VP Sales & Incentive Compensation, Retirement Services

American General Life Insurance Company - Houston, TX

Full-time - Senior

Houston, TX

Insurance Carriers and Related Activities

About the position

The Vice President of Sales & Incentive Compensation for Retirement Services is a pivotal role that involves overseeing the annual planning process for sales incentive compensation (SIC) plans. This position requires providing strategic guidance to senior and executive leadership on plan designs that align with the company's objectives. The VP will model alternative designs in collaboration with the finance team and develop comprehensive presentations to communicate these designs to the Corebridge Senior Management. Additionally, the role involves shepherding proposed designs through necessary risk reviews with HR, Legal, Compliance, and Enterprise Risk Management (ERM) to ensure all plans are compliant and effective. In terms of budgeting and forecasting, the VP will be responsible for developing budgets and forecasts for SIC plans based on sales projections, coordinating closely with field distribution and the finance team. This includes providing monthly accruals for SIC, conducting budget variance analyses, and analyzing SIC outcomes against expectations to measure plan effectiveness. Participation in third-party surveys, such as Market Metrics, will also be part of the role to assess the company's competitive position in the market. The administration of SIC plans is another critical responsibility, where the VP will oversee and validate the calculation of monthly SIC payments, ensuring that recoverable draws are enforced where applicable. The role requires collaboration with Distribution Management to derive payments under metric-based SIC components and determining awards under various incentive plans. Effective communication with Distribution Management and HR Compensation teams is essential, as is the ability to propose and model design changes in response to market conditions and sales outlook changes. Onboarding new hires is also a key aspect of this role, where the VP will work with Distribution Management and Talent Acquisition to design and model offers that may include customized terms based on the candidate's experience and opportunities. Oversight of non-standard compensation agreements and ensuring the accuracy of reporting produced by customer intelligence and performance teams will be part of the VP's duties. Team and process management is crucial, as the VP will manage a team supporting compensation processes, ensuring that policies and procedures are current and effective. The role involves developing and implementing controls to detect and prevent commission errors, identifying risks, and redesigning commission processes to ensure timely and accurate payments. Governance and reporting responsibilities include supporting the Chair of the Conflicts of Interest & Compensation Committee and leading the Retirement Services Compensation Sub-Committee, ensuring proper documentation and reporting for senior management meetings.

Responsibilities

• Provide guidance to senior and executive leadership on plan designs to accomplish desired objectives.
• Model alternative designs for consideration in conjunction with finance.
• Develop presentations to outline designs to CRBG Senior Management.
• Shepherd proposed designs through risk reviews with HR, Legal, Compliance and ERM.
• Develop GOE budgets/forecasts for SIC plans from sales projections in coordination with field distribution and finance team.
• Provide monthly accruals for SIC.
• Conduct budget variance analysis.
• Analyze SIC outcomes versus expectations to measure plan effectiveness; participate in third-party surveys to understand competitive position.
• Oversee/validate calculation of monthly SIC payments.
• Ensure recoverable draws are being enforced where applicable.
• Work with Distribution Management to derive payments under metric-based SIC components.
• Determine awards under Top Performer LTI plan and Leaders Circle.
• Propose and model design changes in reaction to changing circumstances and secure appropriate approvals.
• Work with Distribution Management and Talent Acquisition to design/model offers for new hires.
• Oversee alignment of reporting produced by customer intelligence and performance teams.
• Audit reporting on a regular basis.
• Manage team supporting compensation processes.
• Ensure policies and procedures are current and tested on a frequent basis.
• Develop and implement controls and monitoring systems that detect and prevent potential commission errors.
• Identify key areas of risk and implement solutions to mitigate such risk.
• Re-design commission processes to ensure commissions are accurate and paid timely.
• Analyze critical commission-related activities to ensure processes are performed as intended.
• Ensure all requests are processed timely, accurately and consistently with value propositions and service models.
• Support Chair of Conflicts of Interest & Compensation Committee with agenda, meeting materials and follow-up items.
• Lead the Retirement Services Compensation Sub-Committee and ensure proper documentation of exception processing, job role changes and escalations/research items.
• Produce executive level reporting for various senior and executive management meetings.
• Ensure accurate monthly dashboards and steering committee reports documenting team's performance, improvement activities and current project milestones/health.
• Deliver critical statistics and risk assessments to key stakeholders within Operational/Financial business units and senior management.

Requirements

• Series 7, 63 and 24 required.
• Series 65/66 preferred, or ability to obtain within 90 days of hire.
• Bachelor's degree in Business Administration, Finance, Analytics or other relevant focus area; Master's Degree preferred.
• 15+ years' experience in Financial Services.
• Knowledge in retail brokerage and advisory fee compensation concepts from a introducing broker-dealer and distribution perspective.
• Detail-oriented, intuitive, innovative, and able to handle a high volume of work independently and manage a team effectively.
• Ability to effect change within their own team, the business unit and across the organization.
• Effective communication skills with the ability to articulate concerns at every level of the organization.
• Ability to prepare strategic plans and presentations for executive and senior level management.
• Skills to make sound, calculated recommendations based on risk appetite and goals of the firm.
• Ability to implement strategic priorities of the organization.
• Ability to analyze large amounts of data and to think through complex issues.

Nice-to-haves

• Experience in managing compensation processes in a financial services environment.
• Familiarity with incentive compensation software or tools.
• Strong analytical skills with a focus on data-driven decision making.

Benefits

• Health insurance coverage.
• Dental insurance coverage.
• Vision insurance coverage.
• 401k benefit for retirement savings plan.
• Paid holidays and vacation time.
• Flexible scheduling options.
• Professional development opportunities.
• Employee discount programs.