Trust Administration Officer II at City National Bank
Montecito, CA 93108
About the Job
TRUST ADMINISTRATION OFFICER II WHAT IS THE OPPORTUNITY? This is an entry level Personal Trust Officer position, responsible for administering personal trust accounts such as testamentary/intervivos trusts, foundations and agency accounts in accordance with terms specified in the trust instrument
Under general guidance from the trust team, opens and maintains estates, trusts, agency accounts and guardianships
Become familiar with the governing document to interpret terms, responsibilities and duties of the Bank
Receive guidance in understanding provisions of the documents and strategies associated with the assigned accounts
Develop and maintain relationships with clients to help execute day to day administrative functions
Maintain up-to-date knowledge of account activity by reviewing various reports
Seek guidance on tax and administration issues
What you will do For Trusts where CNB is trustee, reviews and revises paperwork from sales team (e.g., agreements, fee schedules, transfer proxies, receipt of assets, ensure accurate cost basis and tax acquisition dates, obtain any missing information and signatures, etc.)
Make corrections and additions to ensure accuracy
Prepare account paperwork, as required
Analyze anticipated income to insure sufficient cash is maintained to meet beneficiary distributions, banks fees, trust bills, etc
Obtain missing documents from clients
For Trust accounts, initiate annual administrative review of accounts
Review files for completed forms, codes, review payments and transactions and for accuracy
Review forms to ensure they are consistent with the Trust Document
Produce and review various tax reports for clients and intermediaries
Research tax deficiency notices
Pay estimated taxes and allocates tax payments between principal and income, file returns, and maintains tax calendars
Communicate with Tax Vendor and external intermediaries
Gather data for account reconciliation, ensuring distribution requirements are met for charitable trusts, computes distribution amounts for uni-trust accounts and reviews fee agreements between the bank, clients, and Co-Fiduciaries
Complete discretionary distribution requests
Submit formal requests to the Trust Officer for approval
Coordinate set up, tracking, and monitoring of personal property inventory; real estate, mineral, oil and gas, intellectual properties, and special financial assets
(i.e., notes, loans, partnerships, etc.) Provide client service by responding and researching client and colleague inquires by phone, email, and written communications
Respond to advisors and intermediaries regarding the administration and maintenance of accounts
Fields phone calls from clients and intermediaries
Review documents and responses to compliance department, audit and OCC inquiries after research is performed by TA
Gather information from clients for projects
Prepare draft correspondence letters and memos
Maintain new account logs
Follow appropriate Regulation 9 process
Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications
Cooredinate with local market office for office releated function and coverage Must-Have* Minimum 4 years of experience in Personal Trust required Minimum 4 years of experience in a financial services organization required Minimum 4 years of administrative/clerical experience required Skills and Knowledge Bachelor’s Degree
J.D
Degree a plus
Up to three years’ experience in trust administration preferred
Strong written and verbal communications skills
Ability to gather, arrange, compile, interpret, analyze, summarize and evaluate information and data to identify opportunities and formulate conclusions and recommended actions
Ability to set priorities, and objectives
Demonstrate excellent working knowledge of trust administration
Colleague is ideally working towards Trust Certificate and/or CTFA Compensation Starting base salary: $65,296 - $104,304 per year
Exact compensation may vary based on skills, experience, and location
This job is eligible for bonus and/or commissions
*To be considered for this position you must meet at least these basic qualifications The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification
It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job
Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues
Get an inside look at our Benefits and Perks
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank is an equal opportunity employer committed to diversity and inclusion
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.' ABOUT CITY NATIONAL We start with a basic premise: Business is personal
Since day one we've always gone further than the competition to help our clients, colleagues and community flourish
City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today
City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies.
Under general guidance from the trust team, opens and maintains estates, trusts, agency accounts and guardianships
Become familiar with the governing document to interpret terms, responsibilities and duties of the Bank
Receive guidance in understanding provisions of the documents and strategies associated with the assigned accounts
Develop and maintain relationships with clients to help execute day to day administrative functions
Maintain up-to-date knowledge of account activity by reviewing various reports
Seek guidance on tax and administration issues
What you will do For Trusts where CNB is trustee, reviews and revises paperwork from sales team (e.g., agreements, fee schedules, transfer proxies, receipt of assets, ensure accurate cost basis and tax acquisition dates, obtain any missing information and signatures, etc.)
Make corrections and additions to ensure accuracy
Prepare account paperwork, as required
Analyze anticipated income to insure sufficient cash is maintained to meet beneficiary distributions, banks fees, trust bills, etc
Obtain missing documents from clients
For Trust accounts, initiate annual administrative review of accounts
Review files for completed forms, codes, review payments and transactions and for accuracy
Review forms to ensure they are consistent with the Trust Document
Produce and review various tax reports for clients and intermediaries
Research tax deficiency notices
Pay estimated taxes and allocates tax payments between principal and income, file returns, and maintains tax calendars
Communicate with Tax Vendor and external intermediaries
Gather data for account reconciliation, ensuring distribution requirements are met for charitable trusts, computes distribution amounts for uni-trust accounts and reviews fee agreements between the bank, clients, and Co-Fiduciaries
Complete discretionary distribution requests
Submit formal requests to the Trust Officer for approval
Coordinate set up, tracking, and monitoring of personal property inventory; real estate, mineral, oil and gas, intellectual properties, and special financial assets
(i.e., notes, loans, partnerships, etc.) Provide client service by responding and researching client and colleague inquires by phone, email, and written communications
Respond to advisors and intermediaries regarding the administration and maintenance of accounts
Fields phone calls from clients and intermediaries
Review documents and responses to compliance department, audit and OCC inquiries after research is performed by TA
Gather information from clients for projects
Prepare draft correspondence letters and memos
Maintain new account logs
Follow appropriate Regulation 9 process
Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications
Cooredinate with local market office for office releated function and coverage Must-Have* Minimum 4 years of experience in Personal Trust required Minimum 4 years of experience in a financial services organization required Minimum 4 years of administrative/clerical experience required Skills and Knowledge Bachelor’s Degree
J.D
Degree a plus
Up to three years’ experience in trust administration preferred
Strong written and verbal communications skills
Ability to gather, arrange, compile, interpret, analyze, summarize and evaluate information and data to identify opportunities and formulate conclusions and recommended actions
Ability to set priorities, and objectives
Demonstrate excellent working knowledge of trust administration
Colleague is ideally working towards Trust Certificate and/or CTFA Compensation Starting base salary: $65,296 - $104,304 per year
Exact compensation may vary based on skills, experience, and location
This job is eligible for bonus and/or commissions
*To be considered for this position you must meet at least these basic qualifications The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification
It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job
Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues
Get an inside look at our Benefits and Perks
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank is an equal opportunity employer committed to diversity and inclusion
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.' ABOUT CITY NATIONAL We start with a basic premise: Business is personal
Since day one we've always gone further than the competition to help our clients, colleagues and community flourish
City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today
City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies.
