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Become A Trust Officer

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Working As A Trust Officer

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $117,990

    Average Salary

What Does A Trust Officer Do At Massmutual Financial Group

* Maintain a diverse book of accounts; daily oversight while operating as the relationship manager and main point of contact.
* Work with client, advisor and MassMutual Trust’s Chief Investment Officer to develop individual investment strategies for each client.
* Output includes the development of the account’s Investment Policy Statement.
* Work with client, advisor and MassMutual Trust’s Chief Fiduciary Officer to ensure accounts are administered according to the applicable governing documents.
* Frequent reviews of administration and investments of the book of accounts
* Scheduled meetings with clients and advisors to review and discuss their account(s).
* Discuss and confirm time horizon, account objectives and risk tolerance to confirm or adjust asset allocation.
* Independently analyze client inquiries and requests, utilizing product and fiduciary knowledge to provide appropriate response/solution
* Work with client advisors and their tax preparer to provide appropriate tax documentation.
* Review, calculate and execute required distributions for IRA’s and trust accounts.
* Coordinate with business partners to ensure high quality, comprehensive customer service is provided
* Maintain current knowledge of personal trust and investment products to ensure accurate handling of administrative responsibilities
* Work closely/consult with MassMutual Trust’s Investment and Fiduciary teams, Compliance Officer and Counsel

What Does A Trust Officer Do At Neuberger Berman

* Key player responsible for all aspects of client satisfaction and delivery of investment and fiduciary services
* Interface with internal and external parties to provide well-coordinated and seamless service delivery
* Important contributor to initiatives to drive development of Collective Investment Trust complex forward
* Ensure all legal documents required for the opening and maintenance of accounts are on hand in compliance with NBTC policy
* Establish and set up new accounts on all systems
* Significant interface with Investment Strategy Group to implement asset allocations
* Investigate and resolve issues with clients’ third-party administrators, record keepers, auditors
* Oversee the transition of Institutional Trust accounts
* Manage AICC annual client account reviews
* Review and resolve any open MIS items for assigned accounts (open aged receivables, closed accounts, accounts w/ less than $100k, etc)
* Oversee the Trust Administration function ensuring accuracy of transaction processing and proficient client service
* Significant interface with custodial and clearing providers - analyze operational, management, and administrative problems to identify alternatives and implement solutions

What Does A Trust Officer Do At Raymond James

* _
* Raymond James Trust is hiring an experienced Trust Consultant to manage the development and sale of new current fee and future fee personal trust accounts in the Great Lakes and Northeast areas.
* Our ideal team member will:_
* Manages the sale of personal trust accounts to clients of Raymond James affiliated Financial Advisors with branch locations within a specified geographic region.
* Manages the sale of personal trust accounts to individuals who are not Raymond James affiliated Financial Advisors from any geographic region.
* Performs public speaking at seminars designed to train and educate professional tax and legal advisors, current and prospective clients, and Financial Advisors.
* Prepares sales illustrations, seminar outlines and other documentation used in the sales and marketing of trust services.
* Builds and maintains working relationships through communication and personal meetings with the client the Financial Advisor and the client’s professional legal and tax advisors.
* Supplies technical estate tax and estate planning information in response to Financial Advisor and client inquiries.
* Reviews trusts, wills and other documents to determine whether the company can serve in a fiduciary capacity.
* Plans and executes an efficient and extensive personal travel schedule generally exceeding 70% of this individual’s time.
* Plans, assigns, monitors, reviews, evaluates and leads the work of assigned staff.
* May perform human resource management activities, including coaching and mentoring subordinates, identifying performance problems and seeking guidance for remedial action and participating in interviewing and selecting staff.
* May coach and mentor subordinates and identifies training needs and create development plans.
* Establishes objectives and develops processes and procedures for subordinates to ensure efficient and timely work flow.
* Performs other duties and responsibilities as assigned

What Does A Trust Officer Do At Bank of America

* Partner with PCAs to drive business development / close new Trust business in prospecting activities
* Proactively identify and harvest opportunities to deepen relationships within current client base
* Meet with key clients periodically to maintain relationships and identify issues / new business opportunities, and provide trust, estate, and wealth transfer planning advice
* Proactively engage other specialists within US Trust to best meet client needs (wealth strategists, Office of Chief Fiduciary, etc.)
* Proactively identify and resolve client issues
* Engage in high level trust administration; oversee all administration activities
* Document interpretation
* Oversee risk management activities
* Identify at risk clients; proactively resolve issues / meet with at-risk clients as needed to drive retention
* Key attributes / competencies:
* Technical expertise in the areas of trust administration, fiduciary law, and estate and wealth transfer planning
* Initiative/proactive approach to problem solving
* Creative though prudent approach to providing solutions within Bank’s risk/reward profile
* Ability / drive to “ask for the order” to close sales
* Good people/partner communication skills / team player
* Knowledge of policies, procedures, regulatory requirements
* High level of savvy and sophistication re: high net worth clients’ concerns / issues
* Ability to communicate and connect with high net worth clients

What Does A Trust Officer Do At Citi

* Existing Business
* Opening of new bank a/c – tracking
* System Update / informing Accounting of new bank a/c
* Funding – tracking
* Bank a/c closing – tracking
* System Update / informing Accounting of bank a/c closing
* Client Instructions / Requests / Wishes (for Discretionary Structures)
* Preparation of Documentation of transactions authorised by Trust Officer
* Tested telex/fax instruction / approval – preparer and initiator
* Daily tracking and reconcilement of client instructions
* MIFT – reconcilement
* Update system notes (depending on the tasks)
* Corporate / PIC Maintenance Work
* Maintenance Shareholder / Directors / Officers Register
* Maintenance of Register of Mortgages and Charges
* Preparation of Directors’ Resolutions for the following:
* a) Purchase and Sale of Real Estate / Art Works / Shares of Private companies
* b) Purchase and Sale of Private Placement Mutual Funds (not publicly traded)
* c) Loans / Pledge / Credit / Mortgages
* d) Opening of new bank accounts and closing of bank accounts
* e) Issuance of LPOA or POA to clients, Professional 3rd parties
* f) Appointment of Property Managers, Lawyers etc.
* Financial Statements
* Preparation of resolutions / letter for the approval of the Financial Statements and preparing the package for signing by the Trust Officers before sending to the client.
* Special Assets
* Assisting the Trust Officer ensuring that the Special Assets information is kept up to date by having:-
* a) Adequate insurance in place for Real Estate/Art Works
* b) Financial Statements are received for Client Managed Companies
* c) Council Tax is paid, where appropriate
* d) Dealing with utility companies/Council Tax offices to open accounts for new properties, where appropriate, and
* Fee Billing
* Follow up and collection of all manual fee billing
* Fee Billing Process, AUM collection, Production (working with the Trust Officer)
* Vaulting
* Lodgement and retrieval
* General
* Communicating with bankers / third party / family offices

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How To Become A Trust Officer

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Top Skills for A Trust Officer

EstatePlanningEnsureComplianceFinancialAdvisorsPortfolioPersonalTrustAccountsTrustAssetsClientRelationshipsTrustDepartmentBusinessDevelopmentCustomerServiceTrustDocumentsHighNETRealEstateCustodyTrustAdministrationTaxReturnsNewAccountsWealthManagementTrustAgreementsIRS

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Top Trust Officer Skills

  1. Estate Planning
  2. Ensure Compliance
  3. Financial Advisors
You can check out examples of real life uses of top skills on resumes here:
  • Developed and implemented estate planning strategies for complex family estate planning issues.
  • Administrated Trust Accounts to ensure compliance with trust documents.
  • Communicate effectively with clients, financial advisors, investment managers, sales team and attorneys on all trust and estate matters.
  • Evaluate and report on trust portfolios.
  • Solicited, established and maintained both Employee Benefit and Personal Trust accounts.

Top Trust Officer Employers