- Work with clients, their attorneys and other professional advisors including co-trustees, investment advisors, accountants, distribution advisors, and protectors to understand the comprehensive estate plan. Facilitate a collaborative team approach to provide superior client service.
- Respond to requests from beneficiaries including request for discretionary distributions. Obtain supporting documents such as tax returns and budgets. Prepare discretionary distribution request outlining the dispositive provisions and other relevant language in the trust agreement and make recommendations regarding how the Trust Company should exercise discretionary powers pursuant to the terms of the governing instrument. Confer with co-trustee (if any) to obtain his/her approval. Communicate the decision to client.
- Minimize account risk by analyzing trust documents and performing annual account reviews for compliance with trust provisions, state and federal regulations, and trust policy and procedure adherence. Utilize risk management tools, such as the overdraft report, daily transaction report, etc.
- Communicate with investment advisors, portfolio managers, and financial advisors regarding investment matters and liquidity needs.
- Work with the Account Opening Group to open trust accounts. Interpret the governing instrument 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.
- Must have detailed knowledge of how trusts function and are administered. Prior experience administering Delaware Directed Irrevocable Trusts is preferred.
- Need to be detail-oriented and be able to manage multiple priorities and projects. The trust officer should have excellent time management and organizational skills. Since the trust officer will interact with clients and their advisors, the trust officer should also have very strong communication and interpersonal skills.
- Must be able to effectively coordinate with the Bank's Tax Team, various fund managers, and the clients' personal tax preparers to ensure information is shared with the appropriate parties for timely completion of the applicable tax returns.
- Eager to contribute ideas to continuously improve systems and processes to ensure we can deliver the best possible service for our clients.
- Willing to mentor junior associates to help with their growth and development.
- Adhere to the Bank's core values of delivering together, acting responsibly, realizing the power of our people, and trusting the team.
- 7 plus years of trust experience
- Bachelor's degree required or equivalent experience, CTFA or JD preferred.
- Account Management
- Analytical Thinking
- Attention to Detail
- Client Management
- Customer and Client Focus
- Active Listening
- Collaboration
- Critical Thinking
- Prioritization
- Relationship Building
- Mentoring
- Oral Communications
- Organizational Effectiveness
- Problem Solving
- Written Communications
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Delaware Senior Trust Officer - Wilmington, United States - Bank of America
Description
Job Description:At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us
Job Description:
The Delaware Senior Trust Officer (Delaware STO) maintains a trust book and is a seasoned Trust Officer providing Delaware Trust Law expertise to the national markets. Delaware STO works closely with national Private Bank teams and ML fiduciary advisors to achieve strategic objectives of PWM markets overall. The Delaware STO's primary responsibilities are the administration of the Delaware IM&T book, as well as, working with the client teams to facilitate Delaware Trust Book growth. The Delaware STO will have a complex book of business and will be expected to deepen his or her relationships through estate and financial planning. The Delaware STO works with the PCA/Client Team or ML financial advisors and/or national MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in national markets. Responsible for the Delaware STO book's management of fiduciary risks and trust policy adherence. Able to mentor more junior associates. Well-respected internally and externally (e.g. COI) with proven ability to partner effectively.
Key Responsibilities:
Desired Qualifications:
Skills:
Shift:
1st shift (United States of America)
Hours Per Week:
40
