Senior Trust Officer

Job Description

Job Description

Senior Trust Officer

Department: Trust

  Job Summary

Provide strategic leadership and oversight for the Trust Department. Responsible for fiduciary administration, investment services, business development, regulatory compliance, risk management, profitability, and staff leadership. Develops and maintains strong client relationships while ensuring all trust and investment activities are conducted in accordance with fiduciary principles, applicable regulations, bank policies, and industry best practices. Exhibit a positive attitude and team spirit.  Perform job duties in accordance with and in the spirit of the bank’s mission statement. 

Our work environment is fast-paced and requires team members to provide excellent customer service, be detail-oriented, to learn quickly and have strong organizational skills.  Most importantly, we want our team members to have a positive attitude and enjoy their job and their co-workers.

  Essential Duties and Responsibilities

Leadership & Management

•           Provide strategic leadership and management for the Trust Department.

•           Develop and execute the department's strategic plan to achieve growth, profitability, client service, and operational objectives.

•           Participate in community and professional organizations to promote the department.

•           Update policies and procedures and fee schedules for the department as needed

•           Oversee and manage day-to-day operations and administrative tasks in the Trust Department 

•           Chair fiduciary committee.

•           Prepare agenda and other documents necessary for the fiduciary committee and Board of Directors meetings

•           Prepare, manage, and monitor the departmental budget.

Fiduciary Administration

•           Administer and oversee complex personal trust, agency, estate, guardianship, conservatorship, retirement, custody, and other fiduciary accounts.

•           Serve as primary relationship manager for fiduciary clients and their families.

•           Conduct account acceptance reviews and determine appropriateness of prospective fiduciary relationships.

•           Review and approve discretionary distributions, account exceptions, and unusual transactions as required.

•           Administer fiduciary accounts in accordance with governing instruments, fiduciary standards, applicable laws, regulations, and Bank policies.

•           Coordinate fiduciary account administration with attorneys, accountants, tax professionals, beneficiaries, co-trustees, and other advisors.

•           Oversee estate settlement activities, including asset collection, valuation, creditor claims, tax coordination, beneficiary distributions, and final accounting.

•           Supervise preparation and review of fiduciary accounting and required account documentation.

•           Review fiduciary tax information and coordinate with tax professionals regarding fiduciary, estate, and trust tax matters.

•           Monitor account cash balances and administrative activity to ensure prudence and compliance.

•           Ensure proper custody, safeguarding, titling, and transfer of trust and estate assets.

•           Review and resolve beneficiary inquiries, disputes, and complex fiduciary matters.

•           Maintain detailed documentation supporting fiduciary decisions and account administration activities.

•           Conduct periodic administrative reviews of fiduciary accounts and ensure timely completion of required reviews.

•           Participate in annual account administration audits.

•           Monitor investment management activities and portfolio reviews.

•           Work with internal and external investment professionals as appropriate.

•           Review wills, trusts, agency agreements, custodial agreements, and estate planning documents.

Compliance & Risk Management

•           Ensure compliance with fiduciary law, trust regulations, and internal policies.

•           Monitor fiduciary risk and implement corrective action when necessary.

•           Coordinate regulatory Trust examinations and audits.

•           Comply with all bank policies and regulations

•           Maintain awareness of changes in fiduciary law, tax law, regulatory guidance, and industry best practices.

•           Oversee implementation of examination, audit, and compliance recommendations.

•           Promote a strong culture of compliance, risk management, and fiduciary responsibility.

Business Development

•           Serve as the primary business development officer for Trust and Fiduciary Services.

•           Cultivate referral relationships with attorneys, accountants, financial advisors, and other centers of influence.

•           Develop and implement strategies to increase assets under administration (AUA), trust relationships, fiduciary revenue, and overall department profitability.

•           Partner with lenders, retail banking personnel, commercial bankers, and other Bank employees to identify trust and fiduciary opportunities.

Knowledge, Skills, and Abilities

Experience

Two to five years of similar or related experience, including time spent in preparatory positions.

Education/Certifications/Licenses

Bachelor’s degree in business or related field required.  Additional consideration may be given for advanced degrees and/or industry designations such as J.D., CPA, CTFA, and CFP.  Preferred background in financial institution operating policies and procedures, banking regulations, employee development, and public relations.

Comprehensive knowledge of fiduciary administration, trust operations, investment management principles, estate settlement, retirement accounts, and applicable regulations.

Interpersonal Skills

Courtesy and tact are essential elements of the job.  Provide and promote exceptional customer service. High level interpersonal skills with acute attention to details are necessary to provide an elite level of customer service.  A significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and  explanations with customers, direct and indirect reports and outside vendors can be of a sensitive and/or highly confidential nature. Communications may involve motivating, influencing, educating and/or advising others on matters of significance.

Other Skills

Qualifications to perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

·            Professionalism -  Approaches others in a tactful manner, reacts well under pressure, treats others with respect and consideration regardless of their status or positions, accepts responsibility for own actions; follows through on commitments. Professional appearance and attire. Work area organized with a professional atmosphere.

·            Teamwork - Balances team and individual responsibilities; contributes to building a positive team spirit; supports everyone’s efforts to succeed.

·            Mathematical Skills Ability - to calculate figures and amounts such as discounts, interest, commissions. Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions, and decimals.

·            Reasoning Ability – Ability to apply common sense and understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.

ADA Requirements

Physical Requirements

Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 50 lbs. Must be

capable of climbing/descending stairs in emergency situation. Must be able to operate routine office

equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on

computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours

whenever required or requested by management. Must be capable of regular, reliable and timely attendance.

Working Environment

Must be able to routinely perform work indoors in climate-controlled shared work area with minimal noise.

Mental and/or Emotional Requirements

Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to complete basic mathematical calculations, spell accurately, and understand computer basics. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters.

Acknowledgement

Nothing in the position description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This job description is not a contract and should not be construed as a guarantee of employment for any period of time.

First Federal Bank & Trust is an Equal Opportunity Employer and does not discriminate against employees or applicants based on race, color, religion, sex/gender, national origin, disability, age, or any other category protected by law.