Trust officer vs collections manager

The differences between trust officers and collections managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a trust officer and a collections manager. Additionally, a trust officer has an average salary of $61,493, which is higher than the $59,529 average annual salary of a collections manager.

The top three skills for a trust officer include real estate, portfolio and wealth management. The most important skills for a collections manager are customer service, collection management, and portfolio.

Trust officer vs collections manager overview

	Trust Officer	Collections Manager
Yearly salary	$61,493	$59,529
Hourly rate	$29.56	$28.62
Growth rate	17%	17%
Number of jobs	56,623	44,553
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	8	8

What does a trust officer do?

Trust officers are professionals who are responsible for administering trust account portfolios of their clients. These officers are required to develop business relationships with their clients by responding to the request of their clients and facilitating internal service coordination to resolve issues. They must handle activities that are associated with personal or corporate trust while providing consultation on matters related to finance and wealth. Trust officers usually work in the financial industry and report directly to a manager or head of a department.

What does a collections manager do?

A collections manager is an individual who manages a staff of collectors whose job is to contact companies and individuals for the late payments on the products and services they have received. Collections managers oversee a company's process of retrieving money owed to them by assigning collectors to collect the money. They are required to handle customer complaints and must negotiate with customers about payment arrangements to ensure they are being paid. They also provide reports on the collection department's progress, statistics, and data analysis.

Trust officer vs collections manager salary

Trust officers and collections managers have different pay scales, as shown below.

	Trust Officer	Collections Manager
Average salary	$61,493	$59,529
Salary range	Between $30,000 And $121,000	Between $42,000 And $83,000
Highest paying City	New York, NY	New York, NY
Highest paying state	Connecticut	New York
Best paying company	Neuberger Berman	Amazon
Best paying industry	Finance	Health Care

Differences between trust officer and collections manager education

There are a few differences between a trust officer and a collections manager in terms of educational background:

	Trust Officer	Collections Manager
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	Stanford University

Trust officer vs collections manager demographics

Here are the differences between trust officers' and collections managers' demographics:

	Trust Officer	Collections Manager
Average age	46	46
Gender ratio	Male, 48.1% Female, 51.9%	Male, 50.8% Female, 49.2%
Race ratio	Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 8.4% White, 64.4% American Indian and Alaska Native, 0.3%	Black or African American, 8.0% Unknown, 4.1% Hispanic or Latino, 15.5% Asian, 7.3% White, 64.7% American Indian and Alaska Native, 0.3%
LGBT Percentage	11%	11%

Differences between trust officer and collections manager duties and responsibilities

Trust officer example responsibilities.

Manage personal trusts, special needs trusts, conservatorships, charitable remainder trusts and estates.
Manage processing transfer requests of new IRA accounts and the corresponding follow up and collection activities.
Achieve this through aggressive sales calling on CFO's of large corporations, attorneys, CPAs and political officials.
Manage the day to day affairs of various personal trust relationships, IRAs, custodial accounts, powers of attorney.
Manage portfolio of accounts consisting of housing, transportation, education and industrial development of both municipal and corporate issuers.
Contact clients, financial advisors, payroll companies and CPA's regarding items in question.

Collections manager example responsibilities.

Achieve 182 FTE save, and annual net saving of $2.8MM
Manage Medicaid accounts in effort to receive payment from them.
Manage self pay and Medicaid pending collections throughout the southeast region.
Organize the managed care effort to ensure that patients are not accept from incorrect PPO's and HMO's.
Create and implement new quantitative process to achieve corporate DSO targets that determines monthly cash collection targets by business unit.
Achieve historical low of six percent in A/R over 30 days past due and reduction of DSO to 53 days.

Trust officer vs collections manager skills

Common trust officer skills

Real Estate, 8%
Portfolio, 7%
Wealth Management, 7%
Business Development, 7%
Estate Planning, 6%
Risk Management, 6%

Common collections manager skills

Customer Service, 15%
Collection Management, 9%
Portfolio, 7%
FDCPA, 5%
Delinquent Accounts, 4%
Credit Card, 4%

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Executive Management Industry
Trust Officer
Trust Officer vs Collections Manager

Updated January 8, 2025

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