Private Wealth Trust Officer

Overview

The Trust Officer is responsible for the oversight and management of personal trusts, estates, agencies and investment management accounts.

Manages the client relationship and / or administers the client account in order to create, expand and service trust department relationships while managing the risks associated with the administration of those accounts.

Principal Duties & Responsibilities :

• Indepenently administer and interpret fiduciary accounts in accordance with applicable laws and regulations and the stipulations of governing documents, local law or Court Order under which authority is conferred.
• Communicates directly with clients, Bank staff and Centers of Influence who are related to the client's accounts as part of day to day administration.
• Oversee annual administrative review of Trust accounts. Check files for correct forms, codes, review payments and transactions for accuracy.

Review Trust Document to ensure documents are in compliance.

• Analyze anticipated income to insure sufficient cash is maintained to meet beneficiary distributions, banks fees, trust bills, etc.
• Manage account base in an effort to avoid and minimize service and operational issues iand obtain missing documents from clients.
• Produce and review gain / loss reports for clients and intermediaries. Research tax deficiency notices. Estimate taxes and allocate tax payments between principal and income, and maintain tax calendars.

Communicate with Tax Vendor and external accountants.

• Gather data for account reconciliation's, ensuring distribution requirements are met for charitable trusts, compute distribution amounts for unit-trust accounts and review fee agreements between the Bank, clients, and Co-Fiduciaries.
• Gather / submit pertinent facts to the Trust Administration Committee regarding situations requiring the use of fiduciary discretion as appropriate.

Review and submit proposals for consideration, direction and approval.

• Work with appropriate colleagues to develop investment strategies.
• Oversee distribution of client's assets upon termination of accounts.
• Respond to clients, advisors, and intermediaries regarding the administration and maintenance of accounts.
• Comply fully with all Bank Operational and Wealth Management policies and procedures as well as all regulatory requirements (.

Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Fair Lending Practices, Code of Conduct, .

• Perform a legal and administrative review of all potential new business.
• Work with Bankers, Portfolio Managers, and Financial Consultant colleagues to gather the necessary information and documentation to ensure we understand the risk and other issues associated with new opportunity (.

agreements, fee schedules, transfer directions, receipt of assets, reporting correct cost basis and tax acquisition dates, missing form and signatures, .

Work with external advisors and attorneys to expand trust's brand and garner larger market share within region.

Set proper expectations with all internal and external partners around timing and progress of new opportunity.

• Serve as a point of escalation for problem resolution.
• Manage risk to ensure all relationships are within CNB's risk appetite.
• Exhibits a positive professional demeanor at all times and all situations when dealing with clients, internal staff, and centers of influence.

Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.

Qualifications

• 5-7 years experience in the financial services industry, preferably trust.
• Extensive knowledge of personal trusts, estates, custodies, agencies, guardianship and retirement accounts, fiduciary and federal regulations.
• Ability to recognize and identify risk issues and determine when those issues should be escalated to upper management.
• Ability to develop and implement moderately to highly complex financial and wealth plans.
• Proficient in Microsoft Office (Word, Excel & PowerPoint).

Education

• Bachelor's Degree in Business Administration required
• JD, LLM or other legal designation / degree preferred.
30+ days ago