Senior Trust Officer

Job Description:

Business Overview

Private Bank, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial products and services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

Private Bank is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. Private Bank employs more than 4,100 professionals and maintains 135 offices in 33 states.

Job Description:

• Work with clients, their attorneys and other professional advisors including co-trustees, investment advisors, accountants, distribution advisors, and protectors to understand the comprehensive estate plan. Facilitate a collaborative team approach to provide superior client service.

• Respond to requests from beneficiaries including request for discretionary distributions.  Obtain supporting documents such as tax returns and budgets. Prepare discretionary distribution request outlining the dispositive provisions and other relevant language in the trust agreement and make recommendations regarding how the Trust Company should exercise discretionary powers pursuant to the terms of the governing instrument. Confer with co-trustee (if any) to obtain his/her approval.  Communicate the decision to client.

• Minimize account risk by analyzing trust documents and performing annual account reviews for compliance with trust provisions, state and federal regulations, and trust policy and procedure adherence. Utilize risk management tools, such as the overdraft report, daily transaction report, etc. 

• Communicate with investment advisors, portfolio managers, and financial advisors regarding investment matters and liquidity needs.

• Work with the Account Opening Group to open trust accounts. Interpret the governing instrument to ensure the proper set-up of account records, including payments, fee schedules and tax records. Communicate with beneficiaries and co-trustees to outline administrative procedures.

• Must have detailed knowledge of how trusts function and are administered.  Prior experience administering Delaware Directed Irrevocable Trusts is preferred.

• Need to be detail-oriented and be able to manage multiple priorities and projects. The trust officer should have excellent time management and organizational skills. Since the trust officer will interact with clients and their advisors, the trust officer should also have very strong communication and interpersonal skills. 

• Must be able to effectively coordinate with the Bank’s Tax Team, various fund managers, and the clients’ personal tax preparers to ensure information is shared with the appropriate parties for timely completion of the applicable tax returns. 

• Eager to contribute ideas to continuously improve systems and processes to ensure we can deliver the best possible service for our clients. 

• Willing to mentor junior associates to help with their growth and development.

• Adhere to the Bank’s core values of delivering together, acting responsibly, realizing the power of our people, and trusting the team.

• 7 plus years of trust experience and Bachelor’s degree required, CTFA or JD preferred.

Shift:

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