Trust Officer

About the role

Administer estate and personal trust accounts including testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, Special Needs Trusts, and other Agency accounts. Perform initial legal and trust administration review of all potential new trust or investment business. Partner with Business Development colleagues (Banker, Financial Advisor, Portfolio Manager, etc.) to ensure proposed new relationships are within CNB’s risk appetite and can be managed without issue.

Responsibilities

• 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.
• Interact with and provide guidance to Real Property Managers, CPAs and Trust Counsel, Portfolio Managers, Bankers, Investment Advisors, and other bank colleagues.
• 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 ensure sufficient cash is maintained to meet beneficiary distributions, bank fees, trust bills, etc.; 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; maintain tax calendars; communicate with Tax Vendor and external accountants.
• Gather data for account reconciliations, 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.
• Maintain a proactive commitment to established Bank programs, such as CustomerFirst, Community Reinvestment Act (CRA) and Equal Employment Opportunity.
• Comply fully with all Bank Operational and Wealth Management policies and procedures as well as all regulatory requirements (e.g., Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Fair Lending Practices, Code of Conduct, etc.).
• 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 risk and other issues are understood.
• Build strong relationships with key COIs, Bankers, and Financial Advisors; 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; provide regular tracking for review of new business activities.
• Meet regularly with existing income beneficiaries and remaindermen to profile clients and eventual retention of distributing trusts.
• Follow appropriate Regulation 9 process; maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.

Requirements

• Bachelor’s Degree or equivalent
• 8 years of experience in a financial or legal services organization
• 8 years of experience in trust administration

Qualifications

• Bachelor’s Degree
• 10 years of experience in trust administration
• Microsoft Office (Word, Excel & PowerPoint)
• JD, LLM or other legal designation/degree preferred
• Completion of Trust Certificate and/or CTFA preferred

Pay

Starting base salary: $122,548 – $208,711 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.

Benefits

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
• Generous 401(k) company matching contribution
• Career Development through Tuition Reimbursement and other internal upskilling and training resources
• Valued Time Away benefits including vacation, sick and volunteer time
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
• Career Mobility support from a dedicated recruitment team
• Colleague Resource Groups to support networking and community engagement