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Delaware Trust Officer II

Bank of America

Bank of America

Wilmington, DE, USA
Posted on Tuesday, July 4, 2023

Job Description:

The Delaware Trust Officer II (Delaware TOII) maintains a trust book of fiduciary and investment management accounts. The Delaware TO II works closely with national Private Bank and ML financial advisors teams to achieve strategic objectives of the PWM markets overall. The Delaware TOII's primary responsibilities are the administration of the Delaware IM&T book, as well as, working with the client teams to facilitate Delaware Trust Book growth. The Delaware TO II works with the PCA/Client Team or ML financial advisors and/or national MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in the markets. Responsible for the Delaware TO II book, management of fiduciary risks and trust policy adherence. Must have the ability to partner effectively.

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities, and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being. Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization. Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us! Job Summary:

The Delaware Trust Officer is an expert in the administration of Investment Management and Trust accounts and responsible for faithfully executing our fiduciary duties as well as complying with all laws, regulations policies and procedures.

The Delaware Trust Officer II (Delaware TOII) maintains a trust book of fiduciary and investment management accounts. The Delaware TO II works closely with national Private Bank and ML financial advisor’s teams to achieve strategic objectives of the PWM markets overall. The Delaware TOII's primary responsibilities are the administration of the Delaware IM&T book, as well as, working with the client teams to facilitate Delaware Trust Book growth. The Delaware TO II works with the PCA/Client Team or ML financial advisors and/or national MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in the markets. Responsible for the Delaware TO II book, management of fiduciary risks and trust policy adherence. Must have the ability to partner effectively.

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.

Key Skills:

* Excellent ability to work in team environment

* Strong communication and influence / partnership skills

* Significant knowledge of the legal, tax, investment, and compliance aspects of fiduciary administration. Able to fully understand and follow the teams of governing documents

* Demonstrated accuracy and completeness in all tasks and follows up as appropriate

* Comfortable serving in an advisory capacity to clients and families

* Values the establishment and nurturing of long-term client relationships

* Dedicated to delivering excellent customer service

Qualifications:

* 5 or more years of successful experience in trust administration, servicing and managing fiduciary relationships with high-net-worth clients (or equivalent)

* Technically proficient in fiduciary law, tax investments and administration

* Bachelor’s degree or equivalent experience required

* CTFA or JD preferred

Job Band:

H5

Shift:

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0