SUMMARY:
COMMISSIONS ADMINISTRATOR - Century City, Cape Town, Western Cape
R22k to R25k Basic Per Month pl
POSITION INFO:
COMMISSIONS ADMINISTRATOR - Century City, Cape Town, Western Cape
R22k to R25k Basic Per Month plus Benefits (Negotiable based on qualification and years of relevant experience)
Our Client, a Global Financial Services concern is seeking a numerically inclined and technically sound Commissions Administrator to join their dynamic team of finance professionals.
One would describe you as being a highly organised problem solver who possesses strong time management skills and who places particular emphasis on accuracy and attention to detail.
Further to this you have good time management skills and a sense of urgency when needing to meet set deadlines. You are also highly analytical, and have the ability to work under pressure. You are extremely adaptable also able to think quickly on your feet.
Job Purpose
The Commissions Administrator is responsible for the accurate calculation, reconciliation, processing, and payment of commissions within a financial services environment. The role ensures that adviser commissions are processed in accordance with company policies, contractual agreements, regulatory requirements, and insurer payment schedules while maintaining high levels of accuracy and confidentiality.
Key Responsibilities:
Commission Processing
- Process adviser and broker commission payments accurately and within agreed timelines.
- Calculate commission earnings based on production, fee structures, and contractual agreements.
- Capture and maintain commission data within internal systems.
- Verify commission statements received from product providers and insurers.
- Process once-off, recurring, upfront, trail, and clawback commissions where applicable.
Reconciliations
- Reconcile commission statements against internal records.
- Investigate and resolve commission discrepancies promptly.
- Follow up with insurers, product providers, and internal stakeholders regarding outstanding commission queries.
- Perform monthly commission reconciliations and prepare reports.
Administration
- Maintain accurate commission records and supporting documentation.
- Update adviser commission structures and banking details.
- Assist with onboarding new financial advisers from a commission administration perspective.
- Maintain commission schedules and payment histories.
- Ensure all documentation is filed and retained in accordance with company policies.
Reporting
- Produce regular commission reports for management.
- Prepare monthly commission summaries and variance reports.
- Assist with financial audits by providing commission-related information.
- Monitor commission trends and identify anomalies.
Stakeholder Management
- Respond to adviser and internal commission queries professionally and efficiently.
- Liaise with insurers, product providers, payroll, finance, and compliance teams.
- Build positive working relationships with internal and external stakeholders.
Compliance
- Ensure commission payments comply with applicable financial services legislation and company policies.
- Maintain confidentiality of financial and adviser information.
- Assist in implementing improvements to commission processes and controls.
- Adhere to all compliance, governance, and audit requirements.
Minimum Requirements:
Qualifications
- Grade 12 (Matric).
- Diploma or Certificate in Finance, Accounting, Business Administration, or a related field (advantageous).
Experience
- 2-5 years' experience in commission administration, finance administration, or a similar role.
- Previous experience within the financial services or insurance industry is highly advantageous.
- Experience working with insurer commission statements and adviser remuneration models is preferred.
- Experience with reconciliations and financial reporting.
Knowledge
- Understanding of commission structures within the financial services industry.
- Knowledge of financial products, including investments, life insurance, and employee benefits (advantageous).
- Understanding of reconciliation processes.
- Familiarity with financial regulations affecting adviser remuneration.
Technical Skills
- Advanced Microsoft Excel skills (PivotTables, VLOOKUP/XLOOKUP, formulas, data analysis).
- Strong Microsoft Office proficiency.
- Experience using CRM, commission management, or financial administration systems.
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