Trust and Estate Officer III
The Trust and Estate Officer III is responsible for serving as a relationship manager to more routine client relationships by providing wealth management advice and counsel on standard wealth planning issues. This position's direct involvement in business development is expected to contribute to the achievement of the annual net new business goal for the division.
The position administers 250 special needs trusts, irrevocable trusts, conservatorships, guardianships, and VA fiduciary appointments accounts with grantors and beneficiaries throughout the United States. The market value of the accounts is approximately $95 million and the annual fees are approximately $1.3 million. This is the only Trust Advisor position in the Special Needs Trust area. The accounts have a high level of activity, as the beneficiaries have specialized needs that need to be coordinated with a variety of outside parties. In addition to direct contact with the clients, the Trust Advisor is in daily contact with attorneys, CPAs, caregivers and family members in the administration of the accounts. The activity of many of the accounts is overseen by the courts and government agencies, and it is critical that we provide timely and proper administration.
These accounts are of a highly technical nature, and their administration is specialized, requiring knowledge of trust, tax, and elder law. Due to the judicial and governmental oversight of the accounts, the accounts are highly visible.
In addition to account administration, this position is responsible for providing advisory services to Trust and Wealth Advisors throughout the U.S. in relation to special needs trusts, irrevocable trusts, conservatorships, guardianships, and VA fiduciary appointments. The position is also responsible for providing annual accounting information to attorneys, government agencies, and external clients and to petition various states and counties for the approval of the Bank to serve as a corporate fiduciary.
Successful incumbents possess ethics and values, listening and presentation skills, problem solving, priority setting and negotiating skills are politically savvy and have a drive for results.
* In addition to account administration, this position is responsible for providing advisory services to Trust and Wealth Advisors throughout the U.S. in relation to special needs trusts, irrevocable trusts, conservatorships, guardianships, and VA fiduciary appointments. The position is also responsible for providing annual accounting information to attorneys, government agencies, and external clients and to petition various states and counties for the approval of the Bank to serve as a corporate fiduciary
* Manages more routine accounts in accordance with the terms of the various governing documents, applicable law, and consistent with the needs of the principals, income beneficiaries, and remaindermen.
* Reviews, analyzes and interprets documents for direction; evaluates accounts for completeness and accuracy, monitors and reviews account transactions, responds to incoming correspondence and any other client requests to ensure compliance with the governing document, applicable law and policies and procedures.
* Works with supervisor in developing solutions to most issues brought forth by principals, income beneficiaries and remaindermen such as requests for special distributions, fee issues or disputes.
* Oversees the opening and closing of accounts, ensures the receipt of proper and legally required documentation, ensures the full and complete transfer of assets, their cost basis, and the proper characterization of cash as income or principal, ensures all tax codes and account administration codes are accurate and oversees tax reporting activities, coordinating with outside CPAs and advisors.
* Provides comprehensive wealth planning advice to clients. May participate in projects which affect the broader business and improves efficiency of delivery of services to clients.
* Develops new business through referrals from external and internal centers of influence and/or through expansion of business within current book of clients.
Travel is not required of this position
Relocation assistance is not provided for this position.
* Bachelor's Degree from an accredited university
* 6 years of experience serving as an account administrator in a specific area of expertise to include trust administration, investments or insurance in a client service capacity
* 6 years of business development experience in trust administration, investments or insurance
Equal Opportunity Employer Minorities/Women/Protected Veterans/Disabled
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