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PB Senior Readiness Lead, Tax, HTS

United States, Pennsylvania, Oaks
1 Freedom Valley Drive (Show on map)
October 24, 2022

PB Change Management is accountable for the success of all implementation and ongoing projects globally in the Private Banking market unit. The team provides project management, configuration, data migration, system integration, subject matter expertise, training and business lead support.

What you'll do:

  • Lead early discovery (BTP) sessions with client(s) by providing a detailed overview of SWP Tax Lot Accounting, Tax Processing and Tax Reporting to identify type of tax reporting, processing and tax vendor needs of the Client.
  • Support large HTS client implementation on the SWP Wealth Platform. Areas supported include: US tax lot processing and accounting (including wash sales, withholding (backup/NRA/IRA), US tax reporting (1099, 5498 and 1041), Scientific Amortization and Accretion, Return of Capital Reclassification Currency Gain/Loss, Corporate Actions, Corrections/Reversals, Fees and Client and Account Administration
  • Interact with SWP development in gathering business requirements necessary for implementation.
  • Train Client on SWP Wealth Platform functionality in order to identify business process improvements, workflows and procedures.
  • Participate in SWP Configuration and Data mapping requirement gathering as it relates to areas supported.
  • Release coordination and defect triage
  • Conduct Workflow sessions to review Client's current tax process/procedures. For each topic, identify and document change in process/workflow, potential gaps and/or mitigations required.
  • Train Client on the following SWP tax functionality:
    • Tax Related Client and Account Profile attributes, Relationships, Copy To Recipients and their impacts on processing, reporting, and vendor interfaces.
    • Asset Data critical for accurate tax processing and reporting.
    • Tax Lot processing concepts including Tax Lot Disposition Methods, Single Average position, Security and Currency gain/loss calculations, CBRS tax lot attributes, tax lot adjustments including realized gain/loss adjustments, tax lot merge and separate functionality
    • SAA - amortization and accretion
    • ROCR - return of capital reclassification
    • Wash Sales
    • Withholding (NRA, Backup and FATCA withholding) - qualification of through remittance of money
    • Estimate and balance Due Processing - file format(s), receipt, and payment processing through remittance of money. Support multiple vendors/sources for 1041, 1040 and 990 return types.
    • Master Limited Partnership K1 Tax Reporting - file format, inbound/outbound process and reporting available. (Multiple Vendors)
    • Tax Bridge Scheduling per Vendor, Special Handling Logic in Tax Bridge and Tax Code Mapping Assignment to Transactions.
    • Tax Documents including historical document upload if available.
  • Support Tax Configuration Discussions as it relates to: tax functionality, tax bridge configuration and entitlements and roles.
  • Support Data Capture/Mapping discussions as it relates to tax functionality include client and account profile settings, withholding settings, and tax lots.
  • Coordinate and Participate in testing for Model Office, Dress Rehearsal, Trial Conversions, UAT Testing for SWP tax functionality as well as Tax Vendor interface testing. Activities include:
    • Create/Assist with project plan for testing with Tax Vendors
    • Assist Client with test script creation and review
  • Review defects submitted by Client during MO, Dress Rehearsal, UAT Testing and Tax Vendor interface testing. Analyze/research defect prior to submitting to development for review.
  • Evaluate effectiveness & success of testing phases in order to rate Client readiness and provide a risk assessment of readiness
  • Identify tax related potential gaps and work with project team and development to determine if strategy or custom.
    • Assist Client with Position Statement creation
    • Work with Development on potential design, follow-up questions and Position Statement Analysis document if needed.
  • Coordinate with development team to introduce features being released in a PSI to Client. Identify ones that impact the Client and if any firm configuration decision is required.
  • Lead the Tax Center of Excellence in support of SWP Tax Processing and Reporting
    • Provide support and training to all Implementations Team as well as the production Client Service Teams as it related to SWP tax functionality.
    • Document, Update and/or Publish SWP Tax User Guides, Troubleshooting Guide, Visio's and other documents as it relates to tax.

What you bring to the table:

  • Comprehensive understanding of SWP Tax Solutions and Offerings to support sale process and early discovery with potential clients.
  • Experience with SWP supported Tax Vendors
    • PwC, Thomson Reuters (OneSource) and FIS (Wall Street Concepts) for 1099's, 1042S, 1041's, 990's.
    • Broadridge and FIS (Wall Street Concepts) for MLP K1 tax reporting
  • Industry knowledge with respect to types of tax forms and returns supported by SWP and their associated Tax Vendors. (1099 DIOB, 1099 Misc., 1099R/5498, 1042S, 1041's and 990's.)
  • Subject matter expertise in support of the following areas related to Tax Processing: Scientific Amortization and Accretion (SAA), Wash Sales, Return of Capital Reclassification (ROCR), Withholding (Back-up, NRA, and FATCA), Tax Lot Accounting (including disposition methods, single average position lots, and security and currency gain/loss calculations), Cost Basis Reporting (CBRS) as it relates to tax lot accounting and 1099B reporting, Estimate and Balance Due processing. Tax Related SWP Client and Account and Asset Set -Up Requirements.
  • Subject matter expertise in support of the following areas related to Tax Reporting: Tax Bridge format requirements, options and logic, Tax Code Mapping and Assignment, Tax Bridge Scheduling, Common Trust Fund Tax Reporting, 1099 Multi-Owner Reporting and MLP K1 Reporting.
  • Familiarity with SWP Tax Configuration Options as it relates to tax processing and reporting.
  • Familiarity with Data Capture/Mapping of all Tax relevant attributes including SWP Client, Account, Relationships, and Tax Lots.
  • Ability to identify process improvements as well as potential gaps through workflow discussions and requirement gathering. Assist SEI Product Manager in documenting the business need and design as well as if considered Strategy or Custom.
  • Ability to effectively communicate verbally and in writing to support client and internal training, client presentations, working sessions as well as document workflows, processes and procedures.
  • Awareness of the Agile Methodology of Development for understanding of the PSI Release Process, Release Note generation and UAT testing cycles.
  • Ability to undertake and direct complicated projects, triage defects and identify potential mitigations (workarounds) were necessary.
  • Analytical and Detail Oriented
  • Knowledge of SWP tax reporting a must, Trust3000 a plus.
  • Microsoft Office (Word, Excel and PowerPoint) as must, Visio a plus.
  • Ability to commit to 25% travel

What you can expect from us:

We are a technology and asset management company delivering on our promise of building brave futuresSM-for our clients, our communities, and ourselves. Whether you're in one of our global offices or remotely contributing your talent, our culture encourages collaboration, spurs creativity, and inspires the courage to unlock opportunities that help us realize our fullest potential.

Without people, it's just work, so we take pride in caring for our employees and clients. We understand the importance of integrating work and life because finding harmony in your professional and personal activities is key to achieving fulfilment.

And inclusion isn't just a buzz word for us-it's at the core of our commitment to driving our collective success. We ask employees to bring their authentic selves to do their best work every day. It's the power of diverse perspectives, experiences, and ideas that help us deliver the solutions that solve for our clients' most complex challenges.

Six core values are the foundation of SEI's culture. Care for our clients, communities, investors, and each other drives our commitment to these values.

Courage: We think and act like owners, embracing risk to drive growth for our clients and company.

Integrity: We do what we say and act with transparency (because it's the right thing to do).

Collaboration: We work with each other, our clients, partners, and communities to solve problems that matter.

Inclusion: We nurture an environment of respect and belonging where people are empowered to be themselves.

Connection: We build lasting relationships through which we learn, grow, and succeed.

We have Fun.

Does your brave future include professional growth, mastering new skills, and cultivating meaningful connections? Come build it with us, and join our community.

SEI is an Equal Opportunity Employer and so much more...

After 50 years in business, SEI is a leading global provider of investment processing, investment management, and investment operations solutions. Reflecting our experience within financial services and financial technology our Oaks, PA office encompasses an open floor plan and numerous art installations designed to encourage innovation and creativity in our workforce. We recognize that our people are our most valuable asset and that a healthy, happy, and motivated workforce is key to our continued growth. At SEI, we're (literally) invested in your success. We offer our employees paid parental leave, back-up childcare arrangements, paid volunteer days, education assistance and access to thriving employee networks.