Trust Officer - Special Needs Trust - City National Bank
New York, NY
About the Job
TRUST OFFICER
WHAT IS THE OPPORTUNITY?
This position supports RBC Delaware Trust by administering personal trust accounts with a focus on Special Needs Trust and Settlment Protection Trusts. May also administer other testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, and other Agency accounts.
What you will do
+ 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, Financial Advisors, 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 insure sufficient cash is maintained to meet beneficiary distributions, fiduciary 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, 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 (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.
+ Build strong relationships with key COI’s and Financial Advisors.
+ 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.
Must-Have*
+ Bachelor's Degree or equivalent
+ 5 years of work experience in Trust Administration And
+ 5 years of work experience utilizing Microsoft Office - specifically, Excel
Skills and Knowledge
+ Bachelor’s Degree or 8 years of experience in trust administration
+ Microsoft Office (Word, Excel & PowerPoint)
+ Completion of Trust Certificate and/or CTFA preferred
+ Strong oral and written communication skills are required. Specifically, excellent interpersonal skills with the ability to interact effectively with all levels of CNB personnel, clients and outside contacts
+ The ability to profile clients with an emphasis on retain business
+ Familiarity with applicable Delaware law.
+ Demonstrated strategic team player
+ Strong organizational skills
+ Anticipate needs and proactively seek solutions
+ The ability to work on multiple tasks/projects simultaneously is crucial in this position
+ Must be PC literate and be familiar with trust accounting systems.
+ Must have experience administering Special Needs Trusts.
Compensation
Starting base salary: $91,107.90- $155,119.50 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 (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
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.
#LI-DN1
#CA-DN1
WHAT IS THE OPPORTUNITY?
This position supports RBC Delaware Trust by administering personal trust accounts with a focus on Special Needs Trust and Settlment Protection Trusts. May also administer other testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, and other Agency accounts.
What you will do
+ 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, Financial Advisors, 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 insure sufficient cash is maintained to meet beneficiary distributions, fiduciary 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, 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 (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.
+ Build strong relationships with key COI’s and Financial Advisors.
+ 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.
Must-Have*
+ Bachelor's Degree or equivalent
+ 5 years of work experience in Trust Administration And
+ 5 years of work experience utilizing Microsoft Office - specifically, Excel
Skills and Knowledge
+ Bachelor’s Degree or 8 years of experience in trust administration
+ Microsoft Office (Word, Excel & PowerPoint)
+ Completion of Trust Certificate and/or CTFA preferred
+ Strong oral and written communication skills are required. Specifically, excellent interpersonal skills with the ability to interact effectively with all levels of CNB personnel, clients and outside contacts
+ The ability to profile clients with an emphasis on retain business
+ Familiarity with applicable Delaware law.
+ Demonstrated strategic team player
+ Strong organizational skills
+ Anticipate needs and proactively seek solutions
+ The ability to work on multiple tasks/projects simultaneously is crucial in this position
+ Must be PC literate and be familiar with trust accounting systems.
+ Must have experience administering Special Needs Trusts.
Compensation
Starting base salary: $91,107.90- $155,119.50 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 (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
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.
#LI-DN1
#CA-DN1
Source : City National Bank