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Years of Experience
Date Last Verified
Wealth Management - Private Bank Trust Administrator The candidate will expected to have or develop the skills to provide leverage and back-up coverage for the Trust Officer with whom the Trust Administrative Officer works. Work with the Account Opening Group to open trust accounts. Interpret the governing instrument and applicable law to ensure the proper set-up of account records, including payments, fee schedules and tax records. Communicate with beneficiaries and co-trustees to outline administrative procedures. Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with the Trust Officer. Work with the Tax Officers and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries. Respond to requests from beneficiaries for discretionary distributions. Prepare memoranda supporting recommendation regarding how the Bank shall exercise discretionary powers it has as trustee. Confer with co-trustee (if any) to obtain his/her approval. Coordinate with Trust Officer on the communication of the decision to client and follow-up action on the request as necessary. Handle ongoing day to day administration of account, and proactively manage account base in an effort to avoid and minimize service and operational issues. Oversee the work performed by various operational groups. Identify risk that might be incurred in connection with a trust, consistent with any applicable policies and procedures governing the risk in question. Utilize risk management tools, such as the overdraft report, daily transaction report, Administrative Review, Holistic Review and the AAR Variance Report to ensure that all exceptions are properly addressed and kept to a minimum. Communicate with Investors regarding investment matters and liquidity needs. Handle departmental projects relating to accounts and special assets. Participate on various committees as needed. When the trust terminates the account is transferred to the Trust Settlement group. Responsible for ensuring appropriate steps are taken to minimize risk, including canceling payments and statements, where appropriate, and obtaining necessary documents for the Settlements group. Trust Administrative Officers must actively participate in dealing with interested parties and develop relationships with income beneficiaries, co-trustees and intermediaries in order to have appropriate knowledge to carry out the grantorâ€™s purposes and meet the needs of the beneficiaries. The specialized and ever changing nature of the Trust practice requires that Trust Administrative Officers devote time to personal development and training. Training at company includes internal sessions covering systems changes, practices and procedures, Q & A sessions offered to facilitate understanding of our environment and sessions on technical, legal, tax and regulatory developments. Coaching and training junior members of the team, especially in fundamental trust concepts. A Bachelor's degree required. Should have 1-3 years experience in the trust and estates industry. Advanced degree such as JD, industry certification such as CTFA or paralegal certificate, with paralegal experience in trust and estates practice preferred. Experience with fiduciary platform a plus. Should have experience in the administration and support of trusts including general understanding of fiduciary products and concepts, including legal, tax and investments knowledge.
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