate actions, self-clearing and settlement (DTC, NSCC).
  • Experience with back/middle office systems preferred – Inteliclear, ShadowSuite, BPS, FIS,
  • Team player who enjoys collaborating and will take the initiative to comprehend and own
  • Proven organizational, communication, problem solving, and time management
  • Ability to learn quickly and be intuitive to solve difficult
  • Ability to successfully manage multiple concurrent objectives, assignments and deadlines, while achieving expected results.
  • Series 99 or comparable FINRA licensing required or expectation to study and pass exam soon after hire.

M1's Commitment to Diversity

M1 is proud to be an equal opportunity employer. We celebrate different experiences and we're committed to diversity, equity, inclusion, and belonging (DEIB) at all levels of the company. Women, minorities, veterans, members of the LGBTQIA+ community, and individuals with disabilities are strongly encouraged to apply. With our DEIB Council and six Employee Resource Groups (AAPI@M1, Black@M1, Mental Health@M1, Pride@M1, SomosM1, and Women@M1), M1 employees and leaders set aside company time to tackle DEIB projects and achieve goals every quarter.

Our Values

Our team embodies our ten core principles and if these principles speak to you – we’d love to talk with you.

  • Mission Driven - We know that financial well-being has a dramatic impact on an individual's quality of life. We are passionate about helping people in this domain.
  • Extreme Ownership - We are responsible for the results to our clients, teammates, and shareholders. We own everything in our domain that affects these results.
  • Boldness - Thinking small is a self-fulfilling prophecy. Thinking big inspire results. We would rather fail at the meaningful than succeed at the trivial.
  • Ruthless Prioritization - We want to do more than we possibly can. We must be disciplined on how to use our precious money, people, and time. That means saying no to a lot of good ideas so we can focus on the most important thing.
  • Integrity - We do the right thing. This trust must never be broken.
  • Effectiveness - We do what's needed to deliver the intended results. Whether that requires disciplined process or scrappy implementation, we find a way.
  • Team Oriented - We work collaboratively to achieve more. We respect, trust, and support one another.
  • Transparency - We use simple and clear communication to share information so that people have the context to make good decisions.
  • Make Forward Progress - Something is better than nothing. We make incremental improvements on our path towards perfection. Crawl, walk, run, and then sprint.
  • Resiliency - We understand that any big goal comes with ambiguity, change, and setbacks. We adapt and keep going.

Our Perks

  • Competitive Pay and Stock Options
  • Comprehensive health, dental, vision, disability, and life insurance
  • Retirement benefit with employer match
  • Unlimited PTO
  • $500 to spend on home office equipment while working from home
  • Stylish M1 swag
  • Socially distant team outings, celebrations, and events
  • Transparent and open communication with leadership
  • Office in the Loop with a Game Room and Gym
  • Access to employee workshops and training about financial literacy, empathy and mental health, professional development, and more
  • Free subscription to Insight Timer, the world’s #1 meditation app for sleep, stress, and anxiety