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Years of Experience
Date Last Verified
Fiduciary Officer The candidate assists the Fiduciary Team with administrative, fiduciary and risk management oversight over all company accounts. This includes involvement in new account acceptance, account opening guidelines and procedures and discretionary distributions. The FO provides another level of control to ensure that key activities performed by MMTC are in alignment with clientsâ€™ best interest. There is also a key educational aspect and responsibility to this role as the FO will look for opportunities to educate staff and advisors one-on-one and through group meetings on key risk issues, tax law changes with an impact on existing and prospective clients, in addition to providing an overview on more complex and advanced financial planning techniques.As part of a core element of companyâ€™s value proposition, the FO will provide support to the Fiduciary Team in conducting reviews of trust document or â€œDoc Reviews.â€ Doc Reviews generally occur as part of the new business acquisition. These reviews are designed to provide feedback to the drafting attorney and ultimately a final assessment for MMTC as to whether will accept the account and serve in a certain capacity such as Trustee, Agent for Trustee, etc. Additional elements of the document review process included: Identifies relevant issues and communicates same to sales staff, agents and/or prospectâ€™s attorney. Coordinates changes to trust documents or court action as appropriate. Provides synopsis of trust terms. Prepares appointment documents and reviews prior trustee removal or resignation documents. On occasion, direct communication between clientsâ€™ attorneys and advisors is necessary to provide details on observations and/or explain our position on a desire to accept or not accept an account. Help to develop and maintain a program regarding future funded documents (stand-by trust). Partners with Trust Counsel and the Risk Committee on operational issues, litigation management, new business due diligence and vendor contract review. Partners with the sales area to effectively position MassMutual Trustâ€™s capabilities and grow assets under management; sales calls and in-person meetings may be requested. For new Irrevocable Trust relationships, understand the client relationship, the trust and its beneficiaries, family dynamics, history of administration and the other factors relevant to MMTC acceptance. Communicates by phone or in person with MM advisors, attorneys, CPAs, clients and others regarding fiduciary and tax matters. Conducts seminars to advisors, centers of influence like CPAs and Estate Planning Attorneys, and clients regarding fiduciary and tax matters. An additional element of this responsibility entails presenting simple and intuitive sales ideas that help advisors grow their practice. Participates in trust company marketing efforts to both internal and external sources-provides technical review of all marketing materials. Ensures appropriate policies, procedures and practices are in place and remain updated to maintain compliance with all fiduciary laws and regulations. Assists Trust Officers and administrative staff with daily ongoing client issues and tasks relating to trust administration. Assists administrative staff with non-financial assets such as real estate and life insurance policies held in trust accounts. Provides training and guidance to all administration and sales staff.
Qualification and Experience
A Law degree preferred, LLM a plus. CTFA (Certified Trust and Financial Advisor) credential a plus. Broad and deep understanding/experience with relations at an Office of the Comptroller of the Currency (OCC) supervised institution is required. Should have 5+ years of trust administration experience in the high-net-worth marketplace, including the oversight and management of a complex book of fiduciary accounts. Must be effective at all levels of the MassMutual organization. Should have strong technical skills in fiduciary administration, income tax, estate tax and GST tax. Broad understanding of fiduciary risk management is needed. Experience managing and overseeing special/unique assets such as real estate and life insurance policies is needed. Must have solid investment experience. Should have experience working with trust accounts in a multi-state environment.
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