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Years of Experience
Date Last Verified
ProfileWealth Senior Trust Officer The candidate will be responsible for administration and relationship management of a complex and challenging assignment of high net worth personal trust/fiduciary relationships for a firm's Wealth regional office. Will be responsible for daily decision-making and exercise of discretion over significant and consequential matters and duties related to fiduciary (e.g. trust, estate, agency) accounts. Protect the interests of the trust beneficiaries and administer each trust account in good faith according to the terms of the trust document, while balancing the needs of the Bank and requirements of regulatory authorities. Provide counsel and advice to firm's Wealth staff on fiduciary standards, applicable laws and regulations. Using high-level knowledge of estate planning principles, ensure that industry and bank fiduciary standards, compliance rules, regulatory requirements, practices and policies are observed. Contribute to attainment of growth, profitability and retention goals through excellent client service, active participation in business development and cross-sell activities through integration of a broad range of firm's Wealth products and services. Generally, the accounts managed by a Personal Trust Specialist (PTS) III are more complex than the accounts of other PTSs, demand a higher level of experience and call for more frequent face-to-face interaction with clients. Work in conjunction with Wealth Regional Director and Wealth Senior Trust Manager to ensure uniformity, efficiency and quality in the administration of all fiduciary accounts assigned to the regional office. Inform the Wealth Regional Director and Wealth Senior Trust Manager of administrative progress, complex issues, problems and complaints. Understand and interpret legal and fiduciary documents in order to carry out the terms of the documents, implement administrative procedures and comply with department policy and audit requirements. Make independent judgment calls to determine a course of action regarding discretionary distributions (often for health, education, maintenance and support of the beneficiary or some other ascertainable standard as determined by the IRS and applicable law), income/principal adjustments, fee allocation, tax payments, bill payments and other disbursements from the account. Approve asset allocation and oversee investment of assets by the Portfolio Manager. Work with internal associates to opine on and determine substantive decisions such as treatment of closely held business interests and real estate, tax elections, management of retirement accounts within trusts, administration of irrevocable life insurance trusts and gift trusts, management of charitable trusts, funding of sub-trusts, modification or termination of trusts, unitrust conversions, and other aspects of multifaceted fiduciary administration. Conduct an annual administrative review and oversee an annual investment review of all fiduciary accounts to ensure proper compliance; effectuate necessary account changes as a result of annual review process. Prepare for and may oversee internal audits and visits by examiners. Manage risk by making suggestions to managers for improvements and enhancements that will better assure quality service. Add value to client relationships by solving existing problems, anticipating possible problems and developing a perspective on individual client situations to use as a vehicle for selling additional products and services. Provide technical support and participate in supervision, training and development of internal support personnel through delegation of duties and assignments. Retain and oversee outside professionals with delegated responsibility such as property managers and appraisers. Maintain good working relationships with clients, IRM partners, attorneys, CPAs and other related professionals to assure quality service and to enhance business development opportunities. Assists the Wealth team in meeting sales goals assigned to the regional office, fosters direct referrals from centers of influence and encourages cross-sales to/from IRM partners. Keep up-to-date on legal issues, regulations, investment and tax issues, trends and developments in the trust banking industry.
Qualification and Experience
The candidate should have Bachelor’s degree in Trust Management, Investment Management, Business, Banking or Accounting or equivalent education and related training. Master’s degree in Law, Business or Accounting is desirable. Completion of Graduate Trust School is desirable. Certification as Certified Trust and Financial Advisor, Certified Financial Services Counselor, Certified Financial Planner or comparable designation is desirable. Should have 7+ years experience in administering trusts, estates and investment accounts. Should have advanced knowledge (technical expertise) of fiduciary and estate planning principles/law. Should have strong analytical, problem-solving, interpersonal and relationship management skills and excellent communication abilities, including written, verbal and presentation skills. Should have proficiency in basic computer applications such as Microsoft Office software products. Should be fluent in English language.