Trust Officer

SUMMARY

The Trust Officer has a broad responsibility of focusing on the overall management and strategy of the trust. Advanced financial and estate planning, as well as center of influence (COI) and new business development are a primary expectation for this role. The Trust Officer serves a vital role in safeguarding the interests of clients and ensuring the smooth operation of trust agreements. Responsibilities may include investment decisions (oversight), assess the trust's performance (relative to the trust intent and objectives), and developing strategies to meet the beneficiaries' goals. The Trust Officer position is a more client-facing role, interacting with clients and their advisors to discuss the trust's objectives and performance. The Trust Officer's strategic oversight ensures that the trust not only preserves wealth but also seeks opportunities for growth. Their proactive management can significantly make an impact on the trust's performance and the beneficiaries’ satisfaction.

ESSENTIAL DUTIES

Fiduciary Management:

• Handle and manage trust accounts, ensuring compliance with legal and regulatory requirements.
• Act in the best interest of beneficiaries, adhering to the terms of the trust document.
• Oversee the strategic management of trust assets, including investment decisions and portfolio management (oversight as it relates to the trusts intent).
• Works closely with clients to understand their goals and objectives, ensuring the trust account aligns with their wishes.
• Provides advice on estate planning and wealth management, often collaborating with portfolio managers, wealth advisors, CPA’s and estate attorneys.

Investment Strategy Oversight:

• Trust officers work with the Portfolio Manager and Wealth Advisor to develop and implement investment strategies that align with the trust’s goals utilizing financial planning to assess risk tolerance and market conditions and make informed decisions for the trust.

Client Relationship Management:

• Build and maintain relationships with clients, beneficiaries, and center of influence advisors such as CPA’s and Attorney’s.
• Conduct regular meetings to update clients on trust performance and address any concerns.
• Build long-term relationships with clients, regularly reviewing the trust’s performance and adjusting as needed based on changing circumstances or goals.
• Financial & Estate Planning through drafting, presenting and executing.

Trust Administration:

• Prepare and execute legal documents related to trust management.
• Ensure timely disbursement of distributions to beneficiaries as per the trust agreement.

Record Keeping:

• Maintain accurate records of transactions, communications, and trust activity.
• Prepare financial statements and reports for auditing purposes.

Legal Compliance:

• Stay informed about changes in laws and regulations that affect trusts and fiduciary responsibilities.
• Ensure all trust activities comply with state and federal laws.

Estate Planning Consultation:

• Provide guidance on estate planning strategies to clients.
• Collaborate with attorneys and tax professionals to develop comprehensive plans.

Conflict Resolution:

• Address and mediate disputes regarding the trust among beneficiaries or between beneficiaries and trustees.

Compliance and Risk Management:

• Stay current with trust and estate laws and regulations.
• Ensure all activities meet regulatory requirements.
• Identify and mitigate potential risks.
• Maintain proper insurance coverage.

Estate Planning Support:

• Collaborate with attorneys, CPAs, and other professionals.
• Assist with estate planning strategies.
• Help structure trusts to meet client objectives.
• Provide expertise on tax implications through financial planning.

Administrative Tasks:

• Prepare tax returns and other required filings.
• Coordinate with custodians and other service providers.
• Manage trust accounting and fee calculations.
• Handle trust modifications and terminations.

Additional Duties:

• Responds to inquiries or refers inquiries to the appropriate department or person and exhibits the necessary follow-through with customers and/or staff involved.
• Assists in implementing cost controls for the department and monitors expenses to ensure compliance with budget.
• Assumes responsibility for special projects; gathers data and prepares reports for Senior Management, audits and other personnel.
• Answers telephones, answers questions and directs callers to proper Bank personnel.
• Assumes responsibility for various department functions in the absence of staff members or in overload situations.
• Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
• Demonstrates knowledge of and adherence to Equal Employment Opportunity (EEO) policy; shows respect and sensitivity for cultural differences; educates others on the value of diversity; promotes working environment free of harassment of any type; builds a diverse workforce and supports affirmative action.
• Assures compliance with all Bank policies and procedures and all applicable state and federal banking laws, rules and regulations.
• Completes administrative tasks correctly and on time; supports the Bank’s goals and values; benefits the Bank through outside activities.
• Performs the position safely, without endangering the health or safety to themselves or others and will be expected to report potentially unsafe conditions. The employee shall comply with occupational safety and health standards and all rules, regulations and orders issued pursuant to the OSHA Act of 1970, which are applicable to one’s own actions and conduct.

MINIMUM REQUIREMENTS

These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.

• Bachelor’s degree (BA) or Master of Business Administration (MBA) finance, accounting or a related field from a college or university.

• Minimum of five (5) years of relevant experience focused on the Trust business either at a corporate fiduciary or law firm.

• Advanced degrees or professional certifications such as CFP, CTFA and/or J.D. strongly preferred.

• In depth knowledge of financial markets, investment strategies and all fiduciary products and services surrounding trusts & estate planning, including all legal, tax and regulatory requirements applicable to fiduciary relationships.

• Ability to analyze financial data and assess investment opportunities.

• Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, speak clearly to clients, advisors and employees.

• Skilled communicator, capable of explaining complex financial concepts to clients who may not have a financial background.

• Precision in handling documentation and maintaining records.

• Strong analytical skills to assess investment opportunities and manage risk.

• Excellent interpersonal skills to build relationships with clients and stakeholders.

• Intermediate skills in computer terminal and personal computer operation; host computer system; word processing, spreadsheet and specialty software programs.

• Intermediate typing skills to meet production needs of the position.

• Intermediate math skills; ability to calculate interest, commissions, proportions, and percentages; balance accounts; add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals; locate routine mathematical errors; compute rate, ratio and percent, including the drafting and interpretation of bar graphs.

• Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.

• Ability to work with minimal or no supervision while performing duties.

• Current driver’s license and a vehicle with appropriate insurance coverage if required to drive in the course of performing assigned duties and responsibilities.

Please note that this job description is not inclusive of all activities, duties or responsibilities that are required of this position. Duties, responsibilities and activities are subject to change at any time with or without notice.