Salary Grade: 12
Exempt
JOB TITLE: Trust Administration Officer REPORTS TO:
VP, Senior Trust Officer DEPARTMENT:
Trust Position Summary: Responsible administering the Trust area. Provide ongoing customer service to existing clients. Acts as a liaison with the Bank's departments and customers, investment firms, accountants, attorneys and probate judges related to investments, insurance, financial planning, trusts and estate settlement.
Responsibilities: - Administer Trust, Agency, Escrow, Custodial and IRA Accounts.
- Provide daily administration of Personal Trust, Custody, Estate, Agency, and IRA Accounts.
- Review new account applications and supporting documents to verify accuracy of information and completeness of documents and perform quality control function. Develops and administers client files including new account set up.
- Open new accounts and provide ongoing maintenance. Communicate directly with clients and make referrals to appropriate Trust Officers or Retail Investment Officer as needed.
- Maintain PTG, ACT and Manual client files, keeping current plans up to date. Contacting clients periodically to determine if there have been changes in their family status.
- Maintain the Bank's Irrevocable Life Insurance Trusts file and manages annual insurance review process including issuance of Crummey letters.
- Prepare correspondence to clients, attorneys, accountants and beneficiaries communicating respective activity in their account by the department in its fiduciary capacity.
- Coordinate the fiduciary tax returns and payment of taxes and appropriate tax mailings. Assist in resolving tax related questions and problems. Assist in the preparation of income, estate and gift tax returns and affiliated probate reports.
- Oversee the estate settlement process including, but not limited to, documentation, financial statements and asset disposition.
- Supervise operations staff in support functions, including opening and closing accounts, account maintenance, tracking of closed accounts for retention purposes. Oversee and coordinate with operational staff the processing of client account activity
- Complete Initial 10-day synoptic review and Annual Administrative Reviews for all Trust, Agency and other accounts.
- Review and approve all account bills and code for proper payment.
- Monitor daily cash and overdraft balances in all accounts and coordinate with officers regarding idle cash balances and assist in resolving overdrafts. Review and supervise the daily operations process and various reports generated from the Bank's outsourced Trust Accounting System provider.
- Work with the Trust Management Team to ensure that the Trust Policy and Procedure Manual meet with regulatory guidelines.
- Supervise and provide backup support to the operations staff and complete other Trust projects as assigned.
- Adhere to compliance procedures and participate in required compliance testing.
- Serve as recording Secretary and member of the Trust and Investment Committee, prepare the monthly packages for the Trust Committees including financial reports.
- Represent the Bank by participating in community affairs, clubs and organizations to assess the needs of the community, enhance the Bank's visibility and increase new business opportunities.
- Promote and cross-sell the Bank's products and services as appropriate
- Completes all required compliance training as assigned in a timely manner
Knowledge, Skills, and Abilities/Education: Investment and/or banking related experience, specifically in relation to fiduciary accounts. Bachelor's degree in related topic is a plus.
- Must be efficient, detail oriented, accurate and organized.
- Professionalism in appearance and demeanor.
- Self-motivation and ability to work independently
- Excellent interaction with customers and coworkers.
- Ability to anticipate and resolve issues and responsibilities.
- Good verbal and written communications skills.
- Proficiency with Windows Office and other computer skills.
- Perform duties of the position with strict adherence to all bank policies.
- Complete courses and training as may be required for successful completion of responsibilities.
Physical Demands/Conditions Requirements: - General office environment
Equipment Used: - General office equipment, i.e., calculator, photocopier, etc.
- Computer
ADA: The employer will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990.