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Trust Senior Associate - Minneapolis

Bank of America

Bank of America

Minneapolis, MN, USA · United States · Remote
Posted on Wednesday, July 10, 2024

Job Description:

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 Trust Senior Associate (TSA) is a specialist role that has primary responsibility for assisting the Senior Trust Officer and Trust Officer in all phases of trust account/relationship servicing, fulfillment and/or administration. TSAs are trust product experts who act as an additional point of contact for clients and/or as a backup for client-facing Trust Officers.

The TSA will coordinate the internal delivery of trust services through the appropriate channels within the Fiduciary Services and/or Trust Operations groups. Additionally, TAs will seek out new business opportunities from existing books of business and assist other service associates as needed.

Job Description:

  • In addition to the ability to deliver generalist support, and as part of the Client Team, actively support Senior Trust Officers and Trust Officers to meet clients’ trust needs and expectations

  • Serve as an additional point of contact to clients and/or as backup for the Trust Officers

  • Initiate and monitor client onboarding including account opening and asset transfer; handle client inquiries related to the on-boarding process; KYC refresh and ongoing requests, digital engagement and fulfillment

  • Responsible for:

    • Complex party maintenance

    • Administrative Review (IM&T)

    • Transaction Processing and Management

    • Money Movement (Trust)

    • Specialized Fiduciary Transactions

    • Discretionary and action matters

    • UPIA, Equitable Adjustments and 65 Day Tax

    • Account Pay Service Provider

    • Generation Skipping Tax – Processing

    • Asset Transfer - complex

    • Administrative duties as required

    • Support initial review of IPS process

  • Perform servicing, fulfillment and account maintenance activities, which are primarily trust/fiduciary-related that include PACE/Trust Web accounting transactions, deposits/transfers, etc.

  • Leverage experience and deep expertise especially with the most complex administrative trust needs to manage and/or execute client transactions

  • Proactively identify deepening opportunities while performing existing responsibilities and engaging in meaningful interactions

  • Coordinate with Client Teams and partner to deliver an integrated service to the client and identify and resolve issues in an effective and timely manner

  • Participate in Client Management Process (CMP) activities including supporting delivering a branded client experience and meaningful interactions

  • Ensure adherence to all internal policies and compliance to legal and regulatory requirements

Qualifications:

  • Minimum of 4-5 years of experience with a financial institution focusing on high net worth client service and sales

  • Ability to successfully complete assessment of critical skills

  • BS/BA degree in Business, Finance, Economics or Law desired

  • Ability to obtain and maintain SAFE Act registration

Skills:

  • Active Listening

  • Adaptability

  • Attention to Detail

  • Emotional Intelligence

  • Prioritization

  • Collaboration

  • Critical Thinking

  • Decision Making

  • Oral Communications

  • Written Communications

  • Drives Engagement

  • Innovative Thinking

  • Mentoring

  • Networking

  • Problem Solving

Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent

Shift:

1st shift (United States of America)

Hours Per Week:

40