Corporate Vice President, Finance Operations
When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.
New York Life’s primary distribution channel is the career Agency sales force of more than 12,000 agents, operating in virtually every major city in the United States. Every agent is affiliated with one of our 117 General Offices. These offices are operated by Agency management teams responsible for agent and management recruiting, development, and sales. Approximately half our agents operate their businesses out of our General Offices, while the other half maintains independent office locations.
Our General Offices are divided up among four Zones. In addition to our Zone offices, an Agency Home Office team responsible for strategy, finance, administration, standards, training, marketing and communications supports our agents and field managers. The Agency operation also comprises teams charged with growing our business in key market segments, including the middle-income market, the advanced (high-net-worth) market, select cultural markets, and the women’s markets. Agents sell individual life insurance, individual annuities, and long-term care insurance products, as well as mutual funds.
Role Overview
• Tracking and management of vacant agent space. Management of Vacant Space in the General Office is critical to managing the overall rent budget in each Zone. The CVP must discuss space needs with Field Management, conduct General Office meetings with Agents and balance Field Management and Agent needs with the Company’s long-range objectives regarding rent expense.
• Scheduling the financial reviews and setting up systems for follow-up on items of concern from the review. The CVP must ensure reviews are conducted annually in all General Offices in their respective Zones. Once completed review issues must be monitored to ensure the Field Management enacts all corrective actions. A written reply of corrective actions must be on file in the Zone for review annually by Home Office Executive Management. Additionally, the CVP will conduct financial reviews independently in all offices, notwithstanding their size.
• Ledger debit administration. CVP must ensure all types of agent’s debits (Active, Terminated and Special) are monitored, collected and reviewed on a monthly basis.
• General Office and Zone budget variances. Monthly budget review and budget variance explanations are the responsibility of the CVP. The CVP, working with the Home Office, must provide all variance explanations on a monthly and quarterly basis on an account level within set parameters. Procurement card expenses must also be reviewed to ensure legitimacy of charges.
• Work with Field Management on the relationship of expenses
charged to their budget versus their Profit & Loss Statement. Explain differences so that Field Management can maximize Profit & Loss Development Fund. Develop analysis of Profit & Loss results to ensure ultimate General Office profitability.
• Furniture and equipment purchases. All office furniture and equipment purchases required for the General Offices are approved and coordinated by the CVP.
• Discuss and review compensation formulas with Partners, Senior Partners and Managing Partners. The AVP must be conversant in all aspects of Field Managers Compensation and be able to review compensation plans at a high level, and on an individual basis. Explain and project compensation under various production scenarios; field questions on impact of agent transfers/terminations and any other unusual circumstance on compensation. Review “Proformas” of projected production with the Home Office and then present to the Field Manager for concurrence and signature.
• Coordinate Zone sponsored meetings.
• Administer all aspects of the Tier I & Discretionary Expense Program, including fielding questions, making decisions as to expenses that can be charged to these programs and monitoring the Managing Partners to ensure that they do not overspend their accounts. Prepares projections and explains programs so the Managing Partner can make informed and most economically beneficial decisions.
• Basic lease negotiations and lease process. Works closely with National Real Estate Company to make recommendations on selection of locations for General Offices. Review business terms (for ultimate approval by the H.O.) and work with local agency management to explain business terms and gain acceptance of business plan. Work closely with Home Office to ensure timely and accurate execution of lease documents. Handle all space issues on an ongoing basis and mediate issues between local management and landlords.
Qualifications
• Bachelor’s Degree
• Agency Home Office and Field Operations experience
• Excellent oral and written communications
• Decision making skills, reflecting sound judgment
• Ability to interact with Managing Partners, including communicating with them on “unpopular” decisions