GENERAL SUMMARY:
The Senior Wealth Management Officer directs and coordinates activities relative to administering investment management accounts, personal trusts, individual retirement accounts, and other fiduciary accounts in accordance with the terms of the trusts, wills, court orders, or other governing documents. Acts as an advocate for clients by facilitating all of their financial dealings throughout the Bank. Consults with attorneys in the process of preparing and drafting wills and other legal documents in which the Bank is to be named Executor, Trustee, Guardian, or the like to ensure that the terms, details, and conditions of such documents are acceptable to the Bank from a risk management perspective. Works closely with investment officers to ensure that account assets are invested appropriately in accordance with the terms of their governing instruments and the clients’ objectives, taking into consideration tax implications and risk tolerance levels. Provides advice to clients and Bank business partners regarding a full range of wealth management and fiduciary issues. Works closely with the Director of Financial Planning on the delivery of financial planning services, solutions, and products to Trust and Asset Management clients and prospects.
Trust Administration
- Performs in the role of a trusted financial advisor by coordinating and developing strategies to effectively deal with all aspects of the clients’ financial situation. This includes financial, retirement and estate planning issues and involves working in concert with the clients other advisors such as accountants and attorneys. Acts as an advocate for clients in order to facilitate all of their financial dealings with the Bank.
- Personally participates in the administration and management of accounts. Directs and coordinates the funding of investment management and trust accounts with securities and other assets. Directs and coordinates the disbursement of funds according to the conditions set forth in the accounts’ governing instrument. Works closely with investment officers to ensure that account assets are invested appropriately.
- Directs and coordinates activities relative to administering investment management accounts and a variety of trust accounts in accordance with their governing instruments, as well as state and federal tax and fiduciary laws.
- In conjunction with investment officers, directs and coordinates the collection of interest, dividends or proceeds from the sale of assets into the trust account, and the liquidation of assets to ensure that trusts meet their obligations.
- Serves as a resource for Bank clients and business partners by providing sophisticated advisory services in the areas of wealth management and fiduciary services.
New Business Acquisition
- Consults with client’s attorney who drafts legal documents specifying details, conditions and duration of trusts.
- Establishes network of appropriate contacts (i.e. CPAs, attorneys, financial planners, community leaders, etc.) to help ensure that new business accrues to the Bank.
- Cooperates with directors and officers of other bank departments in marketing trust services.
- Assists in the education of Bank employees in order to encourage the identification and referral of qualified prospects to the department.
- Participates in meetings with prospects and clients to acquire new business for the Bank and aid in the retention of existing clients.
Investments
- Works closely with Chief Investment Officer, Investment Officers and Wealth Management Officers and clients to ensure that account assets are invested appropriately according to terms of their governing documents and the client’s objectives while taking into consideration tax implications and risk tolerance levels.
Operations
- Remains up to date on all related regulation, laws, policies and procedures related to the Trust and Asset Management business.
- Coordinates with various Bank business units to ensure operational efficiency and exceptional client service.
- Ensures that current technology meets the needs of the business unit. Keeps current on new and upcoming technology that may benefit the Bank. Makes recommendations and assists in the implementation of new technology as appropriate.
- Manages Trust Administrative Associate including annual performance review.
Compliance
- Must maintain current knowledge and understanding of legal, tax and/or legislative changes that impact trust activities.
- Must have thorough understanding of the fundamental tenets of trust law.
- Must be familiar with various types of fiduciary relationships and activities that are essential to day-to-day account administration.
- Must have knowledge of trustee responsibilities relative to investing trust assets, specific securities laws, OCC Regulation 9 and relevant ethical issues.
- Coordinates with Compliance Department on all required reporting and important compliance issues. Provides periodic responses to audit findings as necessary.
Business Development
- As part of the role of Bank Officer, promotes the Bank’s products and services in daily interaction with others.
- As opportunities arise, promotes additional products and services to existing or prospective customers.
- Actively participates in community and professional organizations.
Team Collaboration
- Participates on various committees on behalf of the business unit. Provides input and advice on business issues. Participates in Bank relationship and Regional meetings.
- Provides any support necessary to promote and support the acquisition of new applicants and customers at the Bank.
- Supports the efforts of senior management and other department managers in team building with other internal customer contact areas.
EDUCATION, CERTIFICATIONS: (Minimum education required to perform the duties of this position)
- Bachelor’s Degree required. Advanced degree preferred.
- Advanced trust school or other professional certifications including: CTFA, CPA, CFP and/or JD
- Minimum eight years managing client relationships in wealth management industry.
KNOWLEDGE, SKILLS & ABILITIES:
- Prior successful experience working with senior trust and asset management personnel.
- Strong business development skills including, but not limited to, conducting seminars, networking and participating in one-on-one meetings with prospects.
- Detailed knowledge of fiduciary and trust administration.
- Well-developed knowledge of the financial markets and the ability to communicate that knowledge effectively to clients and prospects.
- An intermediate knowledge and skill level of computer applications and a desire to learn new applications in support of departmental operations.
- Strong understanding of financial planning concepts, analysis and implementation.
- Commitment to continuing education.
- Excellent interpersonal skills.
- Customer service ethic that matches CC5’s.
- Must have cyber security awareness to protect the digital environment, the Bank, and customers.
COMPETENCIES:
- Business Acumen
- Culture/Guest/Customer Service Ambassador
- Sound Judgment
- Delegation
- Technology Enthusiast/Early Adopter
- Problem Solving
- Excellent Verbal and Written Communication Skills
- Critical Thinking Skills
- Financial Comprehension
- Learning Agility
- Entrepreneurial competencies
WORKING RELATIONSHIPS/CONTACTS: (Positions with which incumbent has most frequent contact)
- Chief Fiduciary Officer
- Investment Officers
- Compliance Officer
- Operations/Trust Administrative Associates
- Banking Center Staff Members
- TAM Custodial and Outsourcing Services
- Outside CPAs and Attorneys
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
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